In Q4 2022, the prices of all major chemicals such as thermoset resins, paints & coatings, adhesives and sealants, and packaging materials increased in Q4 2022 as compared to Q4 of 2021, excepting that of thermoplastic resins declined. Thermoset resins price increased by 13% and prices of paints & coatings, adhesives and sealants, and packaging materials grew by 21%, 19%, and 23% respectively. The price increase of these chemicals is majorly driven by increased raw material prices because of rising crude prices and increased freight cost due to supply chain disruption. Thermoplastic resins price declined by 13% in Q4 2022 Vs Q4 2021 due to softening demand from major end use industries. The prices of various chemicals are expected to increase further in Q1 2023 when compared to Q1 2022 as shown in the figure below.
Source: Lucintel
Figure: Year-over-Year (YoY) Price Change for Various Chemicals in Q4 2022 and Q1 2023
