Rising demand for Methylene Diphenyl Diisocyanate (MDI) as a major raw material in production of insulating material to boost global MDI market through 2023.
According to TechSci Research report, “Global Methylene Diphenyl Diisocyanate Market By Type, By Application Type, By End Use, By Region, Competition Forecast & Opportunities, 2023”, the global Methylene Diphenyl Diisocyanate (MDI) market is forecast to surpass $ 39 billion by 2023 on account of increasing usage of MDI across various end use industries. Methylene Diphenyl Diisocyanate, an aromatic diisocyante, renders outstanding properties to the products such as excellent thermal insulation, which makes it versatile for application across various sectors. Moreover, MDI is being increasingly used in manufacturing foam-based products (rigid & flexible foams), non-foam based products (coatings, adhesives, sealants and elastomers), etc.
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Over the past few years, increasing demand for light weighted and fuel-efficient vehicles has been witnessed. MDI based polymers are excellent material for imparting these properties as parts prepared from MDI are lighter in weight as compared to conventional plastic material. Thus, it is a preferred polymer in the global automotive sector. Among end use industries, a large demand for MDI emanates from electronic & refrigeration sector, as MDI is an excellent thermal insulating material and is majorly used in manufacturing water heaters, refrigerators, etc. This segment is anticipated to continue dominating global MDI market during forecast period as well.
Among countries, a large demand emanates from Asia-Pacific, due to rising demand for MDI from emerging economies such as China, India, South Korea, etc. Moreover, construction sector in Asia-Pacific is growing at a robust pace with huge investments underway for construction of airports, metros and infrastructure projects, which in turn is pushing demand for MDI across the region. Moreover, most of the MDI manufacturing plants are located in Asian countries and many chemical manufacturers such as Wanhua Chemicals, BASF SE, etc., have announced plans to raise their respective MDI production capacities over the next three to four years, thereby making the region the largest demand generator for MDI.
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“With increasing trend of construction of green buildings, shifting focus towards energy efficient technology and growing demand for bio-based polyurethane, the global MDI market is expected to flourish during forecast period, predominantly due to unique insulating properties offered by MDI. Moreover, capacity expansions by various MDI manufacturers along with new product launches would further steer growth in the global MDI market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Methylene Diphenyl Diisocyanate Market By Type, By Application Type, By End Use, By Region, Competition Forecast & Opportunities, 2023” has evaluated the future growth potential of the global Methylene Diphenyl Diisocyanate market and provides statistics and information on market structure, size, share and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global Methylene Diphenyl Diisocyanate market.
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