Polyurethane Price Trend and Forecast 2026-2027

Market Overview

A disruption near the Strait of Hormuz and a finalised US antidumping ruling on Chinese MDI reshaped Polyurethane trade flows in H1 2026, and Germany, the highest-cost region, felt it most: prices there surged just above 14.6%, jumping from near USD 2,600/MT in Q1 to about USD 2,980/MT in Q2. Globally, the average rose from close to USD 2,320/MT in Q1 to roughly USD 2,650/MT in Q2, a close to 14.2% gain. For H2 2026, a global average of USD 2,500-2,850/MT is expected, with some easing likely as buyers who front-loaded purchases in the spring pull back from current levels. The global MDI, TDI, and polyurethane market is valued at more than USD 80 billion in 2026, underlining how quickly a feedstock shock of this size can ripple through construction, furniture, and automotive supply chains.

Polyurethane is made by reacting diisocyanates, mainly MDI and TDI, with polyols and catalysts to form rigid or flexible foam, elastomers, coatings, adhesives, and sealants. Rigid foam insulation for construction and appliances takes the largest share of consumption, with flexible foam for furniture and bedding, automotive components, and footwear rounding out demand. Covestro, Wanhua Chemical, BASF, Huntsman, and Dow together run most of the world's MDI and TDI capacity, which makes the polyurethane price chain unusually sensitive to any single plant outage or trade policy shift. Both MDI and TDI trace back to benzene through nitrobenzene and aniline, so the same feedstock shock that moves the aniline market this quarter also feeds directly into polyurethane cost.

Polyurethane Price Forecast for 2026

A partial cooling looks likely for Polyurethane through H2 2026, after an exceptionally sharp first half. The Strait of Hormuz disruption pushed benzene, nitrobenzene, and propylene oxide costs up in a compressed window, and the finalised US antidumping ruling on Chinese MDI imports has removed one of the most competitive supply sources from the American market, raising the floor under US pricing even as the immediate feedstock shock fades. Hungary and Spain have picked up part of the lost Chinese volume, but neither has fully replaced the scale the US market previously imported.

A further shipping disruption or a new trade action extending the current tightness is the clearest upside risk here. Demand destruction is the bigger downside risk, as converters facing much higher input costs delay orders or substitute lighter-gauge foam, pulling the market back down faster than currently expected. Several planned polyol expansions in the Middle East and Asia could begin easing the tightest part of the supply chain by late 2026.

For the Quarter Ending June 2026

Polyurethane Prices Q2 2026:

• United States: USD 2,850/MT
• China: USD 2,280/MT
• Germany: USD 2,980/MT
• India: USD 2,400/MT

Polyurethane Prices in the United States

US Polyurethane prices averaged just above USD 2,850/MT in Q2 2026, up close to 16.3% from just under USD 2,450/MT in Q1. The finalised antidumping ruling against Chinese MDI imports removed a major competitive supply source just as Hormuz-linked feedstock costs were already climbing. The converters reported extending lead times on new orders by several weeks through May and June.

Why did the price of Polyurethane change in Q2 2026 in the United States?

The finalised antidumping ruling against Chinese MDI cut off a major import source. Hungary and Spain replaced only part of the lost Chinese MDI volume. Polyol prices moved sharply, reaching USD 2,980 to 3,300/MT by early May on feedstock scarcity. Several foam converters reported securing supply through longer-term contracts to guard against further increases, moving away from spot purchases.

Polyurethane Prices in China

Chinese Polyurethane prices averaged near USD 2,280/MT in Q2 2026, up roughly 11.2% from about USD 2,050/MT in Q1. The domestic MDI producers absorbed some of the redirected export volume that could no longer reach the United States. The traders described the domestic market as busy but orderly, without the disorder seen in some other regions. Several trading houses noted that cargoes originally booked for US delivery were redirected to Southeast Asian buyers on short notice, keeping domestic supply comfortable even as export prices to non-US markets crept up in sympathy with the broader global increase.

Why did the price of Polyurethane change in Q2 2026 in China?

Redirected export volume from the US antidumping ruling added to domestic availability. The feedstock costs still climbed on the broader Hormuz-linked benzene and propylene oxide shock. Large domestic MDI capacity limited how far prices could rise compared with other regions. A handful of producers ran extra shifts to capture the stronger export demand from Southeast Asian converters.

Polyurethane Prices in Germany

German Polyurethane prices averaged close to USD 2,980/MT in Q2 2026, up near 14.6% from roughly USD 2,600/MT in Q1, the highest among tracked markets. A sequence of European polyether polyol price hikes, a EUR 150/tonne increase in December followed by a further EUR 100/tonne hike in February, set the stage, and the Hormuz disruption compounded the pressure through spring. Producers reported allocating volume to long-standing customers first as supply tightened.

Why did the price of Polyurethane change in Q2 2026 in Germany?

Sequential polyether polyol price hikes carried through from late 2025 into Q2. Hormuz-linked feedstock and freight disruption added a further cost layer through spring. European converters accepted higher offers to avoid running short on material. A brief closure of a Middle Eastern propylene oxide unit in April added a further temporary strain on the regional balance.

Polyurethane Prices in India

Indian Polyurethane prices averaged just above USD 2,400/MT in Q2 2026, up about 12.1% from just under USD 2,140/MT in Q1. Higher landed import costs fed through to domestic offers this quarter.

Why did the price of Polyurethane change in Q2 2026 in India?

