The Urethane Blog
September 28, 2026
Evonik rejects €10.3B bid from BASF – FT
Sep 28, 2026, 10:11 AM ETEvonik Industries AG (EVKIY) Stock, EVKIF Stock, BASFY Stock, BFFAF StockBy: Joshua Fineman, SA News Editor
Evonik (EVKIY) (EVKIF) turned down a €10.3 billion from larger German rival BASF (BASFY) (BFFAF).
BASF (BASFY) rejected an offer of about €22.15 per share as an initial approach, according to a Financial Times report on Monday, which cited people familiar with the matter. Evonik (EVKIY) said the offer was too low to allow for formal talks or to allow BASF to conduct due diligence.
Evonik and RAG-Stiftung declined to comment to the FT.
Evonik rose 7.2% in German trading on Friday after the FT reported that BASF had approached its rival about a takeover. BASF (BASFY) recently made a proposal to Evonik (EKVIY) and its largest holders, the RAG-Stiftung foundation.
Evonik (EVKIF) confirmed in a statement on Friday that it received a non-binding approach from BASF (BASFY) on a takeover offer for all of Evonik’s shares. No talks are currently taking place. BASF said in a separate statement that it has had exploratory talks with RAG-Stiftung and Evonik about a potential takeover. The “course and outcome” of the talks “remain open” at this stage.
The FT reports come after Dealreporter last Monday first reported that BASF (BASFY) explored a potential deal with Evonik (EVKIF) this year.
September 27, 2026
Polyether Polyols in the Americas: A Shrinking Export Surplus
September 24, 2026 5 min read
North America consumed an estimated 2.52 million tonnes of polyether polyols in 2025, and consumption is tracking broadly stable through 2026. The region is still a net exporter, but its surplus has fallen by more than half since 2021 as Asian material gains ground inside the U.S. market and U.S. suppliers lose share in South America.
PUdaily is preparing its 2026 Americas Polyurethane Market Research Report, covering TDI, MDI, polyether polyols and propylene oxide across North and South America. This preview looks at the polyether polyol market.
Market size and structure
According to PUdaily’s calculation, North American polyether polyol demand was approximately 2.52 million tonnes in 2025, up from 2.41 million tonnes in 2024. Through 2026 consumption has been tracking broadly stable, with no material change in the regional total. This is a mature market that moves in line with construction and vehicle output rather than one expanding at emerging-market rates. The demand estimate for 2026 and the forecast to 2031 are set out in the full report.
Production is concentrated in the United States, where BASF, Carpenter, Covestro, Dow, Huntsman and Monument Chemical all operate polyether capacity, most of it on the Gulf Coast. Mexico has limited capacity and Canada is supplied almost entirely from U.S. plants. South American production is small relative to demand, so Brazil, Colombia, Argentina, Chile and Peru rely on imported material from the United States, Asia and Europe. That structure is why South American demand changes show up first in trade statistics rather than in production data.
Where polyether polyols are used
Polyether polyols reach the widest range of end uses of any polyurethane raw material. Flexible slabstock and molded grades go into mattresses, upholstered furniture and automotive seating; rigid grades into construction insulation, appliances and cold chain; and specialty grades into coatings, adhesives, sealants, elastomers and footwear. PUdaily’s allocation model, anchored on U.S. end-use data for polyurethane materials, places building and construction at about 44% of consumption, transportation at about 18% and furniture and bedding at about 16%, with appliances close to 5%.
Figure 1 Modeled allocation of U.S. polyurethane materials by end use
Source: PUdaily’s calculation.
Those end markets moved in different directions in 2026. U.S. housing starts fell 2.0% in January to July and completions fell 11.4%, with single-family starts, which carry more foam content per unit, down 6.9%. Canadian starts also eased. South American construction was firmer, with Brazilian construction GDP up 1.1% in the first half and Colombian cement shipments up 4.3%.
In vehicles, North American production held near 15.2 million units, while Brazilian output rose 8.3% and Argentine production fell 17.1%. Furniture and bedding demand stayed subdued alongside weak U.S. housing turnover, and Brazilian footwear production, an important outlet for polyurethane soling, fell 5.6%. The net effect was flat regional polyol consumption with a changing mix.
