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Big Events along the PU Value Chain in 2018
Big events in PU industry
1. TDI: After the start-up of its 200k t/a TDI plant in the Middle East in the second half of
2017, Sadara sees an increasing market share in many countries and regions in 2018. In addition to
Middle East, Africa and Europe, southeast and east Asia also witness Sadara’s presence. After the
phosgenation reactor was changed, in July BASF’s 300k t/a TDI plant in Ludwigshafen, Germany
was started up. later, its operation gradually became normal and operation load steadily rose. The
old 80k t/a TDI plant in Ludwigshafen will be shut down in due course. At the end of October, Yantai
Wanhua’s 300k t/a TDI facility was put into production.
2. Chinese MDI market: In March 2018, Huntsman’s 240k t/a MDI rectifier unit, which is
located in Shanghai, came onstream. Covestro plans to expand the capacity of its MDI plant in China
from 500k tons/year to 600k tons/year through two phases. The Phase I project aims to expand the
capacity from 500k tons/year to 550k tons/year by extending the length of operation time. The Phase
II project aims to expand the capacity from 550k tons/year to 600k tons/year by increasing the
capacity per unit time. In March, Wanhua Chemical announced plans to expand its MDI capacity in
Yantai from 600k tons/year to 1.1 million tons/year by 2019, and that in Ningbo from 1.2 million
tons/year to 1.5 million tons/year by 2020.
3. Global MDI market: Despite the impact of the trade war, Wanhua is building its 400k
tons/year MDI facility as planned, which is expected to begin production in 2022. At the start of 2018,
BASF announced that it would increase the capacity of its MDI facility in Geismar, U.S. from 300k
tons/year to 600k tons/year, and it started the construction in the second quarter. South Korea’s
Kumho Mitsui Chemicals plans to expand its MDI capacity from 350k tons/year to 400k tons/year by
the end of 2019. In October, Fujian Connell Polyurethane’s 400k t/a MDI project was officially
approved. In October, Covestro announced that it would invest 1.5 billion euros to build a world-class
MDI plant in Baytown, the United States. The new 500k t/a production line is expected to begin
production in 2024. Meanwhile, the old 90k t/a production line will be closed. Thus, Covestro’s MDI
capacity in the United States will amount to 740k tons/year by 2024.
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4. Global demand for PU raw materials: In 2018, many emerging economies see significant
depreciation of their currencies. For example, Turkey, which has great demand for PU raw materials,
has witnessed its lira depreciate by more than 40%. As there are no TDI and MDI plants in the
country, it has to rely on imports of these feedstocks from Europe and Asia. Thus, the devaluation of
currency has a huge impact on its purchasing power. Globally, the macroeconomy is slowing down.
As a result, the growth of global demand slows in the second half. For example, in September the
housing starts in America fell 4.7% month on month, and the sales of new cars dropped 6% year on
year. This resulted in decreased demand for end-use products such as furniture and refrigerators. It
is expected that the PU raw materials market will decline in the second half compared with the first
half.
5. Downstream manufacturers relocate to Southeast Asia: Due to the trade war, PU raw
materials such as TDI and PMDI as well as end-use products such as mattresses and refrigerator
exported from China to the U.S. will be hit by an additional tariff of 25%. In response, some Chinese
mattress manufacturers have had their factories moved to southeast Asian countries such as
Indonesia, Malaysia and Cambodia. By doing so, they will reduce the production costs, and alleviate
the impact of the trade war on their exports to the United States, and America’s anti-dumping
investigation into China’s mattress. In addition, footwear manufacturers such as Adidas and Nike
have begun to exit from China to relocate to low-cost southeast Asian countries such as Vietnam. In
the coming years, demand for PU raw materials from southeast Asia will increase.
Interpretation: In 2019, the world will enter the era of excess TDI capacity and the landscape of
global trade will change as the production load of Wanhua’s 300kt/a TDI facility rises, Sadara improves
its product quality and production efficiency and BASF Germany expands into more markets. For the
MDI market, in 2019 Huntsman’s Phase II newly-built project will provide stable supply; Kumho Mitsui
Chemicals will expand its capacity by 50k tons/year by the end of 2019; competition between MDI
manufacturers will become intenser. Undoubtedly, the increased supply of TDI and MDI will be a test for
the manufacturers throughout the year. As for the demand, the growth in demand for PU raw materials
will also decrease due to the slowing global economic growth and the Sino-American trade war.
