Analysis of raw materials and cost of polyurethane adhesive

2026,04,09

The cost core of Polyurethane Adhesive is dominated by the fluctuation of upstream raw materials, in which the total proportion of isocyanate and polyol exceeds 70%, and the cost of additives and energy is superimposed to form its complete cost system. The fluctuation of raw material price directly affects the profit of enterprises and product pricing.

1.Composition of core raw materials (cost-oriented)

(1)Isocyanate: the core raw material, which determines the strength and curing characteristics of adhesive. MDI (including liquefied MDI) and TDI are the mainstream, and HDI/IPDI is used in high-end fields. In 2026, the average price of MDI is expected to be 16,500-18,500 yuan/ton, and that of TDI is about 13,800-14,500 yuan/ton. The market is oligopolistic.

(2)Polyols: give colloid flexibility and hydrolysis resistance, which are divided into polyester, polyether and special polyols, accounting for about 63.4% of the raw material cost, and the price fluctuates with the upstream products such as propylene oxide.

(3)Additives and others: catalysts, chain extenders, etc. account for 20%-25%. Under the trend of environmental protection, the cost proportion of low VOC environmental additives continues to increase.

2.The impact of cost fluctuations and control strategies

In 2025, the average price of MDI increased by 4.6% year-on-year, and polyether polyol increased by 4.1%, which directly pushed up the cost per ton by about 6.2%. With the integrated layout, the cost transfer rate of head enterprises is 60%-80%, while that of small and medium-sized manufacturers is less than 40%, and profits are under pressure.

Enterprises mainly control the cost through three ways: locking the long-term agreed price of raw materials, optimizing the formulation process to reduce the use of solvents, and focusing on high-margin special rubber products. Green and high-end products have become the core paths to reduce costs and increase efficiency.

Author:

Ms. Cherry

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348754229@qq.com

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