The MDI, TDI, and Polyurethane Market is expected to witness market growth during the forecast period 2021 to 2026. The market is growing at a CAGR of 6.7% during the forecast period 2021 to 2026 and is expected to reach the US $ 35,702.78 million by 2026. An increase in the demand for polyurethane products in developing countries is driving the demand for MDI and TDI.
Polyurethane is a type of thermoplastic polymer that contains the NHCOO group and is used for insulation basis in the building and construction industry. It is also used in the production of resins for elastomers, fillers, and adhesives. Polyurethanes are fabricated by reacting diisocyanates with polyols and other chemicals. They are produced in both rigid and flexible foam forms and provide the toughness and rigidity of elastomers. Therefore, polyurethanes are used in a wide range of commercial and industrial applications. It is composed of two important raw materials, such as toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI).
According to the industry association Plastics Europe, as a general rule, 6% less weight means an average fuel saving of 4%. Therefore, the use of plastic in the automotive industry is an emerging trend. In the electronics industry, polyurethanes are referred to as potting compounds, which are often used in electronics industries to encapsulate, seal and insulate fragile and pressure-sensitive microelectronic components, submarine cables, and printed circuit boards. These potting compounds are specially formulated by developers to meet a wide range of physical, thermal, and electrical properties. Due to the increasing demand, the polyurethane market is experiencing an upward trend.
In May 2018, pushing back the limits of cast polyurethane, Covestro developed a Desmodur® system dedicated to exceptional performance in terms of wear resistance. Desmodur® MDQ75164 systems exhibit excellent performance in terms of properties expected in demanding mining applications.
In November 2018, Wanhua Chemical Group Co. Ltd. opened a new MDI production site in North America in order to meet the growing demand in the local market.
In February 2018, BASF presented its recent developments related to Elastopan® (P.U. Systems) and Elastollan® (TPU) with a group of international experts at SIMAC, the international shoe machine trade fair in Milan
MDI, TDI, and Polyurethane Market Drivers
The increase in the number of light vehicles is promoting the consumption of MDI, TDI, a polyurethane product that is driving the growth of the world market. The increasing demand for bio-based polyurethane is likely to drive market growth in the near future. Growing demand for lightweight and durable products in the automotive and electronics industries is driving the growth of the market. The constant pressure to replace fossil feedstocks with bio-renewable resources helps to provide a sustainable environment, and hence bio-based feedstocks are proving to be one of the main drivers of the growing market of MDI, TDI, and polyurethane during the forecast period.
MDI, TDI, and Polyurethane Market Restraints
Disposal of polyurethane is proving to be a major concern for environmental agencies, as disposal releases many hazardous compounds into the environment that hamper the market growth. There are factors that are holding back the growth of the MDI, TDI, and Polyurethane market. Some of them include the growing concern for the environment and the availability of environmentally friendly substitutes like epoxy-based coatings. However, the polyurethane industry continually strives to promote sustainability in business practices and focuses on the development of renewable raw materials for polyurethanes, as well as researching alternative production methods to exclude the use of products—highly toxic and dangerous chemicals. The volatility of crude oil prices, which has pushed up MDI and TDI prices in recent times, has been a key factor hampering the market growth.
Opportunities in the MDI, TDI, and Polyurethane Market
The increased energy efficiency requirements are driving the demand for polyurethane materials which are expected to provide several market growth opportunities during the forecast period.
Challenges in the MDI, TDI, and Polyurethane Market
The volatility of raw material prices is a challenge for the MDI, TDI, and Polyurethane markets as MDI and TDI are key isocyanates that are used as raw materials for polyurethane. These compounds are highly toxic, and therefore the polyurethane industry is highly regulated and highly dependent on the dynamics of crude oil. The market for a metered-dose inhaler (MDI), TDI, faces a persistent shortage of supply as demand grows at a faster rate than expected. Rising raw material prices for isocyanates resulted in squeezing margins for P.U. Manufacturers, like most of them, have not been able to increase the prices of their end products quickly enough to cope with the rising prices of isocyanates. Another challenge is the disposal of polyurethane which raises environmental concerns due to the emission of hazardous waste. Disposal of polyurethane is proving to be a major concern for environmental agencies, as disposal releases many hazardous compounds into the environment. Polyurethane recycling options are limited and possible only for uncured polyurethanes, while most of them are cured.
MDI, TDI, and Polyurethane Market Segmentation.
Depending on the application, the rigid foam segment is expected to grow at the highest rate during the forecast period. Rigid foams find uses in a variety of applications, primarily as insulating foams and structural foams in the construction industry.
By End-use Industry
On the basis of the end-use industry, the market is segmented into construction, furniture and interiors, electronics and household appliances, automotive, footwear, and others (clothing, marine, medical, packaging). The footwear segment is expected to grow at the highest CAGR between 2021 and 2026. The lightness, high abrasion resistance, and excellent long-term mechanical properties of polyurethane make it preferable for rugged shoe soles.
Middle East & Africa
On the basis of region, North America held the largest market share in 2020 and is expected to show continued regional economic growth during the forecast period.
The Asia-Pacific MDI, TDI, and polyurethane market are expected to grow at the highest rate from 2021 to 2026 as the countries in this region are expected to experience strong growth in the construction, electronics, and automotive industries; this would lead to strong demand for MDI, TDI, and polyurethane.
