LONDON--(BUSINESS WIRE)--Technavio projects the global methylene diphenyl diisocyanate (MDI) market to post a CAGR of close to 6% during the forecast period. The growing demand for MDI from emerging economies is a significant driver that will impact growth during 2018-2022.
The global MDI market is witnessing exponential growth in emerging economies such as China, Turkey, India, Mexico, Brazil, Russia, South Korea, and Indonesia. Several companies are relocating their manufacturing facilities to low-cost regions in APAC owing to the availability to cost-effective labor, access to raw materials and favorable government regulations.
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In this report, Technavio highlights the increasing initiatives for expansion of MDI production capacity as one of the key emerging trends to drive the global MDI market:
Increasing initiatives for expansion of MDI production capacity
The growing demand for polyurethane products across various end-use industries such as automotive, furniture, bedding, and construction, is attributable to its enhanced characteristics. As MDI is used as a major raw material in the manufacture of polyurethane products, this trend has led to the growth of the MDI market.
According to a senior analyst at Technavio for specialty chemicals research, “Moreover these end-user industries are highly susceptible to influence macroeconomic factors. This has led MDI manufacturers to expand or restructure their production facilities.”
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Market segmentation and analysis through 2022
This market research report segments the global MDI market by application (rigid foams, CASE system, flexible foams, and others) and key regions (North America, APAC, and Europe and ROW).
The rigid foams segment dominated the market in 2017 with a market share of 36%. This segment is expected to witness a small increase over the forecast period while the remaining three segments are slated to see a marginal decline in their market shares.
In 2017, the global MDI market was dominated by APAC with a revenue share of close to 38% followed by Europe, North America, and ROW respectively. The market share of APAC will witness the maximum increase over the forecast period while all the other regions will see a small decline in their market shares.
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