Trade: the surplus is disappearing
The clearest change in the polyether market is on the trade side. U.S. exports have fallen from 607.8 thousand tonnes in 2021 to 379.1 thousand tonnes in 2025, a decline of almost 38%, while imports have held in a range of roughly 147 to 232 thousand tonnes. The trade surplus has therefore narrowed from 376 thousand tonnes to 194 thousand tonnes, and on first-half 2026 volumes it is running at about 143 thousand tonnes annualised.
Figure 2 U.S. polyether polyol trade, 2021 to 2026
Source: USITC DataWeb; PUdaily analysis. *2026 estimates
In the first half of 2026, U.S. imports rose 9.1% year on year to 106.4 thousand tonnes while exports fell 10.4% to 178.0 thousand tonnes. Measured across North America as a whole, and excluding trade between the United States, Canada and Mexico, the region’s external net exports have fallen from 162 thousand tonnes in 2021 to about 42 thousand tonnes in 2025 and roughly 7 thousand tonnes annualised in 2026. North America is, in other words, close to external balance for the first time in this cycle.
Import origins: Asia supplies three-quarters
Asian origins accounted for about 73% of U.S. polyether imports in the first half of 2026, a share that has been broadly stable for two years even as the composition shifted. South Korea remains the single largest supplier at 40.4 thousand tonnes, or nearly 38% of imports. China follows at 23.5 thousand tonnes, up almost 29% year on year, and Vietnam continues to grow from a small base. Taiwanese volumes fell by about a third. European supply is modest and skewed toward specialty and CASE grades, while Canada, at 9.7 thousand tonnes, grew by more than half.
Figure 3 Leading origins of U.S. polyether polyol imports, first half 2026
Export destinations: regional demand holds, South America slips
U.S. exports remain anchored in North America. Mexico took 42.2 thousand tonnes and Canada 38.6 thousand tonnes in the first half of 2026, together more than 45% of shipments, though both declined by 6 to 7%. Belgium is the main European gateway at 16.4 thousand tonnes, and shipments to China rose 40% to 11.9 thousand tonnes.
South America is where U.S. exporters have lost the most ground. Brazil took 10.0 thousand tonnes in the first half, down 21%, after volumes had already halved in 2025 from 47.3 to 23.3 thousand tonnes. Colombia fell 35% and Chile 38%. Peru was the exception, rising from 0.7 to 4.0 thousand tonnes. Latin American destinations outside Mexico now account for about 13% of U.S. polyether exports, against more than 15% in 2025.
Figure 4 Leading destinations for U.S. polyether polyol exports, first half 2026
Source: USITC DataWeb; PUdaily analysis. North American destinations in navy, South American destinations in orange.
Outlook: stable into year-end, with a slightly firmer tone
Regional consumption is tracking close to the 2025 level, and nothing in the second-half data suggests a break from that pattern.
The tone has firmed slightly since mid-year. Brazilian imports recovered through the second quarter, with July the strongest month of 2026 so far. U.S. import volumes are running ahead of 2025 while export volumes remain softer, so the trade surplus should stay narrow through the fourth quarter.
For the remainder of 2026, the market is best described as stable with a mild upward bias, and the main variables are the competitiveness of Asian material, the pace of construction and vehicle activity into the fourth quarter, and any trade measures affecting imported polyols.
What the full 2026 Americas report examines
| Area | Coverage in the full report |
| Supply | Capacity, producers, operating rates, outages and new projects |
| Trade | Imports, exports, origins, destinations and regional dependence |
| Prices | Polyether polyols, propylene oxide, TDI and MDI |
| Demand | Automotive, construction, furniture, bedding, appliances, footwear and CASE |
| Regional markets | U.S., Canada, Mexico, Brazil, Argentina, Colombia and other Latin American markets |
| Market balance | Production, trade and apparent-consumption analysis |
| Outlook | Supply, demand, trade and competitive structure through 2031 |
For detailed capacity data, trade flows, demand analysis and the full market outlook, please contact PUdaily for the 2026 Americas Polyurethane Market Research Report.
