For the Quarter Ending December 2025
North America
鈥� In USA, the Polyol Price Index fell by 0.27% quarter-over-quarter, reflecting balanced supply and steady demand.
鈥� The average Polyol price for the quarter was approximately USD 2096.67/MT, per dataset calculations and weighted volumes.
鈥� Observed Polyol Spot Price remained range-bound, mirroring balanced inventories and muted export demand across the quarter.
鈥� Polyol Price Forecast in reports shows modest volatility tied to seasonal restocking and anticipated energy cost movements.
鈥� Polyol Production Cost Trend experienced upward pressure from elevated energy and feedstock logistics, squeezing manufacturer margins.
鈥� Polyol Demand Outlook remained stable, supported by automotive and construction sectors while furniture demand stayed subdued.
鈥� The Polyol Price Index showed limited weekly movement, with 12-week averages indicating sustained market sideways trading.
鈥� High domestic inventories and steady exports constrained upward momentum despite producers operating at balanced rates across the region.
Why did the price of Polyol change in December 2025 in North America?
鈥� Balanced domestic supply and steady downstream demand maintained price stability, limiting upward or downward movement.
鈥� Elevated energy and feedstock costs exerted margin pressure, partially offset by robust propylene oxide availability.
鈥� Improved Asia-Europe shipping balanced transpacific weaknesses, causing mixed logistics impacts on export flow and timing.
APAC
鈥� In Japan, the Polyol Price Index rose by 0.82% quarter-over-quarter, reflecting modest inventory adjustments observed.
鈥� The average Polyol price for the quarter was approximately USD 1101.67/MT, reflecting balanced supply and resilient downstream consumption.
鈥� Polyol Spot Price strengthened December amid tighter supply, higher energy costs and year-end buying activity.
鈥� Polyol Price Forecast anticipates modest volatility with winter cost pressures and spring demand normalization expected.
鈥� Polyol Production Cost Trend showed upward pressure from elevated energy and logistics expenses, limiting flexibility.
鈥� Polyol Demand Outlook remained steady supported by construction, automotive and furniture sectors sustaining consumption levels.
鈥� Polyol Price Index movements were influenced by reduced operating rates at several producers and constrained export availability.
鈥� Polyol Spot Price volatility was muted during October鈥揘ovember, following a prolonged sideways pattern and balanced fundamentals.
鈥� Polyol Price Forecast drivers include feedstock Propylene Oxide availability, seasonal restocking, and elevated winter logistics costs.
Why did the price of Polyol change in December 2025 in APAC?
鈥� Tightened supply as several producers reduced operating rates, limiting spot availability and lifting near-term prices.
鈥� Higher energy and logistics costs increased production expenses, supporting price strength despite some feedstock easing.
鈥� Year-end buying and export demand from regional importers amplified demand, intensifying pressure on already constrained supply.
Europe
鈥� In Germany, the Polyol Price Index fell by 0.21% quarter-over-quarter, reflecting marginal downward pressure overall.
鈥� The average Polyol price for the quarter was approximately USD 1604.67/MT based on weekly assessments.
鈥� Polyol Spot Price remained range-bound near assessment levels, with balanced supply and steady industrial consumption.
鈥� Polyol Price Forecast indicates limited near-term volatility, influenced by seasonal restocking and constrained feedstock availability.
鈥� Polyol Production Cost Trend showed upward pressure from elevated energy and propylene oxide input costs.
鈥� Polyol Demand Outlook remains stable, supported by automotive and construction sectors despite softer furniture orders.
鈥� Inventory levels and exports pressured the Polyol Price Index, though intra-European trade preserved supply continuity.
鈥� Major producer operating rates remained stable, while logistics bottlenecks and tariffs constrained regional shipment flexibility.
Why did the price of Polyol change in December 2025 in Europe?
鈥� Constrained propylene oxide availability tightened upstream supply, exerting upward pressure on Polyol assessments in December.
鈥� Elevated energy and raw material costs increased production expenses, supporting price uptick despite steady output.
鈥� Year-end restocking and logistical challenges balanced demand and supply, resulting in unchanged weekly price behaviour.
For the Quarter Ending September 2025
North America
鈥� In the USA, the Polyol Price Index fell by 1.7% quarter-over-quarter, reflecting stable demand conditions.
鈥� The average Polyol price for the quarter was approximately USD 2102.33/MT with FOB Texas assessment.
鈥� Polyol Spot Price remained range-bound amid balanced flows while the Polyol Price Index signalled neutrality.
鈥� Polyol Price Forecast shows limited near-term upside as balanced supply and cautious buying constrain rallies.
鈥� Polyol Production Cost Trend eased modestly as softer propylene oxide prices reduced immediate cost pressure.
鈥� Polyol Demand Outlook appears constructive from automotive and construction sectors, supporting steady domestic offtake levels.
