(MENAFN- iCrowdNewsWire) According to the new market research report “ MDI, TDI, and Polyurethane Market by Application (Flexible Foams, Rigid Foams, Paints & Coatings, Elastomers, Adhesives & Sealants), End-Use (Construction, Furniture & Interiors, Electronics & Appliances, Automotive, Footwear) – Global Forecast to 2026″ , is projected to reach USD 105.3 billion by 2026, at a CAGR of 6.2% from USD 77.9 billion in 2021. MDI (methylene diphenyl diisocyanate) and TDI (toluene diisocyanate) are diisocyanates, which are primarily used as raw materials for polyurethane. Polyurethane is a synthetic resin composed of organic units connected by a urethane linkage. It is mainly prepared by reacting diisocyanates, MDI, and/or TDI with a range of polyols (polyester and/or polyether polyols)..
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Flexible foam is the largest application segment of the MDI, TDI & polyurethane market. APAC was the largest market for MDI, TDI & polyurethane in 2020, in terms of value. Factors such as compliance with energy regulation, environmental sustainability need, and versatility & unique properties will drive the MDI, TDI & polyurethane market..
Electronic & appliances is projected to be the fastest-growing end-use industry in polyurethane market between 2021 and 2026 . Polyurethane is an important component used in major consumer goods and appliances. They are commonly used in appliances in the form of rigid foams. Rigid and flexible polyurethanes are most widely used as insulators in the appliance industry. The key products using polyurethane foams include televisions, refrigerators, air conditioners, and microwaves. Polyurethane is ideal for the insulation of refrigerating appliances and have other advantages such as robustness & strength and lightweight, thus reducing logistics costs and providing cost-effective manufacturing solution, with multiple operations. Polyurethane is used for both refrigerator housing and insulation, depending on their density. Polyurethane also reduces the need for multiple surface coating to enhance the finish without any additional post-finishing requirement. Polyurethane foams are used in air and water filter media of air conditioners. These foams are porous, washable, lightweight, and have high resistance to mildew. Polyurethane foams seal out dust, air, and water near the window and also reduce excessive vibration and noise.
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The MDI, TDI & Polyurethane market size is estimated to be USD 77.9 billion in 2021 and is projected reach USD 105.3 billion by 2026, at a CAGR of 6.2% between 2021 and 2026. The market is mainly driven by the rising demand for MDI, TDI & Polyurethane in applications such as rigid foams, flexible foam, paints & coatings, elastomers, adhesives & sealants and others. Factors such as compliance with energy regulation, environmental sustainability need, and versatility & unique properties will drive the MDI, TDI & polyurethane market. APAC is the key market for MDI, TDI & Polyurethane, globally, followed by Europe and North America, in terms of volume and value.
The key market players profiled in the report include BASF SE (Germany), The Dow Chemical Company (US), DuPont De Nemours, Inc. (US), Huntsman Corporation (US), Covestro AG (Germany), LANXESS AG (Germany), Mitsui Chemicals Inc. (Japan), Wanhua Chemical Group Co. Ltd. (China), and Woodbridge Foam Corporation (Canada). Players in the MDI, TDI & polyurethane market are mainly concentrating on new product launches, acquisition, and expansion to meet the growing demand for MDI, TDI & polyurethane for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
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BASF SE is one of the major players in the MDI, TDI & polyurethane market. In order to strengthen their product portfolio, the company is focusing on expansion for meeting client's requirements. For instance, In May 2020, started construction of the Zhanjiang plant to serve the increasing needs of various growth industries in the southern China market and in other Asian market. In Jan 2020, the company has expanded its production capability for water based polyurethane dispersion at its castellbisbal site in Spain to meet the rising demand. In November 2019, groundbreaking ceremony was held in Zhanjiang, Southern Chinese production site to produce engineering plastics and TPU to serve growing demand.
In September 2020, Covestro AG signed an agreement to acquire Resins & Functional Materials (RFM) from Koninklijke DSM NV., Heerlen (Netherlands) to build a sustainable and innovative business activities. In March 2020, Wanhua chemicals is setting up a Joint Venture with Fujian Petrochemicals group to advance the expansion of MDI plant and TDI facilities.
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