Hydrogenated MDI Market to Hit US$ 655.69 Million By 2030 with 5.4% CAGR

New York, July 20, 2023 (GLOBE NEWSWIRE) — The global Hydrogenated MDI Market is expected to witness significant growth at a remarkable CAGR of 5.4% during the forecast period of 2023-2030. The factors such as the increasing development of new chemical manufacturing plants, growth in the investment of new residential projects, and others are accelerating the demand for hydrogenated MDI, which, in turn, is benefiting the market growth. In addition, the rising development of a new range of hydrogenated MDI product categories will further boost the market growth during the forecast period.

According to a recent report by Consegic Business Intelligence, the hydrogenated MDI market is poised for strong expansion and is expected to reach USD 655.69 Million by 2030. The market, which was valued at USD 432.77 Million in 2022, is predicted to grow at a compound annual growth rate of 5.4% during the period 2023-2030. The report highlights the increasing adoption of hydrogenated MDI in the building & construction industry, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the hydrogenated MDI market.

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Hydrogenated MDI is employed in various building & construction applications, including adhesives, sealants, and elastomers to undergo addition reactions at room temperature. Adhesives, sealants, and elastomers are employed in various construction projects, including residential, commercial, industrial, and infrastructure. For illustration, according to Statistics Canada, in 2020, the investments in institutional and government construction in Canada were USD 13,640.8 million, and in 2021, it was USD 15,284.7 million, an increase of 12.1% as compared with the year 2020. Thus, booming building and construction activities are propelling the demand for adhesives, sealants, and elastomers. Hence, the increase in the demand for the above products is boosting the demand for hydrogenated MDI to ensure superior purity of construction products. This, in turn, is benefiting the market growth.

Hydrogenated MDI is an ideal solution for the textile industry to ensure superior fabric gloss and shine. The factors such as growth in the research & development associated with the development of new eco-friendly textile products, increasing investments in textile zones, and others are some of the crucial factors accelerating the growth of the textile industry in the European region. Hence, the growth in the production of textile products at the global level is spurring the demand for hydrogenated MDI as it is utilized in textile coating applications. This prominent factor is supplementing the hydrogenated MDI market.   

Global Hydrogenated MDI Market: Report Attributes

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Global Hydrogenated MDI Market Segmentation Details:

Based on Application, the polyurethane dispersions (PUDs) segment contributed the largest shares to the market growth in 2022. Hydrogenated MDI is employed in the manufacturing of polyurethane dispersions (PUDs) to offer unparalleled versatility. Hydrogenated MDI can undergo further reactions at room temperature with sustenance that contains active hydrogens. Thus, the hydrogenated MDI enables the efficient preparation of polyurethane products such as polyurethane dispersions (PUDs) which have a distinctive set of properties. Furthermore, the unique feature of hydrogenated MDI results in the formulation of optically clear polyurethane dispersions (PUDs) when combined with suitable polyol reactants. Thus, due to the above properties, the deployment of hydrogenated MDI is increasing for polyurethane dispersions (PUDs) to ensure superior performance benefits, which, in turn, is benefiting the market growth.  

Based on End-use Industry, the building & construction accounted for the largest market share in the year 2022. Hydrogenated MDI is utilized in various building and construction applications, including flooring, roofing, and others to ensure excellent mechanical protection. Furthermore, hydrogenated MDI is employed as a building block in various building and construction products such as adhesives, sealants, and elastomers to ensure superior protection from chemicals and abrasion. Hence, the growth of the development of building and construction projects at the global level will create a potential opportunity for hydrogenated MDI demand growth to ensure protection from chemicals. This, in turn, will boost the segment growth in the upcoming years.

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Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth, owing to the increasing number of building and construction projects. For instance, according to the United States Census Bureau, in 2020, the new residential construction projects started in the United States were 1,379.61 thousand units, and in 2021, it was 1,610 thousand units, an increase of 16.7%. Henceforth, the increase in the above end-use industries in the Asia Pacific region is proliferating the growth of the market.

Competitive Landscape

As per the research, Covestro AG, Merck KGaA, Evonik Industries AG, and MITSUI CHEMICALS are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of hydrogenated MDI. Further, the hydrogenated MDI market is expected to grow steadily due to rising demand from the building and construction industry, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing the development of new hydrogenated MDI manufacturing facilities in the upcoming years, thereby anticipated to increase the competition in the market.

Recent Developments

• In November 2022, Covestro announced the development of a new USD 1.5 billion methylene diphenyl diisocyanate (MDI) plant that will be completed by the end of 2026 in the United States.
• In May 2021, Wanhua Chemical announced an expansion in the production capacity of the MDI product portfolio with the addition of 600,000 tons to its existing production capacity. The prime aim of the company was to increase the market share in the global hydrogenated MDI industry.
• In April 2021, Kumho Mitsui Chemicals invested USD 358.1 million for the expansion of its chemical manufacturing plant in South Korea. In addition, the production of the MDI portfolio will increase from 400,000 tons per annum to 610,000 tons per annum. The project is expected to be completed by the end of 2024.

Key Market Takeaways

• North America accounted for the highest market share at 34.50% and was valued at USD 149.31 million in 2022, and is expected to reach USD 227.20 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 70.50% during the base year of 2022.
• Based on applicatrion, the polyurethane dispersions (PUDs) segment accounted for the highest share contribution to the hydrogenated MDI market statistics in 2022.
• In the context of end-use industry, the building & construction segment is expected to contribute significant shares to the growth of hydrogenated MDI market statistics during the forecast period.
• Asia Pacific is expected to grow with the highest CAGR in the hydrogenated MDI due to the increasing investments in new building and construction projects in countries such as China, India, and others.

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List of Major Global Hydrogenated MDI Market:

• Covestro AG
• Merck KGaA
• Evonik Industries AG
• MITSUI CHEMICALS
• Ashland
• Wanhua Chemical
• BASF SE

Global Hydrogenated MDI Market Segmentation: 

• By Application
  • Polyurethane Elastomers
  • Radiation Curable Urethane Acrylates
  • Polyurethane Dispersions (PUDs)
  • Thermoplastic Polyurethanes (TPUs)
  • Resins
  • Others
• By End-use Industry
  • Building & Construction
  • Textile
  • Chemicals
  • Others

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Frequently Asked Questions in the Hydrogenated MDI Market Report

• What was the market size of the hydrogenated MDI industry in 2022?

– In 2022, the market size of hydrogenated MDI was USD 432.77 million

• What will be the potential market valuation for the hydrogenated MDI industry by 2030?

– In 2030, the market size of hydrogenated MDI will be expected to reach USD 655.69 million.

• What are the key factors driving the growth of the hydrogenated MDI market?

– Booming building and construction activities are benefiting the market growth.

• What is the dominating segment in the hydrogenated MDI market by application?

– In 2022, the polyurethane dispersions (PUDs) segment accounted for the highest market share of 33.05% in the overall hydrogenated MDI market.

• Based on current market trends and future predictions, which geographical region is the dominating region in the hydrogenated MDI market?

– North America accounted for the highest market share in the overall hydrogenated MDI market.

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