MDI, TDI, and Polyurethane Market | Key players operating in the market include BASF SE, Dow, DuPont, Huntsman Corp, Covestro AG

According to recent market research "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.

Rigid foams are low-to-high density foams with higher stiffness levels. These foams find uses across various applications but are primarily used as insulating foams and structural foams in the construction industry. They are used in simulated wood and RIM (Reaction Injection Molding) plastics. These are also used as insulating foams and structural foams. Rigid foams have one of the highest insulating R-values per inch ranging from R 5.5 to R 8 per inch and are strong, lightweight, low-density structures that are both dimensionally stable and moisture resistant with low vapor transmission.

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The MDI, TDI & polyurethane market size is estimated to be USD 77.9 billion in 2021 and is expected to reach USD 105.3 billion by 2026, at a CAGR of 6.2% during the forecast period. Factors such as compliance with energy regulation, environmental sustainability need, and versatility & unique properties will drive the MDI, TDI & polyurethane market. The major restraint for the market will be toxicity and environmental concern and eco-friendly substitutes. However, increasing demand for bio-based polyurethane will act as an opportunity for the market.

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).

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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.

The companies also adopted acquisition as a strategy to increase their share and market presence. For instance, in February 2020, LANXESS acquired the 100 percent shares in biocide manufacturer IPEL - Itibanyl productos Especiais Ltd., Brazil which increased the facilities of Engineering Materials segment. In September 2019, Woodbridge has signed an agreement to acquire all shares in Woodbridge GSK high polymers technologies from GSK corporation which enables Woodbridge in enhancing the growth opportunities in China.

Solenis, formerly known as Ashland Water Technologies, is one of the leading global producers of specialty chemicals for water-intensive industries, including pulp & paper, oil & gas, petroleum refining, chemical processing, mining, biorefining, power, and municipal. The company’s product portfolio includes a broad array of process, functional, and water treatment chemistries, corrosion inhibitors as well as state-of-the-art monitoring and control systems. The company serves its products to various end-use industries, such as biorefining, chemical processing, industrial water, mining & mineral processing, municipal, oil & gas, packaging paper & board, and power generation. The company has focused on the adoption of organic and inorganic strategies to cement its position as the market leader in the corrosion inhibitor market. This includes a merger with BASF SE for paper and wet end water chemicals merged its paper wet-end and water chemicals business The combined business is expected to operate under the Solenis name and offer increased sales, service, and production capabilities across the globe also company has inaugurated a new technology center in Brazil, which will develop new products for various end users.

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