For the Quarter Ending September 2025
Europe
• In Germany, the Hexamethylene Diisocyanate Price Index rose by 12.5% quarter-over-quarter, driven by elevated production costs.
• The average Hexamethylene Diisocyanate price for the quarter was approximately USD 3540/MT, per FOB Hamburg quotations.
• Hexamethylene Diisocyanate Spot Price softened mid-quarter amid balanced supply and reduced short-term export demand conditions.
• Hexamethylene Diisocyanate Price Forecast suggests modest volatility with mild gains and downward pressure through autumn.
• Hexamethylene Diisocyanate Production Cost Trend remained elevated due to tighter feedstock and higher energy expenses.
• Hexamethylene Diisocyanate Demand Outlook stays constructive supported by automotive coatings and infrastructure-driven construction procurement activity.
• Inventory rebuilds and eased logistics intermittently weighed on the Hexamethylene Diisocyanate Price Index, moderating seller power.
• Major producer operating rates and regional export flows will determine Hexamethylene Diisocyanate Spot Price resilience over coming weeks.
Why did the price of Hexamethylene Diisocyanate change in September 2025 in Europe?
• Reduced Hexamethylene Diamine availability increased input costs and prompted producer offers to rise, tightening regional supply.
• Port disruptions, labor shortages and higher freight costs raised logistics expenses, delaying shipments, elevating procurement.
• Steady automotive coatings demand absorbed volumes, supporting firmer Price Index despite regional export momentum weakness.
North America
• Hexamethylene Diisocyanate Spot Price in North America remained stable through July and August but rose slightly in September due to tighter supply of feedstock Hexamethylene Diamine and elevated energy costs.
• The Price Index reflected a quarter-over-quarter increase, supported by consistent demand from downstream sectors such as high-performance coatings, adhesives, sealants, and polyurethane elastomers.
• Hexamethylene Diisocyanate Production Cost Trend moved upward in September, driven by higher raw material prices and logistical disruptions, including longer transit times and limited vessel availability.
• The Hexamethylene Diisocyanate Demand Outlook remained firm, with growth in automotive refinishing, industrial coatings, and construction applications sustaining consumption.
• In September 2025, the Price Index increased due to constrained feedstock availability and strong seasonal demand from the coatings industry, especially in infrastructure and automotive sectors.
• Hexamethylene Diisocyanate Price Forecast signals moderate gains into Q4 2025, as restocking activity and continued infrastructure spending support demand.
• Domestic producers maintained steady output, but import volumes from Europe and Asia faced delays, adding mild pressure to regional supply chains.
• Sustainability trends and demand for low-VOC coatings further supported HDI’s strategic relevance in North American markets.
Why did the price of Hexamethylene Diisocyanate change in September 2025 in North America?
• Limited availability of Hexamethylene Diamine raised input costs, prompting producers to increase offers and tighten supply.
• Inland transport delays, labor constraints, and rising fuel costs elevated logistics expenses and slowed regional deliveries.
• Strong demand from automotive and industrial coatings sectors absorbed available volumes, supporting a firmer Price Index despite softer export activity.
APAC
• Hexamethylene Diisocyanate Spot Price in APAC remained mostly stable in July and August but rose slightly in September due to rising feedstock costs and tighter regional supply.
• The Price Index showed a mild quarter-over-quarter increase, supported by steady demand from downstream sectors such as automotive coatings, adhesives, and industrial sealants.
• Hexamethylene Diisocyanate Production Cost Trend edged upward in September, driven by higher Hexamethylene Diamine prices and increased freight costs from Europe and North America.
• The Hexamethylene Diisocyanate Demand Outlook remained firm, with growth in infrastructure, automotive refinishing, and electronics coatings sustaining consumption.
• In September 2025, the Price Index increased due to constrained feedstock availability and strong seasonal demand from the coatings industry, especially in construction and transport sectors.
• Hexamethylene Diisocyanate Price Forecast signals moderate gains into Q4 2025, as restocking and regional manufacturing recovery support demand.
• Regional producers-maintained output, but import volumes faced delays due to port congestion and vessel shortages, adding pressure to supply chains.
• Sustainability goals and demand for low-VOC and high-performance coatings reinforced HDI’s strategic role in APAC markets.
Why did the price of Hexamethylene Diisocyanate change in September 2025 in APAC?
