Market research and research firm Lucintel released a research report on September 10th, saying that the global MDI-based polyurethane market is promising, with huge growth in construction, home appliances, transportation, furniture bedding, footwear, packaging and general and industrial engineering industries. Opportunity. The company expects that by 2023, the global MDI-based polyurethane market value is expected to reach 22.9 billion US dollars, with a compound annual growth rate of 4.0% from 2018 to 2023.
According to the report, the growing demand for high quality insulation materials in the construction, appliance and transportation industries is the main driver of the growth of the MDI-based polyurethane market. MDI-based polyurethanes can be used to make rigid foams, flexible foams, coatings, adhesives and Sealants and elastomers. Research shows that polyurethane foam is increasing in demand for insulation/energy-saving materials in the construction and home appliance industries. MDI-based rigid foams will become the largest application market in the forecast period, both in terms of value and sales volume.
In the report, Lucintel pointed out that the demand for the material in the footwear and industrial end-use industries continues to rise, and the application of elastomers is expected to reach the highest increase during the forecast period. In the MDI-based polyurethane market, the construction industry is still the largest value and sales volume. End use, because of the insulation of the exterior and interior walls, the demand for rigid foam for sound insulation is growing.
The company predicts that in view of the increasing demand for high-quality sports shoes, end-use demand in this area will be blowout. In terms of value and sales, the Asia-Pacific region will remain the largest share of the region. Increasing investment in the field, as well as continued growth in the production of automobiles and home appliances, will witness the highest growth in 2018-2023. The development of high flame retardant polyurethane foam and bio-based MDI will directly affect the future direction of the industry.