Petroleum Resins Prices

Petroleum Resins Prices June 2024

The petroleum resins prices in the United States reached 1588 USD/MT in June. The country saw a strong rise in petroleum resin prices in Q2 2024, driven by high demand from the thriving construction sector and hiked costs due to supply chain disruptions and rising import expenses. Government-led infrastructure expansion along with seasonal spikes in construction have further fueled this upward trend.

Moreover, the market in China faced temporary price fluctuations owing to a brief factory shutdown because of severe weather in Q2 2024. Despite this, steady demand from key sectors and stable crude oil prices helped maintain the market stability, with petroleum resin prices concluding the quarter at 1398 USD/MT in June.

Petroleum Resins Prices March 2024

The petroleum resins prices in China reached 1373 USD/MT during the first quarter of 2024, spurred by lower consumption across the construction sector owing to poor weather circumstances and seasonal causes. Global trade issues, increased shipping costs, and higher crude oil prices also contributed to the overall complex pricing landscape.

Petroleum Resins Prices December 2023

In China, the price for petroleum resins has been rising in the recent period despite the prevalence of economic slowness and the correlated increasing demand. The constructed sector, which was the focus of the Chinese government's plans that were aimed at supporting liquidity mostly through governmental provision of loans, was the main source of further demand. This quarter has seen price of petroleum resin in CNY standing at 1360 USD /MT (FOB) Qingdao. In fact, the low supply at the same time with the backup from the buyers in the market together with the government’s supportive policies have maintained the market stability even in an uncertain economy regime, which shows the energy sector can deal with economic uncertainties. Consistent supply chain dynamics and government interventions will remain critical to stakeholders manage to Larumen in petroleum resin market in China to make the market sustainable and conducive ahead.

The recovery of the prices indicates the market's inner strength, which currently is undermined by other economic anomalies. The stakeholders will need to remain watchful and flexible as they encounter different levels of volatility and value proper opportunities in the unwritten market conditions.

Regional Coverage

The report provides a detailed analysis of the 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 FOB and CIF prices, as well as the key factors influencing the petroleum resins price trend.

Global Petroleum Resins Price

The report offers a holistic view of the global petroleum resins pricing trends in the form of petroleum resins 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 current price levels but also provides insights into petroleum resins historical price, enabling stakeholders to understand past fluctuations and their underlying causes. The report also delves into petroleum resins 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 petroleum resins 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 Petroleum Resins Price

Q2 2024:

The region saw rising prices during Q2 2024 due to elevated shipping and upstream rates. The surge in crude oil prices and a sharp increase in global freight costs inflated manufacturing costs, creating a bullish trend. Geopolitical pressures in the Middle East raised fears regarding disruptions in the supply of crude oil, further pressuring prices. Consumption across the automotive and construction industries remained strong, particularly in Germany, which saw notable price increases. Although prices were steady in comparison to the last quarter, they reflected a steady climb over the quarter, driven by sustained demand and cost pressures.

Q1 2024:

In the first quarter of 2024, the European market saw mixed pricing trends, with a progressive start driven by rising crude oil costs along with supply chain disruptions caused by the Red Sea predicament. These disruptions resulted in late imports and accessibility to constricted material, pushing prices upward. Strong international consumption across the Asia and USA further compounded the price hikes. Germany, the region's biggest market, mirrored these trends, facing substantial price jumps due to supply challenges. Despite robust demand in the construction sector, geopolitical volatilities as well as supply constraints created a bullish environment in this quarter.

Q4 2023:

Over the third quarter of 2023 the European market for petroleum resins C9 witnessed significant volatility in prices mainly because of high input costs and increasing inflation rates in the major exporting countries. The pace of recovery is slower, but the sector is resilient despite the challenges. Continuing, the crude oil prices, the main feedstock for C9 petroleum resin grew in the range during the quarter. The presented considerations testify to the fact that the global economic impact is a complicated phenomenon that feeds the dynamic pricing of C9 petroleum resin in the European market.

Detailed price information for petroleum resins can also be provided for an extensive list of European countries.

North America Petroleum Resins Price

Q2 2024:

Throughout the Q2 FY24, the market in North America experienced considerable price increases, driven by rising costs and severe disturbances in the supply chain. The unexpected closure of key producers created supply constraints while escalating import expenditures from Asia and a sharp rise in container shipping prices across the globe added further strain. The booming U.S. construction industry, alongside the government’s extensive investment in seasonal activity and infrastructure development, pushed prices even higher throughout the quarter.

Q1 2024:

The North American market faced a mix of rising and stabilizing price trends in Q1 FY24. At first, prices spiked due to high-priced importing activities from China, exacerbated by supply limitations and geopolitical conflicts, including disruptions from the Red Sea disasters that increased shipping rates. The situation became more problematic by Russia's ban on the exports of gasoline, adding pressure to crude oil prices across the globe. Notwithstanding the challenges, a robust US manufacturing sector and elevated supply chain pressures helped stabilize prices. The construction industry showed mixed demand signals, balancing the market trends of the quarter.

Q4 2023:

In North America, the petroleum resins purchase showed a strong rate of growth, which resulted in an increased rise in the construction sector as a direct result of the Fed's interest rate adjustment. However, the purchase power decline associated with accelerated inflation became a critical issue. The Federal Reserve's announcement on possibly introducing more benchmark rates by the end of the year can primarily weaken the construction sector development.

Specific petroleum resins historical data within the United States and Canada can also be provided.