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PU markets in Southeast Asia and India
Market Supply
2016-2018 SE Asia TDI Supplier Capacity (ton)
Producer Country 2016 2017 2018 Output Domestic Sales Export
Covestro Shanghai, China -- -- -- -- -- --
BASF Yosu, South Korea -- -- -- -- -- --
Hanwha Yosu, South Korea -- -- -- -- -- --
OCI Kunsan, South Korea -- -- -- -- -- --
MCNS Omuta, Japan -- -- -- --
-- -- Kashima, Japan -- -- -- --
GNFC Bharuch, India -- -- -- -- -- --
Sadara Jubail, Saudi Arabia
Total -- -- -- -- -- --
2014-2018 SE Asia & India Polymeric MDI Import (ton)
Year 2014 2015 2016 2017 2018
SE Asia -- -- -- -- --
India -- -- -- -- --
Market Demand
2014-2018 SE Asia & India Polymeric MDI Consumption (ton)
Year 2014 2015 2016 2017 2018
SE Asia -- -- -- -- --
India -- -- -- -- --
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Additional highlights for 2018
1. Description of global PU raw materials industry is an addition to this year’s report,
which covers the profile of the world’s leading manufacturers of PU raw materials, the glob-
al capacity and planned projects, the landscape of global trade and the characteristics of
regional consumption.
2. Besides, the impact of global political and economic developments on polyurethane
industry, especially the ripple effect of the Sino-American trade war is also added to this re-
port.
3. The factors influencing the prices of PU raw materials in Southeast Asia and India
are new contents.
4. And government policies on PU industry in Southeast Asia and India cannot be
found in last year’s report.
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2018 SE Asia & India PU Yearly Report Content
Chapter 1: Introduction to PU Raw Materials
1. PU Raw Materials Overwiew
1.1 Introduction to TDI
1.1.1 TDI Overview
1.1.2 Manufacturing Process and Technological Development of TDI
1.1.3 Main Applications of TDI
1.2 Introduction to MDI
1.2.1 MDI Overview
1.2.1.1 Polymeric MDI Overview
1.2.1.2 Monomeric MDI Overview
1.2.2 Manufacturing Process and Technological Development of MDI
1.2.3 Main Applications of MDI
1.2.3.1 Main Applications of Polymeric MDI
1.2.3.2 Main Applications ofMonomeric MDI
1.3 Introduction to PO
1.3.1 PO Overview
1.3.2 Manufacturing Process and Technological Development of PO
1.3.3 Main Applications of PO
1.4 Introduction to Polyether Polyols
1.4.1 Polyether Polyols Overview
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1.4.2 Manufacturing Process and Technological Development of Polyether Polyols
1.4.3 Main Applications of Polyether Polyols
1.4.3.1 Flexible Slabstocks Polyols
1.4.3.2 Rigid Polyols
1.4.3.3 Elastomer Polyols
Chapter 2: Global PU Raw Materials Overview
2. Global PU Raw Materials Overview
2.1 Global TDI Overview
2.1.1 Global Main TDI Manufacturers
2.1.2 Global TDI Capacity in 2018 and Projects on built or to be built
2.1.3 Global TDI Trade Flow in 2018 and Future Trend
2.1.3.1 North America
2.1.3.2 EMEA
2.1.3.3 Asia-Pacific
2.1.4 Global TDI Consumption Situation and Difference among Areas
2.2 Global MDI Overview
2.2.1 Global Main MDI Manufacturers
2.2.2 Global MDI Capacity in 2018 and Projects on built or to be built
2.2.3 Global MDI Trade Flow in 2018 and Future Trend
2.2.3.1 North America
2.2.3.2 EMEA
2.2.3.3 Asia-Pacific
2.2.4 Global Consumption MDI Situation and Difference among Areas
2.2.4.1 Polymeric MDI
2.2.4.2 Monomeric MDI
2.3 Global PO Overview
2.3.1 Global Main PO Manufacturers
2.3.2 Global PO Capacity in 2018 and Projects on built or to be built
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2.3.3 Global PO Trade Flow in 2018 and Future Trend
2.3.3.1 North America
2.3.3.2 EMEA
2.3.3.3 Asia-Pacific
2.3.4 Global PO Consumption Situation and Difference among Areas
2.4 Global Polyether Polyols Overview
