Electronic Appliances & Refrigeration Sector to Lead Methylene Diphenyl Diisocyanate (MDI) Market through 2023
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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Global Methylene
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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.
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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.
“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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