The MDI, TDI & polyurethane market size is estimated to be USD 77.9 billion in 2021 and is expected to reach USD 105.3 billion by 2026, at a CAGR of 6.2% during the forecast period. Factors such as compliance with energy regulation, environmental sustainability need, and versatility & unique properties will drive the MDI, TDI & polyurethane market. The major restraint for the market will be toxicity and environmental concern and eco-friendly substitutes. However, increasing demand for bio-based polyurethane will act as an opportunity for the market.
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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).
Players in the MDI, TDI & polyurethane market are mainly concentrating on new product launches, acquisition, and expansion to meet the growing demand for MDI, TDI & polyurethane for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the MDI, TDI & polyurethane market has been largely influenced by new product launches that were undertaken between 2016 and 2020. BASF SE has adopted new product launches to enhance their market position.
BASF SE is one of the major players in the MDI, TDI & polyurethane market. In order 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.
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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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