Mitsubishi Chemical will accelerate the development of bio-based polyurethane plastics business in 2018. Under the background of high environmental awareness in various countries, biodegradable and non-polluting bio-based materials are increasingly welcomed by overseas markets. In this area, Mitsubishi Chemical will vigorously promote the development of bio-based polyurethane plastic products. It is expected that the relevant production base will be built overseas during the year. An initial plan to produce 100 tons. After the development, it is expected to reach an annual output of 10,000 tons and an annual sales target of 10 billion yen by 2025.
Polyurethane material is an abbreviation for polyurethane. It is a polymer material. As an emerging organic polymer material, it is known as the "fifth largest plastic" and has been widely used in many fields of the national economy due to its outstanding performance. Product application areas include light industry, chemical industry, electronics, textile, medical, construction, building materials, automotive, defense, aerospace, and aviation.
The global bio-based polyurethane market is highly concentrated. Market participants are trying to maintain their market share through the innovative development of a patented manufacturing process that combines the use of polyol-based bio-based polyurethanes. Major market players include Lubrizol, BASF, Dow Chemical, Lampuff Ecosystems, Biotechnology, Mitsui Chemicals, Hitachi Chemicals, etc.