In 2024, the global polyurethane industry is undergoing an unprecedented and profound change.Under the intertwined influence of multiple factors such as macroeconomic fluctuations, soaring energy costs, increased pressure on environmental protection, and the reshaping of market competition, major companies have adopted different strategies to meet the challenges and seek long-term development.This article will analyze the changes in this industry in depth from the three dimensions of enterprise shutdown, acquisition integration and capacity expansion.
1. Force majeure and shutdown tide: Signals of industry self-adjustment Dow Chemical's two-line retreat U.S. propylene oxide plant shutdown: Dow Chemical announced that it will close its propylene oxide plant in Freeport, Texas by the end of 2025. This move aims to optimize the cost structure and ensure long-term value creation.This decision is the epitome of the global chemical industry's self-adjustment under multiple pressures such as economic slowdown, rising energy costs, stricter environmental regulations and increased market competition in Asia. Shutdown of the polyether polyol plant in Argentina: Similarly, Dow's polyether polyol plant in San Lorenzo, Argentina, is also facing shutdown, with an annual production capacity of about 50,000 tons.The low operating rate caused by the global oversupply of polyols, combined with the deterioration of Argentina's economy, high inflation and sluggish domestic demand, make it difficult for the plant to maintain operational efficiency.Dow's move reflects a reassessment and strategic adjustment of its global asset portfolio with a view to improving asset efficiency and focusing on business areas with more growth potential. TDI of Rio Tercero, Argentina, discontinued production Faced with global oversupply and insufficient competitiveness, Argentina's Rio Tercero decided to stop production of its 28,000 tons/year TDI unit on October 14, 2024. North American Dow MDI Force Majeure Event From May to September 2024, Dow's North American MDI plant was hit by hurricanes and force majeure from upstream gas supplier Olin. The production capacity of 340,000 tons/year remained at low load after the restoration, further highlighting the impact of natural disasters on the stability of the chemical industry supply chain.