The IEA sharply lowered its 2026 global oil demand outlook, citing the escalating Mideast conflict and elevated energy prices. The agency now projects a significantly steeper year-on-year decline in consumption than previously forecast, warning that market tightening and demand destruction are accelerating.
Low Rhine water levels have forced Covestro to declare force majeure at its Dormagen, Germany site, as a shortage of feedstock propylene oxide prevents it from fulfilling supply obligations for selected polyether polyol products. Over 30% of Covestro's finished materials and 75% of its European raw materials move via the Rhine, making the drought a significant supply-chain disruption. The declaration follows BASF's earlier force majeure on surfactants and is expected to tighten supply and push prices higher.
Asia
In the second half of 2025, Hexamethylene Diisocyanate (HDI) prices in Asia followed a weak yet stable trend. Demand from coatings, construction, and industrial applications stayed limited, especially in China and parts of Southeast Asia. Slower construction activity and cautious spending reduced affected the market sentiment. Oversupply concerns persisted as producers continued operating plants despite modest demand growth. Buyers preferred short-term purchases and avoided stockpiling, which kept trading activity low. Improved availability of upstream raw materials helped control production costs, but this did not support price growth due to weak buying interest.
Europe
In Europe, HDI prices remained under pressure during H2’25 due to subdued downstream demand. The automotive and industrial coatings sectors showed limited recovery, affected by economic uncertainty and reduced manufacturing activity. Seasonal slowdowns during the summer months further weakened consumption in early H2. Trade challenges and weaker export opportunities also restricted market movement. Even though energy and logistics conditions were more stable compared to earlier periods, demand levels were not strong enough to support price increases. As a result, the European market stayed mostly balanced but soft.
North America
In North America, HDI prices showed a soft trend during the second half of 2025. Demand from construction and industrial coatings remained slow, while buyers continued to operate with lean inventories. Oversupply in related chemical chains and cautious purchasing behaviour limited any upward price movement. Some producers adjusted supply strategies to manage margins, while downstream customers delayed purchases amid uncertain demand outlooks. Feedstock availability improved, helping producers control costs, but competitive market conditions prevented meaningful price gains.
Analyst Insight
According to Procurement Resource, HDI prices are expected to remain stable in the near term, with recovery depending on stronger demand from construction, automotive, and coatings sectors across regions.
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Asia
HDI prices in the Asia-Pacific region showed a mixed trend throughout the first half of 2025. In Q1, prices rose in January due to steady production and better feedstock supply. However, weak demand in automotive and construction, especially in China, led to a price drop in February.
After the Lunar New Year, stockpiles increased, keeping prices under pressure. In Q2, demand remained moderate in Southeast Asia, but China’s sluggish recovery and subdued property sector kept overall consumption low. Supply remained stable, but market sentiment stayed cautious due to inconsistent end-use sector performance.
Europe
In Europe, HDI prices were highly volatile in H1’25. Q1 began with a price surge due to limited raw material availability, geopolitical risks, and weather-related energy strain. But mid-quarter saw sharp declines as labor strikes, port congestion, and external trade tensions disrupted logistics.
In March, recovery began as production stabilized and demand from the automotive sector, especially EVs, picked up. In Q2, strong downstream demand from polyurethane applications in construction and automotive helped prices rebound further. However, supply chain issues, including port delays and rerouted shipments, kept supply tight and contributed to firm pricing.
North America
North American HDI prices showed a generally bullish trend in H1’25. Q1 faced weather-related production issues and shipping delays, but strong demand from automotive and construction industries supported pricing. In Q2, consistent offtakes and growing interest in electric vehicles continued to push demand. Although feedstock costs were relatively stable, freight and operational challenges added to the pricing pressure, keeping the market firm.
Hexamethylene diisocyanate (HDMI) is a clear liquid with no colour. Because of its exceptional characteristics, HDMI is a significant chemical building block in the manufacturing of high-value-added polyurethane.
C8H12N2O2
Paints, Adhesives
1,6-Diisocyanatohexane, 1,6-Hexamethylene diisocyanate, HMDI
Bayer, Vencorex, BASF SE, Asahi Kasei Corporation, Tosoh, WANHUA, Merck KGaA, Chemtura/Lanxess, Mitsui Chemicals
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-degree analyst support after report delivery
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Hexamethylenediamine (HMDA) and chlorine are used to make hexamethylene diisocyanate. Chlorine and carbon monoxide react to produce phosphogene. The acquired phosgene is reacted with HMDA, and HDI is generated as a by-product with hydrogen chloride.
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This report shows the cost structure of hexamethylenediamine production from the hydrogenation process.
The report is the cost analysis of production method of hexamethylene diisocyanate from hexamethylene diamine (HMDA)
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