Global methyl di-p-phenylene isocyanate (MDI) market is expected to witness substantial growth over the forecast period owing to its widespread applications in polyurethane foams, adhesives, paints & coatings, construction and automotive industry. Growing automotive and construction industry particularly in emerging economies including China and India is likely to be the key driver for market growth. Growing electronics & electrical industry is likely to augment MDI growth on account of itsuse as insulation in various appliances including air-conditioners, refrigerators, freezers, water heaters and vending machines. Aforementioned reasons coupled with rising demand for rigid polyurethane foams used in numerous end-use industries are expected to have a positive impact on market over the next six years. However, high raw material cost and potential environmental hazards of derivatives of isocyanate is expected to hinder market growth.
Rigid polyurethane foams were the largest application of MDI in 2013 accounting for more than half of the global consumption. Rigid foams are mainly used in industrial applications including construction, insulation, packaging, refrigeration and automotive applications. Market for MDI is segmented on the basis of applications including rigid foams, flexible foams, sealants, adhesives and elastomers. Additionally, MDI market is segmented on the basis of end-use industries including automotive, construction, electronics and furniture & interiors. Construction and automotives are expected to be the fastest growing segment over the forecast period due to rapid urbanization and surge in automotive industry in emerging nations including China, India and Brazil.
Asia Pacific was the largest segment for MDI in 2013 with China dominating the market in terms of production and consumption owing to shift in automobile manufacturing units from European countries to Asia Pacific. Europe held the second largest share followed by North America. Asia Pacific is anticipated to witness fastest growth over the next six years in light of rapid industrialization and infrastructure development in emerging countries especially China and India.
Global market for MDI and its derivatives is highly competitive with large number regional players. Major market participants include BASF SE, Bayer MaterialScience AG, Mitsui Chemicals Inc, Dow Chemical Company, Huntsman International, Chemtura Corporation, Evonik Industries and Hebei Cangzhou Dahua Group Co. Ltd.
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