The prices of all major chemicals, such as adhesives and sealants, thermoplastic resins, and packaging materials, increased in Q3 2024 as compared to Q3 of 2023. In Q3 2024, prices of adhesives & sealants, thermoplastic resins, and packaging materials increased by 0.9%, 0.4%, and 0.3% respectively as compared to Q3 2023. Paints & coatings price declined by 3.9% and thermoset resin price declined by 2.3% in Q3 2024 vs Q3 2023. The price declines of these chemicals are due to reduced demand and rising uncertainties in downstream industries. In the forecast period, the prices of all chemicals are expected to follow the same price trend as Q3 2024. The figure below shows changes in prices of various chemicals in Q3 2024 and forecast for Q4 2024.
Source: Lucintel
Figure: Year-over-Year (YoY) Price Change for Various Chemicals in Q3 2024 and Q4 2024 (e)
