Isophthalic Acid Prices

Isophthalic Acid Prices December 2023

The isophthalic acid prices in the United States for Q4 2023 reached 1495 USD/MT in December. In the USA, isophthalic acid prices fell in the last quarter due to lower manufacturing expenses and limited feedstock pressure. Economic challenges, like inflation and high interest rates, dampened purchasing power, lowering demand in downstream sectors. Moreover, supply chain issues did not significantly disrupt availability, contributing to the lowered manufacturing expenses.

The price trend for isophthalic acid in China for Q4 2023, reached 1255 USD/MT in December. In China, isophthalic acid demand weakened during the final quarter of 2023, impacted by limited new orders and economic challenges. The oversupply in the domestic market, coupled with stable production rates and sufficient inventories, led to a downward pressure on prices.  

The price trend for isophthalic acid in India for Q4 2023, reached 1125 USD/MT in December. In India, the isophthalic acid market witnessed a downtrend towards the end of 2023. Reduced demand from downstream sectors and global economic uncertainties caused buyers to remain cautious. Additionally, domestic production remained stable, but with ample inventory and muted market sentiment, prices faced downward pressure throughout the quarter.

Isophthalic Acid Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Isophthalic Acid Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of isophthalic acid pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of isophthalic acid at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of isophthalic acid price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing isophthalic acid price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Isophthalic Acid Market Analysis

The global isophthalic acid market size reached US$ 3 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 4.7 Billion, at a projected CAGR of 5.30% during 2023-2032.

• The advent of eco-friendly and bio-based isophthalic acid variants, addressing environmental concerns and regulatory requirements, is creating new opportunities in the market.
• Rising awareness regarding the benefits of using isophthalic acid in manufacturing processes to enhance product performance and longevity.
• The augmenting demand for lightweight and fuel-efficient vehicles is driving the adoption of isophthalic acid in the automotive sector, where it is utilized in the production of lightweight composites and components.
• The expanding construction industry, particularly in emerging economies, where isophthalic acid is extensively used in the production of durable and weather-resistant construction materials.
• Government initiatives and regulations promoting the reduction of carbon emissions are creating opportunities for the adoption of isophthalic acid in various industries, further contributing to market expansion. According to Maja Clonik et al., 2021 study, SubCW treatment breaks PET into main monomers TPA and EG, with TPA playing a critical role not only in PET but also in PBT and bioplastics as these polymers’ quantity has been predicted to reach 107 million metric tons by 2023. Besides benzoic acid, there is also PET degradation to be formed during PET. Directed applications of benzoic acid include food preservation, cosmetics, and medical ointments; production in 2020 was 538,770 tons worldwide; this is expected to increase from 628,350 tons by 2026. The role of SubCW in PET hydrolysis has been proven and it proceeds with approximately 90% efficiency with mild conditions, whereas further studies engage in the elucidation of the kinetics and degradation pathways.
• The rapid expansion of the textile industry, particularly in Asia-Pacific regions, is driving the demand for isophthalic acid in the production of polyester fibers for clothing, home textiles, and industrial applications.
• Growing emergence of new application areas, such as aerospace interiors and railway components, is creating opportunities for isophthalic acid in the production of fire-resistant and lightweight materials.
• The increasing adoption of isophthalic acid in the production of specialty resins and polymers used in 3d printing and additive manufacturing applications, driven by the rapid prototyping and customization needs across various industries.
• The rapid expansion of the electrical vehicle (EV) market is driving the demand for isophthalic acid in the production of lightweight and high-performance components, such as battery casings and structural parts.
• The demand for isophthalic acid is growing due to innovations in packaging, including the development of barrier coatings and films for food packaging applications, enhancing the shelf life, reducing food waste, and meeting stringent regulatory requirements.

Isophthalic Acid News

The report covers the latest developments, updates, and trends impacting the global isophthalic acid market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in isophthalic acid production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the isophthalic acid price trend.