• Reduced availability of Hexamethylene Diamine raised input costs, prompting producers to adjust offers and tighten supply.
• Port congestion, vessel shortages, and rising freight rates increased logistics costs and delayed shipments.
• Robust demand from automotive and infrastructure coatings sectors absorbed available volumes, supporting a firmer Price Index despite import challenges.
For the Quarter Ending June 2025
Europe
• Hexamethylene Diisocyanate Price Index in Europe experienced a quarterly drop of approximately 6.3% in Q2 2025, despite a notable price recovery in the latter half of the quarter. FOB Hamburg quotations began the quarter at around USD 2860/MT in April after a sharp 12% decline but rebounded in May and further rose by early July, driven by constrained supply of feedstock Hexamethylene Diamine, elevated production costs, and sustained logistical disruptions. The early-quarter decline outweighed the late-quarter gains on average, resulting in a net quarterly decrease.
• Why did the price of Hexamethylene Diisocyanate change in July 2025 in Europe?
• In early July 2025, HDI prices are expected to show a marginal upward trend, as labor disruptions, including port strikes and driver shortages, continue to impact supply chains, while stable demand from automotive coatings and PU footwear markets supports consistent offtakes despite rising freight and input costs.
• The Hexamethylene Diisocyanate Price Forecast for early Q3 suggests a moderately bullish trend, contingent on how quickly feedstock Hexamethylene Diamine availability improves, how port and transport bottlenecks across Northern Europe are resolved, and whether elevated shipping costs on intra-EU and Asia-bound routes continue.
• The Hexamethylene Diisocyanate Production Cost Trend remained elevated through June, due to constrained feedstock availability and higher raw material input costs. Compounding factors such as port labor shortages, rising fuel expenses, and regulatory transport toll changes in the Netherlands and Denmark further inflated regional logistics and production costs.
• The Hexamethylene Diisocyanate Demand Outlook held firm, supported by steady offtake in the automotive sector—especially for high-performance coatings used in EVs and hybrids—and in construction, where HDI remained essential in coatings and insulation materials for EU-supported infrastructure and green building projects.
• European imports and exports of HDI were constrained by continued logistical strain, with congestion at Rotterdam, Hamburg, and Bremerhaven ports delaying shipments and raising costs. Inland transport was further challenged by low Rhine water levels, limited container availability, and increased reliance on alternate routing due to policy-driven toll adjustments.
• Demand from France, Benelux, and Central Europe was mixed. While France and Germany saw some cooling in HDI consumption amid weaker macroeconomic activity and declining car registrations, Italy and Eastern Europe recorded stable demand tied to construction and footwear production. Regional differences helped offset broader market pressure and provided some support to overall HDI offtakes in Europe.
Asia-Pacific (APAC)
• Hexamethylene Diisocyanate (HDI) Price Index in APAC declined moderately on a quarterly basis, influenced by sluggish demand from industrial coatings and soft automotive activity, especially in China and South Korea. April saw a sharp decline due to inventory oversupply and weakened purchasing from construction-related applications. In May, prices continued to dip as buyer sentiment remained cautious amid tepid export activity and unfavorable macroeconomic indicators. However, June brought marginal improvement, supported by seasonal uptick in demand from specialty coatings, increased PU leather applications, and slight recovery in overseas orders.
• In early July 2025, HDI prices in APAC are expected to remain stable to slightly firm. Recovery in manufacturing PMI readings across key Southeast Asian countries, along with gradual normalization in construction pipeline projects, is likely to underpin short-term price resilience. Additionally, firm procurement in flexible coating segments for electronics and packaging provided downstream demand support.
• The Hexamethylene Diisocyanate Price Forecast for early Q3 2025 suggests a cautiously bullish sentiment, driven by steady demand from the coatings sector, anticipated recovery in exports to North America, and localized production curbs due to feedstock constraints and safety-related inspections in China.
• The Hexamethylene Diisocyanate Production Cost Trend remained volatile, driven by fluctuations in feedstock adiponitrile and hexamethylene diamine availability. Although easing crude oil prices offered temporary cost relief, rising compliance-related costs, inland transport bottlenecks, and freight imbalances in APAC continued to elevate overall producer margins.
• Hexamethylene Diisocyanate Demand Outlook showed moderate recovery. While industrial coatings demand improved with reactivation of delayed infrastructure and electronics-related projects, slow-moving orders from the automotive refinishing segment and cost-sensitive buyers in India limited full-scale rebound.
