Albany, New York (PRWEB) January 16, 2013
In terms of revenues, the MDI market was expected to be worth USD 744.4 million in 2011 and is expected to reach USD 1,116.9 million in 2018, growing at a CAGR of 6% from 2013 to 2018.
The growing demand from end use industries such as construction, furniture and home appliances is the major factor driving the market for MDI. Availability of abundant natural resources in the form of crude oil and natural gas (especially in Russia) is also propelling the growth of MDI market in the CIS. However, the market is inhibited by volatile pricing characteristics of benzene. Phosgene free MDI production process provides immense opportunities for participants to minimize the impact of MDI on environment and at the same time attain sustainability.
Majority of the MDI produced in the CIS is used for the production of rigid foam polyurethanes. Rigid foam polyurethane accounted for approximately 58% of the total MDI produced in CIS for the year 2011.
Along with being the biggest application segment, rigid foam polyurethanes are also the fastest growing application market for MDI in the CIS region. Paints and coatings market for MDI is a small market when compared with rigid foam polyurethanes but still it emerges as the second biggest segment consuming MDI. MDI is also used in the production of flexible foam, adhesives & sealants and elastomers and binders.
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Russia is the biggest consumer of MDI in the CIS region, accounting for over 83% of the total MDI consumed in 2011. Rapid industrialization in Russia and increasing foreign investment are major factors boosting the demand for MDI in the nation. Russian MDI demand is expected to grow at
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