MDI, TDI, and Polyurethane Market worth $105.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 6, 2021 /PRNewswire/ -- 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", published by MarketsandMarkets™, the market 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 is projected to be fastest-growing application for MDI, TDI & Polyurethane market between 2021 and 2026
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.
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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APAC projected to be fastest growing region for the MDI, TDI & Polyurethane market during the forecast period
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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