Rigid Foam to Drive Global Polyurethane Market
The global market value of polyurethane is predicted to rise in the coming years, with thermal insulation potentially becoming a key material application, according to a new report by GBI Research. According to the report, polyurethane rigid foams made from methyl diphenyl diisocyanate (MDI), which have been used for thermal insulation purposes in developed countries for years, are now gaining acceptance in other regions and boosting the global demand.
Polyurethane rigid foam as an insulation material is becoming more widely used in the Asia-Pacific region, as well as Central and South America, as governments formulate more policies promoting energy efficiency and conservation. For example, China’s Ministry of Finance recently announced it was to allocate 1.7 billion RMB (~ $11 billion) to support construction energy efficiency programs in the country under its 12th five-year plan, and this growingly relevant material is expected to be an important part of this effort.
The global demand for polyurethane has steadily increased, due in no small part to Asia’s booming economies. Furthermore, worldwide demand is anticipated to grow at a compound annual growth rate (CAGR) of 5.8%, from 12,018,579 tons in 2010 to 16,882,412 tons in 2016, with the Asia-Pacific region accounting for over 60% of this figure.
For additional information, visit www.gbiresearch.com.