Methylene Diphenyl Diisocyanate Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 28.99 Billion |
| Market Size (2029) | USD 42.55 Billion |
| CAGR (2024 - 2029) | 7.98 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
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*Disclaimer: Major Players sorted in no particular order |
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Methylene Diphenyl Diisocyanate Market Analysis
The Methylene Diphenyl Di-isocyanate Market size is estimated at USD 28.99 billion in 2024, and is expected to reach USD 42.55 billion by 2029, growing at a CAGR of 7.98% during the forecast period (2024-2029).
The market witnessed growth in 2021 after recovering from the COVID-19 pandemic in 2020. The consumption of MDI has increased in various end-user industries, such as construction, automotive, and others. In these end-user industries, MDI is used in various applications, including PU foam, coatings, adhesives, elastomers, and binders.
- Over the short term, the growing demand for PU in insulation in the construction industry is expected to drive the market's growth.
- On the flip side, stringent regulations associated with MDI and the toxic effects of MDI may act as barriers to the growth of the market studied.
- The phosgene-free MDI production process is expected to offer lucrative opportunities for the growth of the market.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries like China, Japan, and South Korea, and it is likely to witness the highest CAGR during the forecast period.
Methylene Diphenyl Diisocyanate Market Trends
This section covers the major market trends shaping the Methylene Diphenyl Di-isocyanate Market according to our research experts:
The Construction Segment is Expected to Dominate the Market
- Construction is the largest end-user industry for the MDI market, where it is used in various household, commercial, and industrial applications.
- One of the largest applications is the usage of rigid PU foam as wall and roof insulation, insulated panels, and gap fillers for the space around doors and windows. Polyiso laminate board stock, used primarily in roofing and wall insulation, accounts for the majority share of total rigid PU foam in construction applications.
- Some rigid PU foams can be applied to seal gaps and cover irregular shapes. Such foams include spray, pour-in-place, and one-component foams. The environmental benefits of rigid PU foam are significant and include increased energy efficiency and reduced project weight.
- Protective coatings are one of the most popular applications of PUs in building and construction. They are used in the production of wood floors, basements, buildings, bridges, and many other commercial and consumer products.
- PU adhesives represent another large market for PU materials in this end-user industry. Owing to their fast cure time, bond strength, and weather resistance, PU adhesives are used in roofing, flooring, wallboard, and window/door installations.
- The global construction industry was valued at about USD 7.3 trillion in 2021, The value of the global construction industry declined in 2020 as construction activities were temporarily paused during the government-imposed lockdown to curb the spread of new COVID-19 cases.
- Moreover, in 2021, according to the US Census Bureau, construction spending amounted to USD 1,590 billion, witnessing a growth rate of 8.2% compared to 2020, thereby increasing the consumption of MDI from various construction applications.
- Therefore, all the aforementioned factors from the construction industry are likely to significantly impact the demand in the studied market in the years to come.
The Asia-Pacific Region is Expected to Dominate the Market
- The Asia-Pacific region dominated the global market share. With the increasing demand from industries such as construction, furniture, electronic appliances, and automotive in countries like China, India, and Japan, the usage of MDI is increasing in the region.
- In Asia-Pacific, China provides the major market for MDI. MDI is primarily used for polyurethane in China, and the country is the world's largest producer and consumer of polyurethane products.
- According to the International Trade Administration, China is the world's biggest automobile market in terms of both production and sales. In 2021, as per the OICA correspondent's survey, the automotive production in the country reached 26.08 million, which increased by 3%, compared to 25.23 million vehicles produced in 2020.
- Also, China has the largest building market in the world, making up 20% of all construction investments globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030
- According to reports by the OICA, automotive production in India witnessed a 30% growth in 2021. As per the reports by the Society of Indian Automobile Manufacturers, SIAM, the country produced 4,399,112 units of passenger cars and light vehicles in 2021.
- India is home to over 2,500 decorative coatings and 800 industrial coatings manufacturers. . This increasing demand for paints and coatings has been prompting companies to increase their production capacities in the country. This is further expected to increase the demand for methylene diphenyl di-isocyanate (MDI) in the country.
- Japan is one of the largest countries in the electronics industry. The production value in 2021 reached JPY 10.95 trillion (USD 80000 million). Electronics production increased to more than pre-COVID-19 levels, which is a positive sign for the market studied.
- Therefore, all the above-mentioned factors are likely to significantly impact the demand in the market in the Asia-Pacific region in the years to come.
Methylene Diphenyl Diisocyanate Industry Overview
The methylene diphenyl di-isocyanate (MDI) market is consolidated in nature,with top players accounting for a major share of the market. Some of the key players in the market include Wanhua Chemical Co. Ltd, BASF SE, Covestro AG, Dow, and Huntsman Corporation (not in any particular order).