2.4.1 Global Main Polyether Polyols Manufacturers
2.4.2 Global Polyether Polyols Capacity in 2018 and Projects on built or to be built
2.4.3 Global Polyether Polyols Trade Flow in 2018 and Future Trend
2.4.3.1 North America
2.4.3.2 EMEA
2.4.3.3 Asia-Pacific
2.4.4 Global Polyether Polyols Consumption Situation and Difference among Areas
Chapter 3: Impacts of International Politics and Economics Situation on PU Industry
3. Impacts of International Politics and Economics Situation on PU Industry
3.1 Review of International Politics and Economics in 2018
3.2 Impacts of International Politics and Economics on PU Raw Materials in 2018
3.3 Impacts of International Politics and Economics on PU Downstream Industries in
2018
3.3.1 Impacts on Construction Industry
3.3.2 Impacts on Refrigerator Industry
3.3.3 Impacts on Furniture Industry
3.3.4 Impacts on Automotive Industry
Chapter 4: Supply and Demand of PU Raw Materials in SE Asia and India
4. Supply and Demand of PU Raw Materials in SE Asia and India
4.1 Suply and Demand of TDI in SE Asia and India
4.1.1 Main TDI Suppliers in SE Asia and India
4.1.2 Analysis of TDI Supply in SE Asia and India in 2018
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4.1.2.1 Supply of TDI in SE Asia and India in 2017-2018
4.1.2.2 Market Share of TDI Suppliers in SE Asia and India in 2018
4.1.2.3 TDI Supply Difference among SE Asian Countries and India in
2017-2018 and Future Trend
4.2 Suply and Demand of MDI in SE Asia and India
4.2.1 Main MDI Suppliers in SE Asia and India
4.2.2 Analysis of MDI Supply in SE Asia and India in 2018
4.2.2.1 Supply of Polymeric MDI in SE Asia and India in 2017-2018
4.2.2.2 Supply of Monomeric MDI in SE Asia and India in 2017-2018
4.2.2.3 Market Share of Polymeric MDI Suppliers in SE Asia and India
in 2018
4.2.2.4 Market Share of Moonomeric MDI Suppliers in SE Asia and
India in 2018
4.2.2.5 Polymeric MDI Supply Difference among SE Asian Countries
and India in 2017-2018 and Future Trend
4.2.2.6 Monomeric MDI Supply Difference among SE Asian Countries
and India in 2017-2018 and Future Trend
4.3 Suply and Demand of PO in SE Asia and India
4.3.1 Main PO Suppliers in SE Asia and India
4.3.2 Analysis of PO Supply in SE Asia and India in 2018
4.3.2.1 Supply of PO in SE Asia and India in 2017-2018
4.3.2.2 Market Share of PO Suppliers in SE Asia and India in 2018
4.3.2.3 PO Supply Difference among SE Asian Countries and India in
2017-2018 and Future Trend
4.4 Suply and Demand of Polyether Polyols in SE Asia and India
4.4.1 Main Polyether Polyols Suppliers in SE Asia and India
4.4.2 Analysis of Polyether Polyols Supply in SE Asia and India in 2018
4.4.2.1 Supply of Polyether Polyols in SE Asia and India in 2017-2018
4.4.2.2 Market Share of Polyether Polyols Suppliers in SE Asia and
India in 2018
4.4.2.3 Polyether Polyols Supply Difference among SE Asian Countries
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and India in 2017-2018 and Future Trend
Chapter 5: Price Trend of PU Raw Materials and Factors that Influence Prices in SE Asia
and India
5. Price Trend of PU Raw Materialsand Factors that Influence Prices in SE Asia and
India
5.1 Price Trend of PU Raw Materials in SE Asia and India
5.1.1 Price Trend of TDI in SE Asia and India in 2018
5.1.2 Price Trend of Polymeric MDI in SE Asia and India in 2018
5.1.3 Price Trend of Monomeric MDI in SE Asia and India in 2018
5.1.4 Price Trend of PO in SE Asia and India in 2018
5.1.5 Price Trend of Polyols in SE Asia and India in 2018
5.2 Analysis of Factors that Affect Prices of PU Raw Materials in SE Asia and India
5.2.1 Factors that Affect TDI Prices in SE Asia and India
5.2.1.1 The Effect of Chinse TDI Prices
5.2.1.2 The Effect of TDI Supply
5.2.1.3 The Effect of Exchange Rate