Landed import costs for MDI and polyol rose on Hormuz-linked freight and feedstock pressure. The domestic footwear and mattress foam converters absorbed some of the cost through the quarter. Blended sourcing from both Middle Eastern and Chinese suppliers softened the size of the increase. A weaker rupee against the dollar added a further small layer of cost to import-dependent converters.

For the Quarter Ending March 2026

Polyurethane Prices Q1 2026:

• United States: USD 2,450/MT
• China: USD 2,050/MT
• Germany: USD 2,600/MT
• India: USD 2,140/MT

Polyurethane Prices in the United States

US prices averaged near USD 2,450/MT in Q1 2026, up just above 14.0% from Q4 2025 as early signs of the antidumping investigation outcome began pushing offers higher, well before the ruling was finalised and the full Q2 move took hold.

Why did the price of Polyurethane change in Q1 2026 in the United States?

Early signals from the pending antidumping investigation encouraged forward buying. MDI availability began tightening ahead of the ruling, lifting spot offers. The distributors reported the first signs of allocation, with some smaller accounts receiving reduced volumes against their usual orders.

Polyurethane Prices in China

Chinese prices averaged about USD 2,050/MT in Q1 2026, up close to 7.9% from Q4 2025. The domestic producers ran high rates, but broader feedstock cost pressure from tightening benzene markets still pushed offers upward. The export enquiries picked up noticeably in March as US buyers explored alternative sourcing ahead of the ruling.

Why did the price of Polyurethane change in Q1 2026 in China?

Benzene and propylene oxide feedstock costs firmed ahead of the Q2 shock. The domestic MDI producers kept operating rates high, limiting the pace of increase. The producers also fielded a wave of enquiries from US importers seeking to lock in volume before the antidumping ruling took effect.

Polyurethane Prices in Germany

German prices averaged close to USD 2,600/MT in Q1 2026, up roughly 12.1% from Q4 2025 as the December and February polyether polyol price hikes worked through the supply chain. The converters described the increases as steep but expected, given the producer notices issued in late 2025. Smaller independent converters, who typically hold less safety stock than the larger integrated foam producers, reported the tightest allocation situation, with several accepting partial shipments in place of the full volumes originally ordered.

Why did the price of Polyurethane change in Q1 2026 in Germany?

Sequential polyol price hikes from European producers pushed offers higher. The energy costs stayed on the high side through the winter months. A cold snap in January briefly raised natural gas costs at several German production sites.

Polyurethane Prices in India

Indian prices averaged roughly USD 2,140/MT in Q1 2026, up about 9.2% from Q4 2025. Importers began passing through higher MDI and polyol costs from overseas suppliers as the global feedstock market tightened. The domestic converters described the increase as manageable but faster than usual for the season.

Why did the price of Polyurethane change in Q1 2026 in India?

Importers passed through early MDI and polyol cost increases from overseas suppliers. The domestic foam converters built modest safety stock ahead of expected further increases. A pickup in automotive seating orders added a small further layer of demand during the quarter.

Quarterly Polyurethane Price Trends

Global Polyurethane prices climbed sharply across the five quarters tracked here, moving from just above USD 1,965/MT in Q2 2025 to just under USD 2,650/MT in Q2 2026, a net gain of near 34.9%. The move was gradual through 2025, then accelerated hard in Q1 and Q2 2026 as Hormuz-linked feedstock disruption and the US antidumping ruling on Chinese MDI compounded each other. The size of the Q1 and Q2 2026 gains, each in double digits, stands well outside the single-digit quarterly moves typical of the prior year.

What was Polyurethane Price in 2025?

Polyurethane prices firmed gradually through 2025 before the sharp 2026 acceleration. The global average opened near USD 1,920/MT in Q1 2025 and closed about USD 2,090/MT by Q4, a full-year gain of just under 8.9%. Each quarter added a modest, broadly similar amount, giving little warning of the sharp acceleration that followed in early 2026.

Polyurethane Prices in the United States in 2025

US prices climbed from close to USD 1,980/MT in Q1 2025 to roughly USD 2,150/MT by Q4, a gain of just above 8.6%, as MDI demand rebuilt steadily through the year. The antidumping investigation that would reshape 2026 pricing was still in its early stages during this period.

Polyurethane Prices in China in 2025

Chinese prices rose from just above USD 1,780/MT in Q1 2025 to just under USD 1,900/MT by Q4, a gain of close to 6.7%, with large domestic capacity moderating the pace of increase. The export volumes to the United States held at broadly normal levels throughout the year.

Polyurethane Prices in Germany in 2025

German prices firmed from near USD 2,150/MT in Q1 2025 to about USD 2,320/MT by Q4, a gain of roughly 7.9%, as European polyol producers began the sequential price hikes that carried into 2026. The energy costs added a steady, if unspectacular, layer of pressure across the year.

Polyurethane Prices in India in 2025

Indian prices rose from close to USD 1,850/MT in Q1 2025 to roughly USD 1,960/MT by Q4, a gain of about 5.9%, supported by steady footwear and mattress foam demand. The import dependence for MDI and polyol kept the Indian price closely linked to global feedstock trends throughout the year.

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Expert Market Research tracks Polyurethane prices continuously across every major producing and consuming region. The team traces causation through MDI, TDI, and polyol feedstock economics, trade policy shifts, and shipping-lane disruption. Contact Expert Market Research today for Polyurethane pricing data, bespoke market analysis, and strategic procurement advisory.