The prices of all major chemicals such as thermoset resins, paints & coatings, adhesives and sealants, and packaging materials increased in Q1 2023 as compared to Q1 of 2022, except that of thermoplastic resins declined. Overall, price index of various chemicals increased by 9.6% in Q1 of 2023 on year over year basis but rose up to 1% from previous quarter (Q4, 2022). The price increase of these chemicals is majorly driven rising crude oil prices and increased freight cost due to supply chain disruption. In terms of composite materials, including glass fiber, epoxy resin, and UPR declined in Q1 2023 as compared to Q1 of 2022, while that of carbon fiber slightly increased. Overall, price index of composite materials declined by 6% in Q1 of 2023 on year over year basis but rose up to 2% from previous quarter (Q4, 2022). The price decline of composite materials is majorly due to declining raw material prices and due to softening demand from major end use industries. The prices of chemicals and composites are expected to follow the same price trend in Q2 2023 as shown in the following figure.
Figure: Year-over-Year (YoY) Price Change for Chemicals and Composites in Q1 2023 and Q2 2023(e)
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