In 2023, China's MDI production will be about 4 million tons, an increase of 12% year-on-year.
From the supply side, Wanhua Fujian's new 400,000-ton MDI plant has achieved capacity release this year since it was put into operation at the end of last year.
From the demand side, although China's downstream MDI industry and its consumption of terminal products have been under pressure this year due to the decline in real estate, macroeconomic growth and the slowdown in industrial activities, there are still many downstream MDI industries with bright performances.For example, the growth rate of refrigerators, cold chain cold storage, and aldehyde-free plates in the downstream industries of polymerized MDI is higher than the overall level; the growth rate of spandex and TPU in the downstream industries of pure MDI is higher than the overall level.In the automotive industry, with the development of new energy vehicles, the average unit consumption of MDI in the automotive industry has increased.In total, China's MDI consumption in 2023 will be about 3.15 million tons, an increase of 12-13% year-on-year.Among them, aggregated MDI increased by about 11%, and pure MDI increased by about 9%.
The downstream consumer market of MDI is broad. The application of polymerized MDI is concentrated in the fields of refrigerators, cold storage, building insulation, automobiles, etc., while pure MDI is mainly used in synthetic leather, footwear, textiles and other industries.This report conducts in-depth analysis of the main downstream industries of aggregated MDI and pure MDI, focusing on the Asia-Pacific region, with special attention to the markets of China, Southeast Asia, India, Japan and South Korea.