China has been an important global source for polyurethane raw materials in recent years with sustained growth in exports of MDI and TDI. Polymeric MDI (PMDI), with its extensive applications in areas like building insulation and cold chain logistics, has been in high demand globally. Monomeric MDI (MMDI), known for its excellent performance in footwear, spandex and elastomers, is favored by global consumers. TDI primarily caters to markets with high demand for flexible foam, such as the furniture and mattress industries. This article aims to analyze the current situation and features of China’s exports of mainstream isocyanates based on data recorded from January to October 2024.

PMDI Exports

China’s PMDI exports reached 96.7 kT in October 2024, marking a 77.0% year-on-year increase and a 1.91% month-on-month increase, according to Customs statistics. This significant growth not only reflects the robust demand for PMDI in the global market but also highlights China’s competitiveness in this field. Looking at cumulative data, China’s PMDI exports from January to October 2024 totaled around 1 Mt, up 11.2% year on year. This growth was mainly driven by the substantial rise in demand from markets such as the U.S., the Netherlands, Turkey, Russia and South Korea. Refrigerators and freezers were the key growth drivers of MDI demand. Regarding price, China’s average export price of PMDI in October remained relatively stable at USD 1,877.75/tonne, indicating strong international demand for PMDI.

The U.S. was the largest export destination for China’s PMDI in October, with a 23.3% share and volume of 233 kT, followed by the Netherlands (10.3%), Russia (8.3%), and Turkey (7.2%). The growth in demand from these markets was evident not only in construction and industrial applications but also driven by the expansion of cold chain logistics and energy-efficient sectors.

Table 1: China’s PMDI Exports by Main Destinations & YoY Changes, Jan-Oct 2024 (kT, %)

MMDI Exports

In contrast to PMDI, China’s export performance of MMDI was slightly weak. In October 2024, China exported 7.81 kT of MMDI, a decrease of 20.88% year-on-year and a decrease of 2.15% month-on-month. The total export volume from January to October was 98.75 kT, down 6.16% from the same period in the previous year. Although the export volume declined, India, Vietnam and Brazil remained the main export destinations, accounting for 15.6%, 14.0% and 12.3% of China’s total exports, respectively. China’s MMDI exports to Vietnam and Brazil both grew significantly. As some Chinese businesses moved manufacturing and established factories overseas, demands in footwear, garment and luggage sectors were rising.

In October, the average export price of MMDI stood at USD 2,169.6/tonne, reflecting its ongoing high value in the international market. The main downstream sectors were footwear and elastomers. Since some countries had experienced economic slowdowns and intensified market competition, the overall growth of MMDI demand was weaker than that of PMDI.

Table 2: China’s MMDI Exports by Main Destinations & YoY Changes, Jan-Oct 2024 (kT, %)

TDI Exports

According to the latest Customs statistics, China achieved impressive growth in TDI exports. In October 2024, China’s TDI exports surged by 66.47% year-on-year to 37.66 kT, making a 0.95% increase from the previous month. China’s TDI exports during January and October amounted to 287.87 kT, up 1.75% year on year. The top 3 export destinations were Vietnam, Brazil and Indonesia. Vietnam (29.25 kT, 10.2%) was the largest destination for Chinese TDI exports. Due to lower labor costs and geopolitical factors, these countries attracted Chinese furniture manufacturers to relocate portfolios and capabilities there.

The October average price for TDI was USD 1,763.49/tonne, slightly lower than those of MDI. Its demands were primarily in the furniture and mattress industries, and showed clear growth potential in Southeast Asia and South America. Moreover, TDI suppliers expanded product offerings into new markets like automobile, which could become new growth driver for exports. The rapid development of new energy vehicles also boosted TDI demand.

Table 3: China’s TDI Exports by Main Destinations & YoY Changes, Jan-Oct 2024 (kT, %)

China continued to demonstrate strong competitiveness and influence in the global MDI and TDI markets during the first ten months of the year. The steady growth of PMDI demand reflects its widespread applications in energy conservation and environmental protection. MMDI maintains its market appeal due to high value. TDI exports continue to steadily grow due to its diverse applications. With global economic recovery and increasing demand for green chemical products, China’s annual exports of MDI and TDI are projected to further increase in 2024. Their rising penetration rate in emerging markets means more opportunities.

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