Albany, NY -- (SBWIRE) -- 09/29/2020 -- A recent market study by Transparency Market Research (TMR) states that the global methylene diphenyl diisocyanate (MDI) market is expected to grow at a CAGR of 6.1% between 2011 and 2016. Transparency Market Research, a market intelligence company based in the U.S., forecasts that the global MDI market will be valued at US$16 billion in 2016. Additionally, in terms of volume, the global MDI market is forecast to total 6.0 million tons in 2016, up from 4.6 million tons in 2011 at a CAGR of 5.5%. The report titled "Methylene Diphenyl Diisocyanate Market: Global Industry Analysis, Size, Share & Forecast (2009 - 2016)" is available on the company website for sale.

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For the purpose of the study, the global MDI market is segmented into its various raw materials, applications, and geography. As per TMR's findings, rigid foams held the largest share of the global MDI market in 2011, accounting for 56.1% of total revenue. The segment is also expected to grow at a CAGR of 6.2% for the forecast period. Rigid polyurethane foams have extensive application as insulation in packaging, consumer appliances, construction, industrial application, and other applications that are driving demand from the global MDI market.

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Additionally, MDI has several non-foam applications such as paints and coatings, elastomers and binders, and adhesive and sealants, as per the research report. The market research report projects the adhesive and sealants application segment of the global MDI market to grow at a 6.2% CAGR between 2011 and 2016. Further, the flexible foams application segment is anticipated to be valued at US$1.1 billion in 2016, expanding at a CAGR of 5.2% between 2011 and 2016, as per the research findings.Based on raw materials, the TMR study has segmented the MDI market into crude oil, aniline, propylene, and benzene. The fluctuations in prices of feedstock material such as benzene and crude oil have led to a continuous rise in MDI bulk prices since 2009, as per the report.

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For a geographical analysis, the TMR study classifies the global MDI market into Europe, Rest of the World (RoW), North America, and Asia Pacific. In these regional segments of the global MDI market, the countries included for the purpose of study are China, India, Japan, the U.K., Brazil, Germany, Italy, and the U.S. Among the regional markets, Asia Pacific is anticipated to grow the fastest to be valued at US$6 billion in 2016, growing at a CAGR of 8.0% between 2011 and 2016. As per the study findings, Asia Pacific was the largest consumer of MDI in 2011 and is anticipated to maintain its lead position with 37.4% of the revenue of the global MDI market in 2016. The region is also projected to have 39.5% share of the global MDI market in 2016 by volume.