PUdaily is a professional information platform serving the global polyurethane industry, providing timely, comprehensive and objective analysis of polyurethane markets, technology and industry developments. Tel +86 21 6125 0980. Email info@pudaily.com.
https://www.pudaily.com/news/67166/polyether-polyols-in-the-americas-a-shrinking-export-surplus
September 24, 2026
EMCO Acquires Pride, an Industrial Chemical Distributor in the U.S. Northeast
2026-09-24 09:40:32Source:ChemNet中文
North America’s renowned chemical distribution, custom blending and packaging service provider EMCO Chemical Distributors (hereinafter referred to as “EMCO”) announced today that it has signed an agreement to acquire all assets and business operations of Pride Chemical Solutions (hereinafter referred to as “Pride”). Pride is an industrial chemical distributor owned by the founding family, mainly serving the northeastern United States. The financial terms of this transaction have not been disclosed to the public.
Founded in 1970 by Arthur Dom Sr., and now led by Art Dom Jr., the company is headquartered in Holtsville, New York State, and has been a chemical distribution enterprise deeply rooted in the northeastern United States for many years. The company currently has more than 80 employees, and can complete the distribution, blending and packaging business of more than 3,000 inventory items for more than 1,500 cooperative customers in numerous downstream terminal markets. The enterprise has two distribution and packaging production bases, and is equipped with a dedicated transportation fleet, which can realize just-in-time delivery of chemicals.
Frank Belgonzi, Executive Chairman of the EMCO Board of Directors, said: “The acquisition of Pride is an important implementation of our strategic layout to expand EMCO’s business scope. In addition to relying on internal growth, we also continue to look for target enterprises with highly complementary businesses through mergers and acquisitions. I have known and worked with Art and the Pride management team for more than 35 years, and I have always respected them very much. In the future, we will invest resources to empower Pride and continue to grow and expand on the excellent foundation laid by the Dom family.”
Art Dom Jr., Chief Executive Officer of Pride, said: “When planning the future of Pride, I have always weighed carefully. More than 50 years ago, my father founded this company, but it was all the employees’ hard work, loyalty and responsibility that turned the founder’s vision into reality and created today’s Pride. For this reason, it is extremely important for me to find a partner that respects our brand, industry reputation and all employees, and I believe EMCO is such a suitable partner. Thank you to all the old and new colleagues of Pride. I sincerely appreciate everything everyone has done for the company, and I am very proud of the business we have built together, and I look forward to the continuation of Pride’s corporate heritage in a new stage.”
Jim Holcomb, Chief Executive Officer of EMCO, pointed out: “Pride has excellent industry reputation, stable supplier cooperation relationships, a dedicated employee team, and incomparable local infrastructure. These advantages have laid its leading position in the regional market. We look forward to working hand in hand with the Pride management team to help the future development of this enterprise and promote the overall business growth of EMCO.”
This transaction still needs to meet the conventional industry closing conditions to be completed. PKF Investment Bank served as the exclusive financial advisor for Pride’s sale this time.
About EMCO Chemical Distributors
EMCO Chemical Distributors is a leading chemical distribution, custom blending and packaging service provider in North America. Every year, the company completes the distribution and packaging work of chemicals with a total weight of more than 300 million pounds for more than 4,000 customers from all walks of life. EMCO operates eight distribution and packaging bases, an application laboratory and environmental protection service facilities, is equipped with advanced ISO 8 class 100,000 clean workshops, holds ISO 9001 and FSSC 22000 certifications, and has been recognized by the Global Food Safety Initiative.
September 22, 2026
BASF India evaluates MDI investment in Dahej, Gujarat
4 min read·Published on Sep 21, 2026 · 1:35 PM IST
BASF India Limited, a prominent player in the chemical industry, has announced plans to potentially expand its operations in India with a significant investment in methylene diphenyl diisocyanate (MDI) production. The company, under the broader umbrella of BASF SE, is considering the establishment of an MDI production complex in Dahej, Gujarat. This decision is part of BASF’s ongoing commitment to address increasing customer demand in the region.
The company disclosed that it is in the advanced stages of conducting a feasibility study concerning this new venture. As part of this potential expansion, BASF India has already secured an industrial land parcel in Dahej through its subsidiary, BASF India Polyurethanes Private Limited. The outcome of this study, alongside necessary regulatory approvals, will ultimately dictate the final investment decision.