鈥� Moderate inventories and weaker exports pressured the Polyol Price Index, while producers maintained stable operating rates.
鈥� Hurricane season risks along Gulf Coast could disrupt logistics and lift Polyol Spot Price volatility.
Why did the price of Polyol change in September 2025 in North America?
鈥� Moderate domestic demand from automotive and construction sustained offtake in Q3, preventing sharper Polyol declines.
鈥� Easing propylene oxide costs reduced production expenses while freight and tariff complexities limited exports volumes.
鈥� Balanced inventories, stable operating rates, and muted speculative activity produced range-bound Polyol Price Index performance.
APAC
鈥� In Japan, the Polyol Price Index fell by 3.02% quarter-over-quarter, reflecting lower production costs and demand from regional buyers.
鈥� The average Polyol price for the quarter was approximately USD 1092.67/MT, based on Osaka FOB assessments.
鈥� Polyol Spot Price remained range-bound amid balanced supply, steady demand and easing propylene oxide costs.
鈥� Regional Polyol Price Forecast indicates modest volatility ahead, influenced by seasonal demand and logistics disruptions.
鈥� Polyol Production Cost Trend weakened as crude oil and propylene costs eased, reducing cost pressure.
鈥� Polyol Demand Outlook remains cautious as automotive and construction offtakes show mixed recovery across Japan.
鈥� Seasonal inventory tightening supported offers, while export demand from Asia kept Polyol Price Index firm.
鈥� Producers maintained moderate operating rates, with maintenance and feedstock availability shaping short-term Polyol supply balances.
Why did the price of Polyol change in September 2025 in APAC?
鈥� Easing upstream costs lowered feedstock propylene oxide costs, reducing production expense and pressuring Polyol prices.
鈥� Moderate downstream demand from automotive and construction limited upside, leaving market balanced despite logistical disruptions.
鈥� Port congestion and inland transport delays increased costs, uncertainty, constraining timely shipments and affecting offers.
Europe
鈥� In Germany, the Polyol Price Index fell by 3.27% quarter-over-quarter, reflecting persistently weak demand-supply dynamics.
鈥� The average Polyol price for the quarter was approximately USD 1608.00/MT, reflecting balanced regional supply.
鈥� Polyol Spot Price remained range-bound due to balanced supply, steady offtake, and constrained logistics conditions.
鈥� Polyol Price Forecast suggests mild upward pressure from seasonal restocking and limited propylene oxide availability.
鈥� Polyol Production Cost Trend eased with lower crude-derived propylene, though energy rebounds increased manufacturing margins.
鈥� Polyol Demand Outlook remains stable supported by construction insulation projects and automotive interior foam requirements.
鈥� Lower exports and inventories tightened supply, influencing the Polyol Price Index, and raising regional premiums.
鈥� Major producer maintenance and seasonal turnarounds reduced output intermittently, supporting mild Polyol price improvements regionally.
Why did the price of Polyol change in September 2025 in Europe?
鈥� Propylene oxide supply constraints and lower exports tightened regional Polyol availability, limiting downward price movement.
鈥� Easing upstream prices reduced production costs, but elevated energy and logistics expenses offset price declines.
鈥� Steady demand from construction and automotive maintained balanced Polyol offtake, preventing significant September price weakness.
For the Quarter Ending June 2025
Asia-Pacific (APAC)
鈥� Polyol Price Index in APAC declined by 4.8% quarter-on-quarter, settling at USD 1110/MT FOB Osaka by early July 2025. The downtrend was led by a 7.6% price drop in early May amid weak downstream demand, followed by a 1.8% correction in June driven by excess inventories and reduced export volumes due to U.S. tariff impacts.聽
鈥� Why did the price of Polyol change in July 2025 in APAC?
鈥� In early July 2025, Polyol prices declined as lower upstream Propylene Oxide values鈥攄riven by falling crude oil prices post-Israel-Iran ceasefire鈥攅ased production costs. However, weak downstream offtakes from the construction and automotive sectors, combined with logistical challenges and reduced export momentum, contributed to a bearish pricing environment across the region.
鈥� The Polyol Price Forecast for early Q3 2025 points to a stable-to-soft outlook, shaped by fragile demand recovery, cautious procurement, and residual logistical constraints. Price stability will depend on upstream cost movements, inventory levels, and PU demand trends鈥攅specially from the automotive sector in China and India.
鈥� The Polyol Production Cost Trend remained volatile through Q2 2025. While input costs eased with declining crude oil prices after the Middle East ceasefire, upstream instability, and regional logistical bottlenecks鈥攕uch as port congestion, container shortages, and inland freight disruptions鈥攁dded uncertainty to producer margins and output scheduling.