Latest developments in the isophthalic acid industry:

• On February 22, 2021, LOTTE Chemical introduced Korea's first 'PIA (Purified Isophthalic Acid) added semi-nonflammable insulation material,' reducing fire spread and smoke by 30%. Verified for formaldehyde absence by KOTITI, certified as semi-nonflammable at KCL, with an annual production of 520,000 tons, the largest globally. Insulators installed at Dongtan Station LOTTE Shopping Town Front Castle and LOTTE Academy in Osan, anticipating increased demand due to stricter safety standards.
• On February 8, 2024, Eastman in collaboration with Rumpke Waste & Recycling marks a step in the process of tackling the plastic waste crisis by collecting and sorting hard-to-recycle colored PET packaging waste for Eastman's molecular recycling system which produces virgin quality polyesters. Through this first-of-its-kind partnership, unrecycled plastics are addressed and thus, circularity is created for diverse kinds of consumer products, and waste is prevented from being used as fuel or for disposal in landfills. Eastman's proposed molecular recycling facility in Kingspor, Tennessee, will be able to recycle 110,000 metric tons of plastic waste that is difficult to recycle each year symbolizing their vision for a more sustainable future.
• On April 1, 2024, Mitsui Chemicals' new affiliate, Mitsui Chemicals ICT Materia (ICTM), launches on April 1, 2024, focusing on film solutions for the ICT sector. Specializing in film and sheet products for semiconductor, electronic component, and photovoltaic panel manufacturing, ICTM aims to enhance innovation and competitiveness through an integrated setup, leveraging the Mitsui Chemicals Group's comprehensive strength from base resins to processing.

Product Description

Isophthalic acid is the most important source of the organic compound that serves as the basis of such products as polyester resins, coating, and fiber production. It is a pure, crystalline organic white compound with the molecular formula of C8H6O4. Isophthalic acid is normally obtained through the oxidation of meta-xylene or ortho-xylene in the presence of catalysts at a high temperature reacting to form terephthalic acid, further processed into isophthalic acid. The methoxylation of isomers of xylene usually starts with an oxidative catalyst that after purification ends up with isophthalic acid.

Its wide range of applications covers the manufacturing process of corrosion-resistant coatings, strong and high-temperature-resistant fibers, and durable plastics. Besides unsaturated phthalic acid can be utilized in the manufacturing of unsaturated polyester resin which is in turn used in the construction, automotive, marine, and aerospace industries. This is why polystyrene is recognized as a multi-purpose component that makes for a wide range of stronger and superior synthetic materials and as a consequence contributes to developing products of improved characteristics.

The advantages of isophthalic acid include the ability to develop a strong, durable, and chemically resistant structure which will be good for composite materials and end up used in demanding applications where reliability and service life are the main considerations.

Regional Coverage

The report provides a detailed analysis of the isophthalic acid market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the isophthalic acid price trend.

Global Isophthalic Acid Price

The report offers a holistic view of the global isophthalic acid pricing trends in the form of isophthalic acid price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into isophthalic acid historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into isophthalic acid price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed isophthalic acid demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Isophthalic Acid Price

The market experienced a decline in isophthalic acid prices during the Q4 2023 in Europe, heavily influenced by economic downturns, geopolitical tensions, and fluctuating energy prices. Weak domestic demand, particularly in Germany, drove this trend, as the greatest economy in the region faced an extending economic slowdown. Moreover, the product demand from downstream polyethylene terephthalate (PET) resin and derivative sectors stayed low, exacerbated by high interest rates, and inflationary pressures.  

This analysis can be extended to include detailed isophthalic acid price information for a comprehensive list of countries.

North America Isophthalic Acid Price

In North America, the isophthalic acid prices continued downward trajectory in Q4 2023. This trend was driven by low production costs due to more affordable imports from Asia and the limited cost pressure from feedstock m-xylene. The market is also affected by the macroeconomic factors, such as persistent price increases and high interest rates, also diminished buying power, contributing to subdued demand. Moreover, the downstream polyethylene terephthalate (PET) resin and derivative sectors showed minimal buying interest, further pressuring sellers to reduce prices. Additionally, supply chain disruptions, including disputes in the Panama Canal and Red Sea, did not affect material accessibility, ensuring adequate supply to meet the market demand and exacerbating the downward pressure on prices.

Specific isophthalic acid historical data within the United States and Canada can also be provided.

Middle East and Africa Isophthalic Acid Price

The report explores the isophthalic acid pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on isophthalic acid prices for countries can also be provided.

Asia Pacific Isophthalic Acid Price

In the Asia-Pacific region, the market exhibited a bearish trend throughout the Q4 2023, reflecting a confronting market environment in countries like South Korea. The reduced demand, slowing economic growth, and surplus conditions provided to this decline. Moreover, sluggish demand from the polyethylene terephthalate (PET) industry and limited impact from feedstock m-xylene prices kept market sentiments low. Export complications, particularly in raising prices to international buyers, and a notable decrease in China-bound shipments further pressured the market.  

This isophthalic acid price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Isophthalic Acid Price

The analysis of isophthalic acid prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of isophthalic acid pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting isophthalic acid price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The isophthalic acid price charts ensure our clients remain at the forefront of the industry.