From 2023 to the present, the global polyurethane supply and demand pattern is being reshaped. On the supply side, affected by geopolitical events, the production costs of energy and upstream raw materials for polyurethanes in Europe and the United States are high, the progress of new expansion projects has slowed down, and some plants have even been shut down. Meanwhile, the capacity of plants in the Asia-Pacific region, especially those of Chinese enterprises, continues to expand. For example, in October 2024, Dow closed its polyether plant in Argentina. At the same time, both Dow and Shell are evaluating their polyurethane assets in Europe and planning strategic adjustments to improve asset efficiency.
On the demand side, the international political and trade situation is complex and volatile, there is a regional transfer of the industrial chain, people's consumption willingness has weakened, and the demand for health - and environmental - friendly products is increasing day by day...
In March - April 2025, the United States announced the imposition of additional tariffs on many countries around the world, triggering a strong wait - and - see sentiment among participants in various industrial chains.
Proportion of Consumption in Global Major Downstream Hard - Foam Markets
| Market |
Proportion |
| Building Insulation |
47% |
| Home Appliances |
17% |
| Adhesives/Sealants/Paints |
12% |
| Automotive |
21% |
| Others |
- |
Taking polymeric MDI as an example, in 2024, the global consumption of polymeric MDI was 6.01 million tons, a year - on - year increase of 3.5%. The growth points mainly came from the increased consumption of hard - foams in industries such as home appliances, building insulation, and shipping in the Asia - Pacific region, leading the growth of global polymeric MDI consumption.
In the home appliance industry, the global production of refrigerators and freezers increased by about 6% year - on - year, and the increase mainly came from China. In the refrigerated container sector, the production of refrigerated containers in China increased by more than 40% year - on - year. In the building insulation industry, the global construction industry grew by 3.5% in 2024, and the demand for PU building insulation was generally stable. In the automotive industry, in 2024, the global automotive production was 93.95 million units, a year - on - year decrease of 0.5%. Benefiting from the continuous increase in the penetration rate of new energy vehicles, the consumption growth rate of polyurethane materials such as polymeric MDI in the global automotive industry was higher than the global automotive production growth rate.
