MDI, TDI, and Polyurethane Market worth $105.3 billion by 2026 | Key players BASF SE, Dow Chemical Company, DuPont De Nemours, Huntsman Corporation, Covestro AG.

According to recent market research the "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). 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.

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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.

The major uses of the rigid foams are in commercial and residential construction for board and laminate insulation and foam roofing. It is also used as insulation in appliances such as water heaters, refrigerators, coolers, vending machines, and freezers. Other important rigid foam outlets include industrial insulation for pipes and tanks. MDI-based rigid foam is one of the best insulation materials available, and it helps in considerable energy savings. An upcoming market for rigid foams is the automotive market, where they are not only used for seats and vehicle interiors but are also being tried in other body parts such as vehicle exteriors to reduce vehicle weight. They have significant environmental benefits, as they help in saving energy and reducing weights and costs of buildings.

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Asia-Pacific is one of the most crucial markets of MDI, TDI, and Polyurethane. In terms of global plastic consumption. Owing to the current economic conditions in mature markets such as the U.S. and Western Europe and rapidly increasing domestic consumption, Asia-Pacific has emerged as the leading produces as well as consumer of MDI, TDI, and polyurethane. The construction and bedding & furniture sectors of the region have a leading share in the polyurethane market. Transportation, automotive, and footwear manufacturers are setting up or expanding their manufacturing bases in this region to leverage from the low manufacturing cost. China dominates the MDI, TDI, and polyurethane market in Asia-Pacific. The growing construction industry in the country as well as rebound in construction activities are the main drivers for the MDI, TDI, and polyurethane 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. 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.
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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