Middle East and Africa Petroleum Resins Price

The report explores the petroleum resins 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.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Petroleum Resins Price

Q2 2024:

The Asia Pacific region remained relatively stable in Q2 2024, underpinned by steady crude oil rates and robust consumption across the automotive and construction sectors. In spite of temporary supply challenges, such as plant shutdown due to severe weather, the market demonstrated resilience. China saw brief price variations, but the overall market-maintained equilibrium. Prices shifted modestly compared to the last quarter, indicating the sector's strength and ability to manage supply disruptions without causing long-term instability, which led to a stable market landscape.

Q1 2024:

The APAC market exhibited a balance of instability and constancy in Q1 2024. Prices stayed comparatively stable but decreased requirements across China's construction sector influenced minor fluctuations in pricing trends largely due to poor weather and seasonal factors. Disturbances in trade across the globe, particularly the Suez Canal issues and Red Sea crises, stressed supply chains and led to port congestion, affecting resin availability. Moreover, higher feedstock crude oil costs pushed up manufacturing expenses. Although prices dipped from last year, they rose in comparison to the last quarter, reflecting a complex regional pricing environment.

Q4 2023:

APAC region showed a various trend in C9 petroleum resin industry. Extreme weather conditions showcased the vulnerability of the construction sector located downstream that created the imbalance in the demand and supply of the petroleum resin market. Manufacturers answered it through price reductions and promotional strategies. Moreover, in the last two months of the quarter, prices advanced as crude oil was in short supply and feedstock prices rose. While the uncertainties in the economic climate and its tendencies to negatively affect demand have been the topics of discussion, the market nonetheless posted a price growth, implying the strength and fluidity of the C9 petroleum resin market in the APAC zone.

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

Latin America Petroleum Resins Price

The analysis of petroleum resins prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, agricultural output, and trade frameworks.

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

Petroleum Resins Price Trend, Market Analysis, and News

IMARC's latest publication, “Petroleum Resins Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” presents a detailed examination of the petroleum resins market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of petroleum resins at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed petroleum resins price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting petroleum resins pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Petroleum Resins Market Analysis

The global petroleum resins industry size reached US$ 4.3 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 6.2 Billion, at a projected CAGR of 3.90% during 2023-2032.

• The rapid expansion in the construction sector, which is the major segment for the petroleum resin industry is a major factor driving the market growth. As per the National Bureau of Statistics, China's construction industry recorded a 6.4 year-on-year growth in 2021. This rise stimulates a development that requires petroleum resin and is used as adhesives, sealants, and coatings in the construction industry. During this period, construction activity thrives, and predominantly driven by infrastructure development and urbanization initiatives has escalated the demand for petroleum resin, thus fueling market growth.
• Moreover, government initiatives such as infrastructure improvement and economic stimulus are propelling the growth of the petroleum resin market. For instance, the initiative of the Chinese government to spend in infrastructure projections including the 14th Five-Year Plan enhances the need for construction materials hence consequently the petroleum resin. Besides environment-friendly development and green technology policies, these also could stimulate innovation in the field of petroleum resin formulations to adhere to environmental standards and regulations.
• The supply chain and the world market are among the key external factors affecting the petroleum resin industry. Demonstrations such as the shortage of crude oil, alterations in the availability of petrochemical feedstock, and shifts in global demand influence the production and price of petroleum resin. For instance, the IEA foresees an increase of 3.4% in global oil demand in 2022 (International Energy Agency - 2022). Trends such as these, which change the number of raw materials needed for petroleum valves manufacturing, respectively impact the market dynamics and flows of trade. 
• The market is also driven by the escalating incorporation of the product in the automotive and packaging sectors. With the increase in automobile production, the consumption of petroleum-based adhesives and coatings used in car manufacturing and paneling processes increases. Furthermore, the growth of the packaging industry is high along with the rapid development of the e-commerce ecosystem. The State Post Bureau of China disclosed that in 2021, the number of parcels shipped in China increased to 83 billion, which is significantly higher than the number in 2020. Petroleum resin, among others, is used in the production of packaging adhesives, tapes, and labels. As automotive and packaging industries continue to thrive, the petroleum resins sector is expected to keep rising, enabling market expansion and the discovery of new ideas.

Petroleum Resins News

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

Latest developments in the petroleum resins industry:

• In May 2023, South Korea's Kolon Industries revealed its plans to invest 24 billion won ($17.94 million) to expand its high-purity aromatic petroleum resin (PMR) production facility in its Yeosu plant. The expansion will increase PMR production capacity from 11,000 tons to 21,000 tons, making it the global leader in PMR production capacity. PMR enhances heat stability and adhesion and is used in high-performance tires, electric cables, and sanitary products.

Product Description

Petroleum resins are thermoplastic materials obtained by polymerization of monomers which are distilled from petroleum as well. They are widely used as tackifiers, adhesives, and binders in a variety of industries that include coatings, printing inks, adhesives, rubber compounding and asphalt modification. Additives made from crude oil increase the level of the products by providing good adhesiveness, cohesiveness, high viscosity, and thermal resistance. They are a unique class of additives with the ability to work well with nearly every kind of polymer and solvent. Moreover, petroleum resins enjoy remarkable chemical resistance, moisture tolerance, and UV radiation resistance, which account for their high feasibility in outdoor uses. The versatile and efficient petroleum resins are a key element in many industrial areas that help in designing the long lasting and excellent technical features in a variety of applications.

Petroleum resins serve as an indispensable element in industrial processes of packaging, automotive, construction, and electronics in sectors that utilize substances such as adhesive bonding, sealants, paints, and coatings. The breadth of their application, adaptation, and longevity renders them instrumental constituents to the mix of diverse products, guaranteeing utmost performance and credibility.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of petroleum resins pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
• The study examines factors affecting petroleum resins price trend, including input costs, supply-demand shifts, and geopolitical impacts, 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 petroleum resins price charts ensure our clients remain at the forefront of the industry.