Asia-Pacific continues to be the dominant region for growing market demand due to skilled workforce, easy access to raw materials, and support from local government. Increasing utilization of the MDI, TDI, and polyurethane is expected to boost up the market size. The greatest demand comes from China as it is the largest producer of automobiles, shoes, construction, etc. The rise of construction operations in the Middle East, as the oil company begins to restore its exceptional markets, is also driving the industry. Due to the mild climate, North America and Europe use a lot of insulation to keep them warm during the winter. As the population increases, an increasing number of new buildings are being constructed to satisfy all new visitors to these areas.
Impact of Covid-19 on MDI, TDI, and Polyurethane Market:
Since the COVID-19 virus outbreak, the World Health Organization has declared it a public health emergency. The global manufacturing, tourism, and financial markets, in particular, have been hit hard. The downward pressure on the global economy that once showed signs of recovery in the previous period has increased again, and as a result, the negative global impacts of the coronavirus are already here, significantly affecting the market for MDI, TDI, and polyurethane market.
MDI, TDI, and Polyurethane Market Key Players:
Huntsman International LLC
Era Polymers Pty Ltd
Shandong INOV Polyurethane Co., Ltd
Kuwait Polyurethane Industries W.L.L
Wanhua Chemical Group Co.Ltd
Yantai Shunda Polyurethane Co.Ltd.
Karoon Petrochemical Company
Shanghai Hungsun Chemicals Co., Ltd.
Hanwha Chemical Corporation
KUMHO MITSUI CHEMICALS CORP
Royal Dutch Shell plc, SABIC
Tokyo Chemical Industry Co., Ltd.
OCI COMPANY Ltd
Mitsubishi Shoji Chemical Corporation.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 MDI, TDI, and Polyurethane Market, By Application
6.1.1 Flexible Foams
6.1.2 Rigid Foams
6.1.3 Paints & Coatings
6.1.5 Adhesives & Sealants
6.1.6 Others (PUD, RIM, Binders)
6.1.7 Market Size Estimations & Forecasts (2021-2026)
6.1.8 Y-o-Y Growth Rate Analysis
6.1.9 Market Attractiveness Index
6.2 MDI, TDI, and Polyurethane Market, By End-use Industry
6.2.2 Furniture & Interiors
6.2.3 Electronics & Appliances
6.2.6 Others (Apparel, Marine, Medical, Packaging)
6.2.7 Market Size Estimations & Forecasts (2021-2026)
6.2.8 Y-o-Y Growth Rate Analysis
6.2.9 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Application
7.2.3 By End-use Industry
7.3.1 By Country
184.108.40.206 Rest of Europe
7.3.2 By Application
7.3.3 By End-use Industry
7.4 Asia Pacific
7.4.1 By Country
220.127.116.11 South Korea
18.104.22.168 South East Asia
22.214.171.124 Australia & NZ
126.96.36.199 Rest of Asia-Pacific
7.4.2 By Application
7.4.3 By End-use Industry
7.5 Latin America
7.5.1 By Country
188.8.131.52 Rest of Latin America
7.5.2 By Application
7.5.3 By End-use Industry
7.6 Middle East and Africa
7.6.1 By Country
184.108.40.206 Middle East
7.6.2 By Application
7.6.3 By End-use Industry
8. Key Player Analysis
8.1 BASF SE
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 Covestro AG
8.4 Huntsman International LLC
8.5 Era Polymers Pty Ltd
8.6 Shandong INOV Polyurethane Co., Ltd
8.7 Kuwait Polyurethane Industries W.L.L
8.8 Wanhua Chemical Group Co.Ltd
8.9 Tosoh Corporation
8.10 Yantai Shunda Polyurethane Co.Ltd.
8.11 Karoon Petrochemical Company
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of by type , by application , by geography along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global MDI, TDI, and Polyurethane Market By Region, From 2021-2026 ( USD Billion )
Global MDI, TDI, and Polyurethane Market By Application, From 2021-2026 ( USD Billion )
Global Flexible Foams Market By Region, From 2021-2026 ( USD Billion )
Global Rigid Foams Market By Region, From 2021-2026 ( USD Billion )
Global Paints & Coatings Market By Region, From 2021-2026 ( USD Billion )
Global Elastomers Market By Region, From 2021-2026 ( USD Billion )
Global Adhesives & Sealants Market By Region, From 2021-2026 ( USD Billion )
Global Others (PUD, RIM, Binders) Market By Region, From 2021-2026 ( USD Billion )
Global MDI, TDI, and Polyurethane Market By End-use Industry , From 2021-2026 ( USD Billion )
Global Construction Market By Region, From 2021-2026 ( USD Billion )
Global Furniture & Interiors Market By Region, From 2021-2026 ( USD Billion )
Global Electronics & Appliances Market By Region, From 2021-2026 ( USD Billion )
Global Automotive Market By Region, From 2021-2026 ( USD Billion )
Global Footwear Market By Region, From 2021-2026 ( USD Billion )
Global Others (Apparel, Marine, Medical, Packaging) Market By Region, From 2021-2026 ( USD Billion )