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[Industry Focus]：Wanhua Chemical MDI Capacity Exceeds 4.8 million Tons, Global Leading Position Consolidated

Read： 299 Time：2months ago Source：Polyester polyol, Wanhua official website

1. Wanhua Chemical Fujian MDI Technical Transformation and Capacity Expansion Project Publicity

on October 25, 2024, Wanhua Chemical (Fujian) Isocyanate Co., Ltd. published the first public announcement on the environmental impact assessment of the 1.5 million-ton/year MDI technical transformation and expansion integration project on its official website. The project aims to carry out technical transformation and capacity expansion of the existing 800000 tons/year MDI plant, and increase the capacity to 1.5 million tons/year by optimizing the condensation unit, photochemical unit and separation unit. At the same time, the project will also support the construction of related raw material production equipment, and the simultaneous transformation and expansion of public works, auxiliary facilities and environmental protection facilities. The project is located in the western industrial area of Jiangyin Port City Economic Zone, Jiangyin Town, Fuqing City, Fujian Province, and is implemented by Wanhua Chemical (Fujian) Isocyanate Co., Ltd.

万华化学福建MDI技改扩能项目公示.jpg

2. Wanhua Chemical MDI Capacity Continues to Expand

wanhua Chemical has been committed to enhancing its core competitiveness in the field of polyurethane and continuously improving its service capabilities to customers. To this end, the company continues to increase the production capacity of MDI and TDI products. In April 2024, the MDI unit of Wanhua Chemical Fujian Industrial Park has just completed the technological transformation and expansion from 400000 tons/year to 800000 tons/year, and the investment of the main unit has reached 0.22 billion yuan. At that time, the company had already stated that it planned to expand its production capacity to 1.5 million tons/year in the future. Today, this plan has rapidly advanced to the EIA publicity stage, showing Wanhua Chemical's firm determination and efficient execution in MDI capacity expansion.

3. MDI Upstream Raw Material Supporting Project Publicity

in order to ensure the supply of raw materials for MDI production, Wanhua Chemical also announced the MDI integrated supporting project of Wanhua Fujian Industrial Park -480000 tons/year formaldehyde project. The project uses the effective gas (mainly hydrogen and carbon dioxide) generated by the gas expansion and transformation project to produce formaldehyde, which provides the required formaldehyde raw material for the MDI production of isocyanate company. The project will build a 200000-ton/year methanol synthesis plant and two 240000-ton/year formaldehyde plants, and support the corresponding storage tank facilities. This move not only helps to reduce production costs, but also further consolidates Wanhua Chemical's dominant position in the MDI industry chain.

4. Wanhua Chemical MDI Capacity Status and Future Planning

up to now, Wanhua Chemical's MDI production capacity has reached 3.5 million tons/year, including 1.1 million tons in Yantai base, 1.2 million tons in Ningbo base, 800000 tons in Fujian base (original 400000 tons +400000 tons of new technological transformation capacity) and 400000 tons in Hungary base. In addition, the company is also actively promoting the expansion projects of 600000 tons in Ningbo and 700000 tons in Fujian. Once these projects are fully completed, Wanhua Chemical's MDI production capacity will be as high as 4.8 million tons/year, further consolidating its leading position in the global MDI market.

5. Global MDI Market Capacity Patterns and Trends

in terms of global production capacity, the major producers in the MDI market include Wanhua Chemical (3.5 million tons), BASF (1.94 million tons), Covestro (1.77 million tons), Dow (1.36 million tons), Huntsman (1.4 million tons), Kumho Mitsui Chemical (610000 tons) and Japan's Tosao (470000 tons). Since 2024, the aggregate MDI market has continued to improve, with the average price of the South China market rising sharply, up 19%. At the same time, the global MDI production capacity is also expanding. For example, the diphenylmethane diisocyanate (MDI) production facility expanded by Jinhu Mitsui Chemical in South Korea has been put into commercial operation at the end of September, with the production capacity increasing from 410000 tons/year to 610000 tons/year. These changes indicate that the global MDI market will usher in more intense competition and broader development space.

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