Methylene Diphenyl Diisocyanate Market Leaders
Wanhua Chemical Co. Ltd
BASF SE
Covestro AG
Huntsman Corporation
Dow
*Disclaimer: Major Players sorted in no particular order
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Methylene Diphenyl Diisocyanate Market News
- In July 2022, BASF invested USD 780 million in expanding the methylene diphenyl diisocyanate (MDI) plant at its Verbund site in Geismar, Louisiana increasing its production capacity to 600,000 metric tons per year by the middle of the decade.
- In February 2022, Covestro AG launched Climate-neutral MDI. To make the new MDI climate-neutral, Covestro used alternate raw materials based on plant waste that are allocated to the products with the help of certified mass balancing according to ISCC PLUS. The new MDI grades can be used in numerous applications in the construction, cold chain, and automotive sectors.
Methylene Diphenyl Diisocyanate Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand for PU in Insulation in the Construction Industry
4.1.2 Expanding Scope of Application
4.2 Restraints
4.2.1 Stringent Regulations Associated with MDI
4.2.2 Toxic Effects of MDI
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Production Process Analysis
4.6 Technology Licensing and Patent Analysis
4.7 Price Trend Scenario
4.8 Regulatory Policy Analysis
5. Market Segmentation (Market Size in Volume)
5.1 Application
5.1.1 Rigid Foam
5.1.2 Flexible Foam
5.1.3 Coatings
5.1.4 Elastomers
5.1.5 Adhesive and Sealants
5.1.6 Other Applications
5.2 End-user Industry
5.2.1 Construction
5.2.2 Furniture and Interiors
5.2.3 Electronics and Appliances
5.2.4 Automotive
5.2.5 Footwear
5.2.6 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Russia
5.3.3.6 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 Covestro AG
6.4.3 Dow
6.4.4 Hexion
6.4.5 Huntsman Corporation
6.4.6 Kumho Mitsui Chemicals Corp.
6.4.7 Sadara
6.4.8 Shanghai Lianheng Isocyanate Co. Ltd
6.4.9 Sumitomo Chemical Co. Ltd
6.4.10 Tosoh Corporation
6.4.11 Wanhua
6.4.12 Chongqing ChangFeng Chemical Co. Ltd
6.4.13 KAROON Petrochemical Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Phosgene-free MDI Production Process
Methylene Diphenyl Diisocyanate Industry Segmentation
Methylene diphenyl diisocyanate (MDI) is defined as a type of aromatic isocyanate that has a wide application base in large-scale commercial and consumer sectors. For the production of MDI, the condensation of aniline is done with formaldehyde to form methylenedianiline (MDA), which gets reacted with phosgene to form MDI. The methylene diphenyl di-isocyanate (MDI) market is segmented by application, end-user industry, and geography. By application, the market is segmented into rigid foam, flexible foam, coatings, elastomers, adhesives and sealants, and other applications. By end-user industry, the market is segmented into construction, furniture and interiors, electronics and appliances, automotive, footwear, and other end-user industries. The report also covers the market size and forecasts for the methylene diphenyl di-isocyanate (MDI) market in 16 countries. For each segment, the market sizing and forecasts have been done based on volume (kilotons).
| Application | |
| Rigid Foam | |
| Flexible Foam | |
| Coatings | |
| Elastomers | |
| Adhesive and Sealants | |
| Other Applications |
| End-user Industry | |
| Construction | |
| Furniture and Interiors | |
| Electronics and Appliances | |
| Automotive | |
| Footwear | |
| Other End-user Industries |
| Geography | ||||||||
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Methylene Diphenyl Diisocyanate Market Research FAQs
How big is the Methylene Diphenyl Di-isocyanate (MDI) Market?
The Methylene Diphenyl Di-isocyanate (MDI) Market size is expected to reach USD 28.99 billion in 2024 and grow at a CAGR of 7.98% to reach USD 42.55 billion by 2029.
What is the current Methylene Diphenyl Di-isocyanate (MDI) Market size?
In 2024, the Methylene Diphenyl Di-isocyanate (MDI) Market size is expected to reach USD 28.99 billion.
Who are the key players in Methylene Diphenyl Di-isocyanate (MDI) Market?
Wanhua Chemical Co. Ltd, BASF SE, Covestro AG, Huntsman Corporation and Dow are the major companies operating in the Methylene Diphenyl Di-isocyanate (MDI) Market.
Which is the fastest growing region in Methylene Diphenyl Di-isocyanate (MDI) Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Methylene Diphenyl Di-isocyanate (MDI) Market?
In 2024, the Asia Pacific accounts for the largest market share in Methylene Diphenyl Di-isocyanate (MDI) Market.
What years does this Methylene Diphenyl Di-isocyanate (MDI) Market cover, and what was the market size in 2023?
In 2023, the Methylene Diphenyl Di-isocyanate (MDI) Market size was estimated at USD 26.85 billion. The report covers the Methylene Diphenyl Di-isocyanate (MDI) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Methylene Diphenyl Di-isocyanate (MDI) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Methylene Diphenyl Diisocyanate Industry Report
Statistics for the 2024 Methylene Diphenyl Diisocyanate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Methylene Diphenyl Diisocyanate analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
