Methylene Diphenyl Diisocyanate (MDI) Market Share, Size, Trends, Industry Analysis Report, By Form (Pure MDI, Polymeric MDI, and Modified MDI); By End Use; By Application; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jul-2023
- Pages: 112
- Format: PDF
- Report ID: PM3485
- Base Year: 2022
- Historical Data: 2019-2021
Report Summary
The global methylene diphenyl diisocyanate (MDI) market was valued at USD 29.51 billion in 2022 and is expected to grow at a CAGR of 5.2% during the forecast period. The growing product demand and usage for the production of rigid and polyurethane foams that are being widely used for door and window assembly, sound and heat insulation, waterproof barriers, fire insulation, and infilling applications coupled with the surging manufacturers focus on expanding their production capacity and market reach, are key factors boosting the global market growth.
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In addition, several environmental regulations aimed at reducing emissions and improving air quality have led to the development of low-emission MDI products and technological developments in manufacturing processes have also led to cost-effective and efficient manufacturing process, thereby propelling the market.
For instance, in February 2022, BASF announced about the expansion of its portfolio of pure methylene diphenyl diisocyanate with the launch of Lupranat ZERO. The new product is a greenhouse gas-neutral aromatic isocyanate specially developed to add sustainability to their polyurethane value chain.
Moreover, some major companies are exploring the use of renewable resources such as soybean oil and others, to produce MDI products, as it reduces the reliance on non-renewable resources like petroleum and helps to create more sustainable products. Beside this, there has been an emerging trend in integration of artificial intelligence to optimize the production process by predicting and identifying potential issues, improving quality control, and reducing costs.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the methylene diphenyl diisocyanate (MDI) market. The rapid spread of the pandemic led to a decline in demand for MDI products as several industries such as automotive, construction, and furniture experienced a slowdown in production and sales due to imposed lockdown and other restrictions by government authorities.
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Industry Dynamics
Growth Drivers
The rising demand for the eco-friendly methylene diphenyl diisocyanate (MDI) products, growing product utilization in several construction industry applications, investments in the R&D of new materials, and growing adoption of these products across numerous automotive applications are the major factor driving the market growth. The surging awareness regarding the importance of reducing greenhouse gas emissions and prevalence for adoption sustainable practices, has been expanding the market at rapid pace.
Furthermore, the strong demand and penetration for flexible PU foams, flexible packaging, and coating adhesives along with the influencing demand for rigid PU foam applications mainly through online purchases and growing prevalence regarding the product usage in sports, footwear, and leisure products as a wood binder, have been significantly contributing towards the market growth.
Report Segmentation
The market is primarily segmented based on form, end use, application, and region.
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By Form |
By End Use |
By Application |
By Region |
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Polymeric MDI segment held the significant market share in 2022
The polymeric MDI segment held the significant market share in terms of revenue in 2022, that is highly attributable to surge in the demand for the product to manufacture semi-rigid and flexible polyurethane foams, that are being widely used in numerous applications including appliance insulation, packaging, and construction. With the constant increase in global population and changing consumer preferences, the demand for refrigerators, coolers, and freezers is drastically rising, which in turn, has propelled the adoption of the product over the years.
The pure MDI segment is likely to register fastest growth rate over the coming years, mainly due to growing awareness regarding the environmental sustainability across the globe, that has led to a rising demand for bio-based and sustainable products and widespread product utilization in the production of numerous automotive components such as car seats, dashboard, and insulation materials among others.
Construction segment accounted for the largest market share in 2022
The continuous expansion of the construction industry because of the growing population, rapid rate of urbanization, and economic development across several emerging economies along with the surging need for energy-efficient buildings that requires sprat foam and rigid foam to provide the thermal insulation, are among the major factors fostering the segment growth.
According to International Trade Administration, the total estimated investment in new infrastructure during the period of 2021-2025 will reach around USD 4.2 trillion. And, China’s 14th 5-Year Plans emphasizes several new projects for energy efficiency and green building development and also construction of over 50 million square meters of zero energy consumption buildings.
