As per the report titled ‘Global MDI, TDI, Polyurethane Market (Value, Volume) - Analysis By Type (MDI, TDI), Application (Flexible Foams, Rigid Foams, Coatings, Others), End User, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global MDI, TDI, polyurethane market was valued USD 67.3 billion in 2020 and is anticipated to progress at a healthy growth rate throughout the forecast period 2021-2026.

Expert researchers and analysts cite that surging demand for polyurethane from the building and construction industry for various household, industrial, and commercial applications is fueling the global MDI, TDI, polyurethane market growth. Characteristics such as exceptional strength-to-weight ratio, durability, versatility, and insulation properties are favoring product adoption.

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Increasing average construction spending, escalating new residential establishments, rising government expenditure on sustainable building practices, fast-paced urbanization, and a spike in disposable income levels are further enhancing the industry outlook.

Speaking of the COVID-19 impact, the pandemic hindered industry growth, mainly due to disruptions in the global supply chains and a fall in demand from various end-user industries. In particular, decline in the demand for construction equipment in the first quarter of 2020 dealt a major blow to the market.

Considering product type, global MDI, TDI, polyurethane industry is split into flexible foams, rigid foams, coatings, and others. In terms of end-user, the market is divided into construction, automotive, furniture & interiors, electronics appliances, and others.

As per the regional analysis, the market size and scope is majorly defined by North America (United States, Canada), Europe (Germany, Spain, United Kingdom, Italy), and Asia Pacific (South Korea, Japan, China) are the major geographies highlighted in the research piece.

Asia Pacific currently captures the majority of the industry share and will likely continue serving as a major growth avenue in the forthcoming years. The presence of a strong base of skilled labor, widespread availability of raw material, government support, and continuous expansion of end-user industries are fostering the regional market growth.

Elaborating on the competitive backdrop, DuPont de Nemours Inc., Mitsui Chemical Inc., BASF SE, Wanhua Chemical Group Co. Ltd., Covestro AG, Huntsman Corp., and Dow Chemical Co. are the major players influencing the overall MDI, TDI, polyurethane market trends.