• China’s export performance for HDI showed a mild uptick by June-end, with increased shipments to Southeast Asia and Australia. Exporters leveraged spot opportunities amid favorable FX rates and rebounding vessel availability, though persistent global trade uncertainties capped gains.
• Domestic consumption remained concentrated in East and South China, driven by automotive interior refurbishment and sustainable packaging sectors. Urban repair projects and EV ecosystem investments supported end-use demand, while subdued rural construction spending kept overall growth in check.
North America
• Hexamethylene Diisocyanate (HDI) Price Index in North America registered a modest quarterly decline, driven by softened industrial activity, lower refinishing demand, and extended inventory cycles among coatings manufacturers. April and May saw gradual price erosion due to market saturation and prolonged turnaround schedules at downstream plants. However, June marked a marginal recovery, supported by stabilizing construction material orders and resurgent demand in powder coatings for automotive parts.
• In early July 2025, HDI prices in North America remained rangebound. Steady downstream demand from industrial flooring, automotive paint, and protective coatings segments provided baseline consumption. Meanwhile, cost pressure eased slightly as upstream supply chains normalized following geopolitical de-escalation.
• According to the Hexamethylene Diisocyanate Price Forecast, prices are expected to trend stable with an upward bias through mid-Q3 2025. However, weather-related disruptions, freight cost rebounds, and new tariff enforcement could pose upside risks.
• The Hexamethylene Diisocyanate Production Cost Trend remained relatively firm. While easing in crude oil and benzene prices in early July helped reduce upstream strain, logistical inefficiencies and sporadic shutdowns in regional intermediates production limited broader cost relief.
• The Hexamethylene Diisocyanate Demand Outlook stayed steady across Q2 2025. Demand from OEM and aftermarket automotive segments saw partial recovery, while infrastructure maintenance programs and resilient housing repair activity supported floor coating and exterior applications.
• HDI import volumes experienced slight volatility due to shipping delays and policy shifts. However, overall import availability was maintained through advanced sourcing contracts and supplier diversification. Inventory balancing by distributors ensured uninterrupted supply to key customers.
• Export activity remained limited but stable, with U.S.-based HDI producers targeting high-value coatings markets in Mexico and Canada. Strategic shipments under existing trade pacts ensured competitive positioning, despite rising compliance documentation and border inspection delays.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American Hexamethylene Diisocyanate (HDI) market experienced a generally bullish price trend, driven by supply-side constraints and steady demand from downstream industries. The quarter began with stable HDI production and a modest recovery in the U.S. manufacturing sector, which helped support market sentiment. Although crude oil prices initially fell, easing feedstock costs, production costs remained influenced by ongoing trade policy shifts and geopolitical factors.
During the Mid-quarter, the Arctic Blast caused disruptions in production, while port congestion, particularly in New York and New Jersey, hampered logistics and exacerbated supply chain challenges. Despite these hurdles, HDI prices remained steady, supported by consistent demand from the automotive and construction sectors. The automotive industry saw a slight rebound, especially in electric vehicle (EV) production, which increased demand for HDI in Polyurethane (PU) materials used in lightweight and interior applications. On the construction side, while demand remained mixed due to high material costs and labor shortages, some growth was anticipated, with overall spending projected to rise by 5.5% in 2025.
Towards the end of the quarter, the bullish momentum continued, driven by persistent supply challenges, and increasing chemical exports, despite rising tariffs and trade uncertainties. Strong automotive demand and moderate construction activity contributed to steady HDI consumption, reinforcing the overall upward price trend for the quarter.
APAC
During the first quarter of 2025, the Hexamethylene Diisocyanate (HDI) market in Asia experienced a mixed trend, with fluctuations in both prices and demand. At the start of the quarter, HDI prices increased due to stronger cost support from improved feedstock availability and stable production levels in key manufacturing regions. However, this positive price movement was tempered by weak domestic demand, particularly in the automotive and construction sectors. In February, the market shifted towards a bearish trend as stock availability improved after the Lunar New Year holidays, which put downward pressure on prices. Sluggish demand from key industries, including automotive and construction, further contributed to the decline. Towards the end of the quarter, market sentiment remained moderate, with steady demand in Southeast Asia, particularly for HDI in Polyurethane (PU) production. However, China's weak property market and declining automotive sales kept the overall market subdued. The combination of stable production, fluctuating feedstock costs, and varying demand across regions resulted in a cautious and mixed overall trend for HDI prices and market conditions during the quarter.
