The domestic home appliance market has recently seen a phase of price increases. Mainstream product categories such as air conditioners, refrigerators, washing machines, color TVs, and kitchen appliances have all experienced varying degrees of price hikes driven by rising costs. Due to the buffer provided by channel inventories, retail prices have not yet risen across the board; however, as inventories are gradually depleted, the price pass-through effect will become more pronounced. This round of price adjustments is primarily driven by rising upstream raw material costs, with the sharp increase in chemical raw material prices serving as a key catalyst, placing significant pressure on home appliance production costs.

In terms of the magnitude of price increases, among white goods, supply prices for air conditioners and washing machines have generally risen by 5% to 8%. Refrigerators, due to their higher usage of internal structural components and insulation materials, have seen more pronounced cost increases, with price hikes concentrated between 8% and 10%. Color TV prices have continued to rise on top of previous adjustments, with overall increases ranging from 3% to 10%. Kitchen appliances have been more significantly affected by rising costs of exterior and structural components, with price increases generally reaching 10% to 20%, making them one of the categories with the highest price hikes in this round. Additionally, various small appliances and lighting fixtures are also facing cost pressures, with some categories following suit with price adjustments.

The core rationale behind this round of home appliance price hikes lies in the sustained rise in upstream commodity and chemical raw material prices, compounded by rising energy and logistics costs, which have collectively driven up production costs. Home appliance manufacturing relies heavily on petroleum-based chemical materials; plastics, insulation materials, and modified engineering plastics are used in multiple critical components—including product casings, structural parts, insulation, and electrical insulation—and their price fluctuations directly determine final production costs.

I. Key Chemical Raw Materials: Applications and Impact of Price Increases

The primary reason lies in the price increases of non-ferrous metals such as copper and aluminum in the first quarter of this year, followed by the Middle East conflict, which significantly drove up the prices of bulk raw materials like petroleum and chemical materials. These cost increases account for nearly 10% of home appliance production costs, prompting companies to raise prices by approximately 10% accordingly. On April 7, SunSirs’ benchmark price for copper stood at RMB 96,186.67 per ton, representing an increase of 0.54% compared to the beginning of the month (RMB 95,666.67 per ton).

1. ABS Plastic

ABS is the most widely used general-purpose engineering plastic in the home appliance industry. It is primarily used for housings, panels, decorative components, and structural brackets in products such as color TVs, air conditioners, refrigerators, and kitchen appliances. It features high rigidity, impact resistance, and ease of processing and molding. As the core raw material for home appliance exterior components, its significant price increase has directly driven a substantial rise in housing costs, making it a key factor in the overall price adjustment of home appliances. On April 7, the benchmark price for ABS, as reported by SunSirs, stood at 13,100.00 RMB/ton—an increase of 2.61% compared to the beginning of the month (12,766.67 RMB/ton).

2. PC (Polycarbonate)

As a high-performance engineering plastic, PC offers advantages such as high light transmission, high impact resistance, high-temperature resistance, and flame retardancy. It is often used alone or blended with ABS to form PC/ABS alloys, and is widely employed in mid-to-high-end home appliances. It is extensively used in color TV bezels, stands, and light-guiding components; transparent refrigerator doors and interior trim; high-end air conditioner panels and electronic control components; as well as transparent parts and exterior structural components for various small appliances. The rising cost of PC has further increased cost pressures on mid-to-high-end models and exacerbated cost disparities among products in different market segments. On April 7, the SunSirs benchmark price for PC stood at 16,583.33 RMB/ton, representing an increase of 0.40% compared to the beginning of the month (16,516.67 RMB/ton).

3. Copolymer PP (Polypropylene)

Copolymer PP is primarily used in refrigerator liners, drawers, end caps, washing machine drums, air conditioner fan blades, and internal structural components of small appliances. Thanks to its low-temperature resistance, corrosion resistance, and lightweight properties, it has become a core material in white goods. Rising prices for this raw material directly drive up the cost of internal structural components for refrigerators and washing machines, and together with other chemical raw materials, it constitutes a major driver of cost increases in the white goods sector.

4. Polyurethane Rigid Foam Raw Material (Black Compound M20S)

This raw material is primarily used in the thermal insulation layers of refrigerators and freezers, as well as in the insulation components of water heaters. It is a key material for achieving energy efficiency and thermal insulation in refrigeration appliances. Its price increase directly raises the production costs of insulation systems and is one of the key reasons why the cost of refrigerators has risen more sharply than that of other white goods categories.

II. Cost Pass-Through and Industry Impact

Comparing prices at the end of March 2026 with the 2025 average, copper prices stood at 95,195 RMB/ton, up 18.6%; electrolytic aluminum prices were 24,530 RMB/ton, up 18.85%; the price of M20S black resin was 19,200 RMB/ton, up 20.77%; the price of ABS plastic was 15,500 RMB/ton, up 51.7%; and the price of copolymer PP was 9,450 RMB/ton, up 26.47%.

This round of price increases for chemical raw materials is characterized by a clear chain of transmission and a wide-ranging impact. Fluctuations in crude oil prices have driven up the prices of basic chemical products such as benzene, phenol, and acetone, which in turn have pushed up the prices of intermediates such as bisphenol A and synthetic resins. This ultimately trickles down to end-use chemical raw materials such as ABS, PC, PP, and polyurethane, resulting in a cost increase across the entire supply chain. At the same time, rising energy and logistics costs have further intensified production and distribution pressures on enterprises.

In terms of the pace of price transmission, current channel inventories are still smoothing out fluctuations in end-user prices to some extent, and consumers have not yet clearly perceived the price hikes. As inventories are gradually depleted, increases in supply prices will progressively be passed on to the retail end. The extent of impact varies significantly across different product categories; products with a higher proportion of chemical raw materials and more complex structural components face stronger cost pressures and greater price hike momentum, with refrigerators, kitchen appliances, and color TVs being particularly affected.

At the industry level, rising costs have intensified market polarization. Manufacturers with scale advantages, strong supply chain management capabilities, and product portfolios skewed toward mid-to-high-end segments possess greater capacity to absorb cost increases; conversely, smaller-scale manufacturers primarily producing basic models face greater operational pressure. In the short term, the trend in home appliance prices will continue to depend on fluctuations in the prices of upstream commodities such as crude oil, chemical raw materials, and non-ferrous metals. In the long term, the industry may accelerate its transition toward lightweight, high-end, and energy-efficient products to offset the persistent upward pressure on costs.

The prospect of phased price increases for home appliances in 2026 is unavoidable, as commodities such as oil, plastics, and non-ferrous metals like copper have entered a new cycle of price hikes. Furthermore, due to the recent industry trends toward “de-stocking” and even “zero inventory,” price adjustments are being transmitted more rapidly through the retail market. This means a price adjustment phase will form within a short period, with a “calm period” expected around May, gradually alleviating the perceived impact of price increases. In terms of industry impact: first, the industry structure will upgrade, with an increase in high-end, high-quality products; second, to align current prices with consumer demand, companies will strengthen R&D investment and supply chain management; third, industry consolidation will accelerate, weeding out some unbranded and generic products, leading to greater industry concentration; and fourth, while this may temporarily dampen demand, it will ultimately drive the industry’s healthy development in the long term.

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