MDI, a crucial component in the manufacture of polyurethane products, is instrumental across various industries. It plays a significant role in applications ranging from building insulation and refrigeration systems to automotive parts, furniture, and consumer goods. This development aligns with BASF’s strategic vision to bolster its production capabilities in response to the dynamic needs of these sectors.
BASF’s consideration of expanding its MDI production capacity underscores the importance of the Indian market in the company’s global strategy. The investment, if approved, would not only support BASF’s growth ambitions but also contribute to the technological and industrial advancement of the Indian chemical sector.
This announcement reflects BASF’s strategic foresight in identifying growth opportunities and its dedication to enhancing its service offerings tailored to regional market demands. As BASF continues its feasibility study, stakeholders will be keenly observing developments, anticipating a positive outcome that could further cement the company’s presence in India.
https://businessupturn.com/business/basf-india-evaluates-mdi-investment-in-dahej-gujarat
September 21, 2026
Kumho Petrochemical boosts R&D spending despite downturn, targets high-value and eco-friendly materials
Sep 21, 2026, 09:53 am
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| A view of Kumho Petrochemical’s Ulsan rubber plant. / Kumho Petrochemical |
Kumho Petrochemical Group is turning to research and development to weather the prolonged downturn in the petrochemical industry. Rather than expanding output of commodity products, the group plans to increase the share of high-value specialty and eco-friendly materials while broadening research into new areas such as next-generation batteries to secure both profitability and future growth.
According to Kumho Petrochemical Group on Sept. 21, major affiliates including Kumho Petrochemical, Kumho P&B Chemicals, Kumho Mitsui Chemicals and Kumho Polychem are concentrating their R&D capabilities on upgrading existing core products, developing eco-friendly processes and advancing materials for future mobility.
Kumho Petrochemical is strengthening its competitiveness in high-performance synthetic rubber, particularly solution styrene-butadiene rubber, or SSBR, used in tires for electric vehicles and other applications. The company completed a 35,000-ton capacity expansion last year and began commercial production. SSBR improves tire durability, fuel efficiency and wear performance, and demand is expected to rise alongside growth in the electric vehicle market.
In the environmental sector, the company has built carbon capture, utilization and storage facilities capable of capturing about 76,000 tons of carbon dioxide annually. It has also developed technology to convert recycled ABS recovered from discarded home appliances into materials for automotive interiors. The company expects the material to meet automotive standards for heat resistance and impact strength while reducing carbon emissions by about 16%.
Kumho Petrochemical is also expanding beyond conventional petrochemicals into battery materials. The company is participating with POSCO Future M and BEI in the development of next-generation anode-free lithium-metal batteries.
Kumho P&B Chemicals is expanding its eco-friendly product lineup centered on epoxy. The company is developing waterborne epoxy products to reduce volatile organic compound emissions and low-carbon epoxy technologies using bio-based feedstocks. It plans to combine equipment investment with certification efforts to meet demand for eco-friendly materials in construction, shipbuilding, electrical and electronics industries.
Kumho Mitsui Chemicals is pursuing higher-value products while expanding production capacity for methylene diphenyl diisocyanate, or MDI, a key raw material for polyurethane. From December last year through the end of this year, the company is carrying out a 100,000-ton annual debottlenecking investment that will raise total capacity to 710,000 tons. It is also developing bio-content polyurethane systems, lightweight materials for automotive seats and products for high-performance sound absorption.
Kumho Polychem is focusing on increasing the value of ethylene propylene diene monomer, or EPDM, a specialty synthetic rubber. With the recent addition of a fifth production line with annual capacity of 70,000 tons, the company has established a total annual production system of 310,000 tons. It has also improved productivity and quality stability by applying ultra-low-temperature polymerization technology.
The company is also improving production processes to reduce energy use and carbon emissions, including the introduction of low-pressure chillers and waste-heat recovery systems.
Going forward, Kumho Polychem plans to expand its product lineup into materials that reduce EV driving noise, lightweight materials and thermal-conductive and insulating materials. The aim is to broaden its business from conventional products for automotive parts, hoses and cables into high-value materials for eco-friendly mobility.
Kumho Petrochemical Group plans to reduce its dependence on petrochemical market cycles by strengthening the technological competitiveness of core products such as SSBR, epoxy, MDI and EPDM while expanding its R&D scope into recycled materials, carbon reduction and next-generation batteries.
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