Europe
The price trend for Hexamethylene Diisocyanate (HDI) in the European region saw notable fluctuations during Q1 2025, driven by a mix of supply chain disruptions, geopolitical tensions, and sector-specific demand shifts. The quarter began with a sharp price increase, largely due to tight butadiene supplies, limited crude oil availability, and geopolitical tensions, particularly regarding Russia and Iran. Cold weather further strained heating oil demand, exacerbating supply shortages. Despite challenges in the construction sector, demand for HDI in the automotive industry, especially for Polyurethane (PU) materials, remained steady. However, by mid-quarter, prices dropped as demand weakened across the automotive and construction sectors, coupled with continued supply chain disruptions caused by severe weather and labor strikes at European ports. These factors led to a significant price decline. Toward the end of the quarter, the price trend recovered slightly, supported by stable production, moderate feedstock availability, and renewed demand from the automotive sector, particularly in the growing electric vehicle market, as well as a recovery in some construction markets, particularly in Italy. Overall, Q1 2025 for HDI in Europe was characterized by volatility, influenced by external and internal factors that impacted supply and demand dynamics.
For the Quarter Ending December 2024
North America
In the fourth quarter of 2024, the Hexamethylene Diisocyanate (HDI) market faced a decline, largely driven by weakened demand from the construction sector and slower activity in the furniture industry. Reduced consumption and high inventory levels in these sectors, coupled with slower purchasing by polyurethane manufacturers, resulted in a more subdued market. While demand from the automotive sector remained steady, the overall market showed less momentum, reflecting the broader economic slowdown.
HDI production stayed stable throughout the quarter, but a decrease in feedstock Butadiene prices and falling crude oil prices exerted downward pressure on production costs. Additionally, supply chain disruptions and reduced export orders, particularly from key markets like Europe and Australia, contributed to the overall dampened market sentiment.
Compared to the previous quarter, the market experienced a decline, largely attributed to weaker demand in critical sectors like construction and reduced export activity. Despite steady growth in the automotive sector and continued interest in specific applications like coatings, the overall market slowed, reflecting broader trends in industrial activity and global demand.
APAC
In the fourth quarter of 2024, the Hexamethylene Diisocyanate (HDI) experienced bearish market. HDI production remained stable, supported by moderate feedstock availability, although supply chain disruptions, such as delays at key European ports and rail congestion, affected the market. Demand from the automotive sector stayed firm, bolstered by a steady rise in new vehicle registrations, which continued to drive the need for polyurethane materials. However, the construction sector faced challenges, with weak demand due to economic uncertainties, inflation, and reduced housing activity, particularly in November and December. Compared to the previous quarter (Q3 2024), HDI demand saw a slight shift. While the automotive sector maintained its positive trend, the construction sector experienced a decline, reflecting broader economic pressures and stagnating investment in construction projects. Exports grew, but at a slower pace, especially to key regions like the U.S. and European Union, where tariffs and logistical delays remained a concern. Overall, while demand from the automotive sector and certain segments of the coatings industry remained stable, the market showed slower momentum in Q4. The weakened construction sector and slower export growth led to a more balanced market, in contrast to the stronger dynamics of the previous quarter.
Europe
In the fourth quarter of 2024, the Hexamethylene Diisocyanate (HDI) market saw an 18% decrease from the previous quarter, driven by weak demand and various supply challenges. Production rates remained stable, but export levels dropped while domestic inventories increased due to sluggish demand. The construction sector experienced low demand as economic uncertainties and reduced housing activity weighed on consumption. While the automotive sector initially showed some strength with a rise in car registrations, it could not offset the declines in other sectors. On the supply side, HDI production faced cost pressures from rising crude oil prices and disruptions at key European ports, though feedstock availability remained moderate. Butadiene supply issues early in the quarter further impacted production costs. Although crude oil supplies improved in the latter part of the quarter, delays in shipping and growing domestic inventories continued to affect the market. The European construction sector struggled with economic challenges, and housing activity contracted sharply. The automotive sector also saw a decline in new car registrations by December, further dampening HDI demand. Inflationary pressures persisted, contributing to the overall market downturn, and further reducing HDI demand in both sectors.