鈥� The Polyol Demand Outlook in APAC was mixed. The automotive sector saw steady demand from EV and hybrid segments, though affordability concerns and export headwinds capped stronger growth. The construction sector remained weak in Japan and parts of Southeast Asia due to labor shortages, high costs, and sluggish new project launches, though renovation and energy-efficiency work provided limited support.
鈥� Export performance across Asia was inconsistent. While early June saw improved outbound flows to North America and Southeast Asia, overall trade remained constrained by tariffs, shipping route changes, and rising freight costs. Japan鈥檚 shipments struggled, reflecting muted auto exports and soft construction-linked demand.
鈥� Domestic consumption in Japan remained subdued in Q2 2025. While Polyol use in PU-based automotive cushioning and insulation applications persisted, soft new orders, demographic pressures, and limited stimulus measures weighed on both automotive and construction procurement. This constrained downstream activity and added to overall market softness.
North America
鈥� Polyol Price Index in North America witnessed a quarterly increase of 1.7%, with FOB Texas quotations rising from USD 2070/MT in early April to USD 2100/MT by the start of July 2025. April saw a 2.9% decline due to post-holiday demand softness, weakened construction activity, and steady inventories. In May, prices further eased by 1.2% amid increased inventories, strained exports, and cost softening from Propylene Oxide. However, June experienced a rebound of 2.1%, driven by firm downstream offtake, trade disruptions, and higher freight rates.
鈥� In early July 2025, the Polyol Price Index held firm at USD 2100/MT FOB Texas. Market stability was supported by resilient demand from the polyurethane industry, particularly in the automotive and infrastructure sectors. Easing feedstock costs and geopolitical stabilization also reduced production and freight-related pressure, contributing to price stabilization.
鈥� According to the Polyol Price Forecast, market values are expected to hover within a stable band through mid-Q3 2025. However, risks of escalation in Middle Eastern geopolitical tensions, tighter global logistics, or hurricane-related supply disruptions could lift prices unexpectedly.
鈥� The Polyol Production Cost Trend remained moderately elevated in Q2 2025. Although early June saw relief from softened Propylene costs, earlier spikes in crude oil prices, driven by Middle Eastern unrest, had already inflated feedstock and shipping costs. Freight rate hikes and container shortages further constrained supply-side economics.
鈥� The Polyol Demand Outlook held steady through Q2 2025. Automotive demand remained robust, backed by a 5% year-on-year rise in vehicle sales and growth in EV production. The construction sector posted mixed performance鈥攚hile new housing slowed, infrastructure and commercial building activity supported demand for rigid polyols and sealants.
鈥� Polyol Imports and Trade Dynamics in North America remained relatively stable during Q2 2025. Export volumes saw marginal pressure due to geopolitical risks, 鈥淟iberation Day鈥� tariff implementations, and trade rerouting. Nonetheless, digitalized inventory systems and regional sourcing helped maintain efficient domestic supply chains.
鈥� Overseas Polyol Producers in Asia and Europe operated at stable-to-moderate rates. However, North American imports were intermittently disrupted by global logistics issues, tariff re-alignments, and cost escalations. The suspension of de minimis exemptions for Chinese imports and port congestion contributed to occasional supply-side tightness, though core bulk trade flows remained functional.
Europe
鈥� Polyol prices in Europe registered a quarterly incline of approximately 3% in Q2 2025, despite monthly fluctuations and persistent weakness in downstream sectors. FOB Hamburg quotations began the quarter at around USD 1600/MT in early April, climbed to USD 1725/MT mid-April, then steadily declined by June-end. Prices dropped 3.7% in May and another 3.7% in June, reflecting weak construction and automotive demand, compounded by logistical disruptions and cautious purchasing behavior. Nonetheless, Q2 closed slightly higher than Q1 due to early-quarter price gains.
鈥� In early July 2025, Polyol prices in Europe stabilized at USD 1600/MT FOB Hamburg, with quotations reflecting balanced market fundamentals. Demand from the polyurethane sector remained steady, particularly from flexible foam applications in automotive interiors and construction insulation. Feedstock Propylene Oxide costs softened following a drop in upstream crude oil prices triggered by a ceasefire between Israel and Iran, easing geopolitical risks and removing the oil risk premium. However, logistics headwinds continued to strain European supply chains, influencing regional pricing dynamics.
鈥� The Polyol Price Forecast for early Q3 2025 suggests a stable-to-firm market trend, dependent on sustained end-use demand, continued feedstock cost relief, and improvements in intra-European logistics, which remain impacted by labor shortages, port congestion, and rising fuel costs.
鈥� Polyol Production Cost Trends in Q2 2025 remained volatile. While falling Brent crude prices鈥攑rompted by OPEC+ output increases and easing geopolitical tensions鈥攍ed to lower upstream Propylene costs, logistics and trade inefficiencies added upward pressure on total production costs. Port strikes, Rhine River transport limitations, and new toll regulations across Denmark and the Netherlands complicated supply and inflated costs.
