The prices of all major chemicals such as thermoplastic resins, thermoset resins, and paints & coatings declined in Q4 2023 as compared to Q4 of 2022. In Q4 2023, thermoset resins price declined by 12.7% and prices of thermoplastic resins and paints & coatings declined by 8.3% and 2.0% respectively as compared to Q4 2022. The price declines of these chemicals are due to declining feedstock costs. Price of packaging materials grew by 3.3% and price of adhesives and sealants increased by 1.7% in Q4 2024 as compared to Q4 2022 as a result of increase in raw material costs and increased freight cost. In forecast period, the prices of various chemicals are expected to follow the same trend as Q4 2023 as shown in the figure below.
Source: Lucintel
Figure: Year-over-Year (YoY) Price Change for Various Chemicals in Q4 2023 and Q1 2024 (e)
