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Methylene Diphenyl Diisocyanate (MDI)-Based Polyurethane Market Competitive And Growth Analysis 2024
Methylene Diphenyl Diisocyanate (MDI)-Based Polyurethane Global Market Report 2024
According to The Business Research Company's, The methylene diphenyl diisocyanate (mdi)-based polyurethane market size has grown strongly in recent years. It will grow from $19.5 billion in 2023 to $20.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to growth in construction industry, expansion of automotive sector, increased consumer goods manufacturing, consumer preference for comfort, regulatory support for insulation materials..
The methylene diphenyl diisocyanate (mdi)-based polyurethane market size is expected to see steady growth in the next few years. It will grow to $24.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to sustainable and bio-based polyurethanes, growth in electronics manufacturing, infrastructure development:, rapid urbanization, medical device manufacturing.. Major trends in the forecast period include digitalization in manufacturing, investments in research and development, sustainability and green chemistry, advancements in mdi production technology, customization and specialty products..
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Market Drivers and Trends:
The increased production of lightweight vehicles is expected to propel the growth of the methylene diphenyl diisocyanate (MDI)-based polyurethane market going forward. Lightweight vehicles refer to vehicles designed and constructed to be as light as possible in weight as associated with the automotive industry to increase fuel efficiency, reduce emissions, and improve the performance of vehicles. The MDI-based polyurethane is an attractive choice for producing lightweight vehicles due to its versatility, combining lightweight properties with durability for various automotive components and applications. For instance, in August 2023, according to the Federal Reserve Board, a US-based central banking system, the industrial production of light trucks in the US increased from 8.30 million units in 2022 to 9.73 million units in July 2023. Therefore, the increased production of lightweight vehicles will drive the growth of the methylene diphenyl diisocyanate (MDI)-based polyurethane market.
Major companies operating in the methylene diphenyl diisocyanate (MDI)-based polyurethane market are focusing on the development of innovative products such as climate-neutral (methylene diphenyl diisocyanate) MDI to increase their profitability in the market. Climate-neutral MDI is a form of methylene diphenyl diisocyanate, a material with a net zero carbon footprint produced at the factory gate. For instance, in February 2022, Covestro AG, a Germany-based polyurethane-producing company, launched climate-neutral MDI. Climate-neutral MDI is used with polyurethane rigid foam to create highly efficient building insulation materials used in construction, cold chain, and automotive applications. Plant waste is additionally utilized to cut carbon emissions in producing climate-neutral MDI.
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Major Key Players of the Market:
Mitsui Chemicals Inc., BASF SE, The Dow Chemical Company, Wanhua-BorsodChem, Wanhua Chemical Group Co. Ltd., Asahi Kasei Corporation, Covestro AG, DuPont de Nemours Inc., Sika AG, Tosoh Corporation, Huntsman Corporation, Sadara Chemical Company, Trelleborg AB, Woodbridge Foam Corporation, Recticel N.V., PCC Rokita SA, Vencorex, Coim Group Srl, Chematur Engineering AB, Kumho Mitsui Chemicals Co. Ltd., Lanxess AG, Karoon Petrochemical Company, Green View Technology and Development Co. Ltd., Shandong Chemichase Chemical Co. Ltd, Shandong INOV Polyurethane Co. Ltd., Springfeel Polyurethane Foams Private Limited, HeBei KuaiXin Biotechnology Co. Ltd, Qingdao Exceed Fine Chemicals Co.Ltd., Ningbo Best Polyurethane Co. Ltd.
Methylene Diphenyl Diisocyanate (MDI)-Based Polyurethane Market 2024 Key Insights:
• The Methylene Diphenyl Diisocyanate (MDI)-Based Polyurethane Market is expected to grow to $24.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%.
• Increased Production Of Lightweight Vehicles Fuels Growth In The Mdi-Based Polyurethane Market
• Leading Companies In The Mdi-Based Polyurethane Market Introduce Climate-Neutral Mdi For Enhanced Environmental Responsibility
• North America was the largest region in the methylene diphenyl diisocyanate (MDI)-based polyurethane market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the methylene diphenyl diisocyanate (mdi)-based polyurethane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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