The prices of all major chemicals such as thermoplastic resins, thermoset resins, and paints & coatings declined in Q2 2024 as compared to Q2 of 2023. In Q2 2024, thermoset resins price declined by 8.2% and prices of thermoplastic resins and paints & coatings declined by 5.4% and 5.3% respectively, price of packaging materials declined by 0.2% and price of adhesives and sealants also declined as compared to Q2 2023. The price declines of these chemicals are due to reduced demand and rising uncertainties in downstream industries. In forecast period, the prices of thermoplastic resins are expected to due increase in raw material price as shown in the figure below.
Source: Lucintel
Figure: Year-over-Year (YoY) Price Change for Various Chemicals in Q2 2024 and Q3 2024 (e)
