Mitsui Chemicals, Inc. (Japan),and Wanhua Chemicals Group Co., Ltd. (China) are Leading key players in Polyurethane Market
The MDI, TDI & polyurethane market is projected to grow from an estimated USD 69.28 Billion in 2016 to USD 90.34 Billion by 2021, at a CAGR of 5.45%. The demand for MDI, TDI & polyurethane is increasing owing to the growth in the demand from various end-use industries such as construction, automotive, furniture & interiors, electronics & appliances, footwear, and packaging, among many others.
The global market for MDI, TDI & polyurethane is led by major players such as BASF SE (Germany), The Dow Chemical Company (U.S.), Huntsman Corporation (U.S.), Covestro AG (Germany), Chemtura Corp (U.S.), Mitsui Chemicals, Inc. (Japan), Wanhua Chemicals Group Co., Ltd. (China), and Woodbridge Foam Corporation (Canada). These players have adopted various strategies to expand their global presence and increase their market shares. New product launches, expansions, collaborations, partnerships, agreements, joint ventures, and acquisitions are some of the strategies adopted by these players to achieve growth in the market.
The growth of the MDI, TDI & polyurethane market was largely influenced by the expansions during the past five years. BASF SE, The Dow Chemical Company, Huntsman Corporation, Covestro AG, Chemtura Corp, and Mitsui Chemicals, Inc. adopted the strategy of expansion to expand their regional presence and product portfolios. The MDI, TDI & polyurethane market also witnessed several new product launches between January 2012 and November 2016.
BASF, a global manufacturer of MDI, TDI & polyurethane, adopted various strategies such as expansions, new product launches, agreements, and collaborations to expand its business globally. The company expanded its MDI production capacity at its manufacturing facility in Geismar, Louisiana (U.S.), in November 2016 and also started operations at its new TDI (toluene diisocyanate) manufacturing plant in Ludwigshafen, Germany, in November 2016. The company launched various products such as a new synthetic leather made with thermoplastic polyurethane: Elastollan, a new polyamide product, Ultramid EQ, Cellasto polyurethane elastomers, and many others, between 2012 and 2016. These new product launches helped the company strengthen its business position across various end-use industries such as automotive, construction, and electronics.
Covestro expanded its production capacity at Brunsbuttel, Germany site for the foam component MDI to a total of approximately 400 Kilotons per year, in June 2016. The company also constructed a new production line at its Dormagen, Germany site for CO2-based polyether polyols, in June 2016. This expansion enhanced the manufacturing capacity of the company for flexible polyurethane foam used in mattresses and upholstered furniture. The company acquired Baule S.A.S., Romans-sur-Isere, France, in March 2012, a global leader in the development, formulation, and processing of polyurethane cast elastomers.
Related Reports:
Polyurethane Market by Raw Material (MDI, TDI, Polyols), Product (Coatings, Adhesives & Sealants, Flexible & Rigid Foams, Elastomers), End User (Building & Construction, Automotive & Transportation, Bedding & Furniture) - Global Forecast to 2021
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