鈥� The Polyol Demand Outlook remained mixed through Q2 2025. The construction sector saw robust activity in the UK and Eastern Europe, driven by green infrastructure and energy-efficient projects, sustaining demand for insulation-grade polyols. In contrast, Germany and France lagged due to inflationary pressures and investment delays. In automotive, reduced combustion engine vehicle sales offset the growing PU demand from EV interiors, resulting in overall cautious but stable procurement behavior.
鈥� European imports and exports of Polyol experienced delays and constraints throughout Q2, driven by port congestion at Antwerp, Hamburg, and Bremerhaven. Labor shortages, regulatory changes, and inland freight bottlenecks disrupted schedules and increased shipping costs. Additionally, strikes and infrastructure projects affected rail transport, building inventories and complicating export logistics to Asia and North America.
鈥� Demand variation across Europe added complexity to the Polyol market. Germany and France posted subdued activity amid economic pressures and low consumer sentiment, while Italy and Eastern Europe provided pockets of resilience, particularly from automotive interiors and insulation applications. Regional divergences helped cushion overall demand but were insufficient to trigger a strong recovery, leaving the market in a cautiously stable state entering Q3.
For the Quarter Ending March 2025
North America
Polyol prices in North America showed a Positive momentum in Q1 2025, driven by stable production, moderate demand, and supply chain disruptions. In February, Polyol prices increased due to disruptions from an Arctic blast, which caused production setbacks, particularly from "freeze-offs" and port congestion. Despite easing Propylene and propane prices, upstream cost support remained stable, and the automotive sector experienced modest growth with a recovery in vehicle and electric vehicle sales, boosting Polyol demand. The construction sector, however, faced mixed performance, with inflationary pressures, labor shortages, and rising homebuilding costs limiting growth.
Trade disruptions, especially related to tariffs, also played a role in price dynamics. President Trump's measures to raise tariffs, particularly on imports from Mexico and Canada, contributed to pricing uncertainty. The U.S. trade deficit, coupled with concerns over potential tariffs on chemical imports, further influenced market conditions.
By the end of Q1, Polyol prices continued to rise due to ongoing supply chain issues and increased demand from the automotive sector. Despite challenges, Polyol consumption remained steady in the automotive and construction industries. In the latter half of Q1, while supply chain conditions showed slight improvement, uncertainties surrounding trade tensions and rising material costs in construction remained key factors impacting demand.
APAC
During the first quarter of 2025, the Polyol market in Asia experienced a mix of stable production and fluctuating demand. The quarter started with steady Polyol production in China and strong export growth. However, demand from key sectors, particularly automotive and construction, was weak, leading to downward price pressures. In the mid-quarter, Polyol prices fell as stock availability increased after the Lunar New Year holidays, coupled with reduced demand and lower feedstock Propylene Oxide costs. Throughout the quarter, supply disruptions in Asia, such as port congestion and rising crude oil prices, increased production costs and led to higher regional inventories. Despite these challenges, demand for Polyol in Southeast Asia remained steady, with growth in the electric vehicle sector in China supporting Polyol demand for Polyurethane (PU) materials. Conversely, China鈥檚 struggling property market and declining automotive production limited demand. In the concluding month, Polyol prices recovered slightly due to supply limitations and rising crude oil prices, but overall demand remained mixed. Trade tensions, particularly U.S.-China tariff disputes, also affected export growth. Overall, Q1 2025 was marked by a volatile market, with strong export performance tempered by regional demand challenges, creating a cautious outlook for Polyol in the coming months.
Europe
Like the North American region, the Polyol market in Europe exhibited a bullish trend, driven by steady production, supply chain disruptions, and consistent demand from the automotive sector. Early in the quarter, production remained stable as the Eurozone鈥檚 manufacturing sector showed signs of recovery, despite challenges such as weather disruptions and port delays. These factors contributed to upward pressure on prices. Demand from the automotive industry, supported by growth in production and exports, helped maintain steady Polyol consumption, while the construction sector faced difficulties due to high inflation, material costs, and interest rates. In the mid-quarter, geopolitical factors and extreme weather events, including an Arctic blast in North America, led to disruptions in Propylene Oxide supplies, further increasing prices. Additionally, labor strikes at major European ports, such as Rotterdam and Le Havre, caused delays and rerouted shipments, adding to supply strain. Despite these challenges, the automotive sector鈥檚 steady growth and recovery in the Italian construction market helped support demand for Polyol-based materials. Towards the end of Q1, Polyol prices continued to rise due to persistent supply chain issues and steady demand in the automotive and construction sectors. The market remained cautious, influenced by ongoing geopolitical tensions and trade disruptions, but growth in electric vehicle production and improving conditions in Italy's construction sector provided optimism.