The automotive segment is anticipated to exhibit significant growth rate during the projected period, on account of growing product adoption in the automotive sector to reduce the vehicle weight and improve the fuel efficiency and utilization of the product in automotive component to provide durability, corrosion resistance, and aesthetic appeal.
Flexible foam segment is expected to witness highest growth
The flexible foam segment is expected to grow rapidly throughout the projected period, which is mainly driven by growing widespread adoption of flexible foam in the furniture industry to make several types of cushioning material stylish, comfortable, durable, and supportive upholstered furniture coupled with the emerging trend of using eco-friendly materials in different industries including furniture and construction.
The rigid foam segment led the industry market with considerable market revenue share in 2022, due to continuous increase in the demand and adoption of rigid foams in automotive interiors, carpet, and bedding applications and implementation of several regulations mainly aimed at improving the energy-efficiency of buildings coupled with the rising focus of major players on expanding their production facilities to meet the ongoing demand from numerous industries. For instance, in March 2022, Evonik, a Germany-based specialty chemicals company, announced that the company is investing in a new and modern production facility for its high-performance rigid polymethacrylimide foam in Darmstadt, Germany.
Asia Pacific region dominated the global market in 2022
The Asia Pacific region dominated the global market with substantial market share in 2022, which is mainly accelerated to drastic increase in the construction and automotive industries and increasing consumer preferences and focus of governments towards green buildings mainly in developing countries like China and India. Additionally, several technological advancements in the field of polyurethane chemistry, has led to the development of new and improved MDI-based products, which has resulted in surge in demand for MDI in various industries across the region.
The North America region is projected to grow at steady growth rate over the coming years, owing to drastic increase in research & development activities related investment and focus on government authorities on implying regulations or set standards to reduce the carbon emissions and encourage the use of eco-friendly materials. For instance, green building standards like LEED and ENERGY STAR provides incentives to the building owners to use energy-efficient materials in their buildings.
Competitive Insight
Some of the major players operating in the global market include Wanhua Chemical, BASF, Covestro, Huntsman Corporation, Dow Chemical, DHALOP Chemicals, Hindustan Organic, BASF, Bayer, Sumitomo Chemical, Jilin Connel Chemical, Kumho Mitsui Chemicals, Merck, and TCI Chemicals.
Recent Developments
- In July 2022, BASF announced about its final phase methylene diphenyl diisocyanate expansion with an investment of USD 780 million at their Verbund site in Geismar. With the expansion, it will expand their production capacity to nearly, 600,000 tons/ year to support their MDI customers in North America region.
- In January 2021, Huntsman Corporation announced about the acquisition of Gabriel Performance Products, a US-based specialty chemicals manufacturer against a cash consideration of USD 250 million. The acquisition will help company broaden its specialty portfolio and expand its reach to global customers.
Methylene Diphenyl Diisocyanate (MDI) Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 31.00 billion |
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Revenue forecast in 2032 |
USD 48.92 billion |
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CAGR |
5.2% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2021– 2022 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2023 to 2030 |
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Segments covered |
By Form, By End Use, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Wanhua Chemical Co. Ltd., BASF SE, Covestro AG, Huntsman Corporation, The Dow Chemical Company, DHALOP Chemicals, Hindustan Organic Chemicals Limited, BASF SE, Bayer, Gujarat Narmada Valley Fertilizers Limited, Sumitomo Chemical Company Limited, Jilin Connel Chemical Industry Co., Kumho Mitsui Chemicals Corporation, Merck KGaA, and TCI Chemicals Pvt. Ltd. |
FAQ's
The Methylene Diphenyl Diisocyanate (MDI) Market report covering key are form, end use, application, and region.
Methylene Diphenyl Diisocyanate (MDI) Market Size Worth $ 48.92 Billion By 2032.
The global Methylene Diphenyl Diisocyanate (MDI) market expected to grow at a CAGR of 5.2% during the forecast period.
Asia Pacific is leading the global market.
key driving factors in Methylene Diphenyl Diisocyanate (MDI) Market are The rising demand for the eco-friendly diphenylmethane diisocyanate products.
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