5.2.2 Factors that Affect MDI Prices in SE Asia and India
5.2.2.1 The Effect of Chinse Polymeric MDI Prices
5.2.2.2 The Effect of Chinse Monomeric MDI Prices
5.2.2.3 The Effect of Polymeric MDI Supply
5.2.2.4 The Effect of Monomeric MDI Supply
5.2.2.5 The Effect of Exchange Rate on Polymeric MDI
5.2.2.6 The Effect of Exchange Rate on Monomeric MDI
5.2.3 Factors that Affect PO Prices in SE Asia and India
5.2.3.1 The Effect of Chinse PO Prices
5.2.3.2 The Effect of PO Supply
5.2.3.3 The Effect of Exchange Rate
5.2.4 Factors that Affect Polyether Polyols Prices in SE Asia and India
5.2.4.1 The Effect of Chinse Polyether Polyols Prices
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5.2.4.2 The Effect of Polyether Polyols Supply
5.2.4.3 The Effect of Exchange Rate
Chapter 6: Analysis of PU Downstream Industries
6. Analysis of PU Downstream Industries
6.1 The Development of Upholstered Furniture Industry in SE Asia and India in 2018 and
Its Demand for PU Raw Materials
6.2 The Development of Automotive Industry in SE Asia and India in 2018 and Its Demand
for PU Raw Materials
6.3 The Development of Refridgerator Industry in SE Asia and India in 2018 and Its
Demand for PU Raw Materials
6.4 The Development of Construction Industry in SE Asia and India in 2018 and Its
Demand for PU Raw Materials
6.5 The Development of Shoe Industry in SE Asia and India in 2018 and Its Demand for
PU Raw Materials
Chapter 7: PU Industry Related Policies in SE Asia and India
7. PU Industry Related Policies in SE Asia and India
7.1 Impact of International Politics and Economics on PU Industry in SE Asia and India in
2018
7.1.1 Big International Events that Affect PU Industry in SE Asia and India in 2018
7.1.2 Impact of International Politics and Economics on PU Raw Materials in SE
Asia and India in 2018
7.1.3 Impact of International Politics and Economics on PU Downstream Industry in
SE Asia and India in 2018
7.2 Impact of Local Politics and Economics on PU Industry in SE Asia and India in 2018
7.2.1 Big Local Events that Affect PU Industry in SE Asia and India in 2018
7.2.2 Impact of Local Politics and Economics on PU Raw Materials in SE Asia and
India in 2018
7.2.3 Impact of Local Politics and Economics on PU Downstream Industry in SE
Asia and India in 2018
7.3 Analysis of PU Industry Related Local Policies in SE Asia and India in 2018
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7.3.1 PU Industry Related Local Policies in SE Asia and India in 2018
7.3.2 The Impact of Policies in SE Asia and India in 2018
Chapter 8: Forecast of PU Raw Materials in SE Asia and India
8. Forecast of PU Raw Materials in SE Asia and India
8.1 Forcast of PU Raw Materials Supply in SE Asia and India from 2019 to 2023
8.1.1 Forecast of TDI Supply in SE Asia and India from 2019 to 2023
8.1.2 Forecast of MDI Supply in SE Asia and India from 2019 to 2023
8.1.2.1 Forecast of Polymeric MDI Supply in SE Asia and India from 2019 to
2023
8.1.2.2 Forecast of Monomeric MDI Supply in SE Asia and India from 2019
to 2023
8.1.3 Forecast of PO Supply in SE Asia and India from 2019 to 2023
8.1.4 Forecast of Polyether Polyols Supply in SE Asia and India from 2019 to 2023
8.2 Forcast of PU Raw Materials Price Trend in SE Asia and India from 2019 to 2023
8.2.1 Forecast of TDI Price Trend in SE Asia and India from 2019 to 2023
8.2.2 Forecast of MDI Price Trend in SE Asia and India from 2019 to 2023
8.2.2.1 Forecast of Polymeric MDI Price Trend in SE Asia and India from
2019 to 2023
8.2.2.2 Forecast of Monomeric MDI Price Trend in SE Asia and India from
2019 to 2023
8.2.3 Forecast of PO Price Trend in SE Asia and India from 2019 to 2023
8.2.4 Forecast of Polyether Polyols Price Trend in SE Asia and India from 2019 to
2023
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