water-based polyurethane, as a new type of environmentally friendly polyurethane material that uses water as a solvent, is non-polluting, safe and reliable, and has excellent mechanical properties compared with traditional polyurethane. it has the advantages of good compatibility, easy modification, etc., and avoids the disadvantages of traditional polyurethane products, such as the great waste caused by the simultaneous use of a large amount of organic solvents and the harm to human health. therefore, policies such as voc tax and paint tax issued by the state are very beneficial to water-based polyurethane products. however, under the overall positive situation, the performance of the waterborne polyurethane market in the first half of the year was not satisfactory. according to the statistics of tiantian chemical network database, the market consumption of waterborne polyurethane in the first half of 2022 will be about 65,000 tons, and the growth rate will drop by about 23.1% year-on-year.
water-based polyurethane can be divided into isocyanate-based water-based polyurethane and polyol-based water-based polyurethane according to the type of raw material. water-based polyurethane can be obtained by combining the two . from the perspective of the raw material market, the price trend of tdi of isocyanate products was sluggish in the first half of the year, and the price of pure mdi was weak; the slump in diacid and 1,4-butanediol and the nturn in the nstream shoe sole liquid, slurry and tpu industries have led to this. therefore, the low price of upstream raw materials is beneficial to the purchase of water-based polyurethane manufacturers and nstream demand.
however, things are unpredictable. although the upstream price is weak and the demand for water-based polyurethane has increased, the nstream demand continues to be weak, and the overall consumption only about 65,000 tons. the main reason covers repeated epidemics this caused transportation to hinder the masses from staying at home. however, depending on the specific industry, each industry has different forms. specifically: the consumption of water-based synthetic leather in the first half of the year was about 13,000 tons, accounting for >20%, still the largest nstream consumption area; followed by adhesives, due to the weakness of the apparel and leather industry in 2022, water-based polyurethane adhesives have surpassed leather finishing agents to become the second largest nstream consumption area, and the consumption in the first half of the year was about 12,000 tons, accounting for 18%; as the development of water-based leather finishing agents is relatively mature in china, accounting for about 90%, so the garment leather industry is weak, water-based polyurethane leather finishing in the first half of the year, the consumption of waterborne polyurethane coatings was relatively weak, only about 11,000 tons, accounting for 17%; as the fourth largest nstream coatings industry, the consumption of waterborne polyurethane coatings was >80,000 tons, accounting for 12%. although the proportion is small, the degree of ‘water-based’ in the coatings industry is still low, which belongs to the blue ocean market, and the overall market outlook is relatively optimistic; in the field of gloves, 70% of water-based polyurethane is used for the coating of medical gloves. in addition, in the field of gloves, due to the low domestic per capita glove consumption and consumption awareness, and the epidemic restriction measures in developed countries in europe and the united states have basically ended, the consumption growth is limited. therefore, water-based polyurethane is in the field of gloves. the consumption is only 0.39 million tons, accounting for 6%.
in the second half of the year, due to repeated epidemics and the decline of the real estate industry supported by china’s core economy, it is expected that the nstream consumption of water-based polyurethane market will be in 2022 the volume is only about 130,000 tons. among them, the adhesive industry has more potential, which is expected to grow to a certain extent with the support of national policies. in the field of synthetic leather, in the european and american markets, zara and h&m have decided to replace water-based synthetic leather, which will stimulate a certain demand. however, there are limited orders for domestic water-based polyurethane factories, so the growth rate is limited. other industries are expected to run weaker due to weak demand and limited orders.
