The prices of all major chemicals such as thermoplastic resins, thermoset resins, and paints & coatings declined in Q1 2024 as compared to Q1 of 2023. In Q1 2024, thermoset resins price declined by 13.1% and prices of thermoplastic resins and paints & coatings declined by 4.0% and 1.4% respectively as compared to Q1 2023. The price declines of these chemicals are due to reduced demand and rising uncertainties in downstream industries. Price of packaging materials grew by 2.4% and price of adhesives and sealants increased by 0.6% in Q1 2024 as compared to Q1 2023 as a result of increase in raw material costs and increased freight cost due to supply chain disruption. In forecast period, the prices of various chemicals are expected to follow the same trend as Q1 2024 as shown in the figure below.
Source: Lucintel
Figure: Year-over-Year (YoY) Price Change for Various Chemicals in Q1 2024 and Q2 2024 (e)
