The prices of all major chemicals, such as packaging materials, adhesives and sealants, and paints & coatings increased in Q4 2024 as compared to Q4 of 2023. In Q4 2024, prices of packaging materials, adhesives & sealants, and paints & coatings increased by 2.6%, 1.2%, and 0.6% respectively as compared to Q4 2023. Thermoplastic resins price declined by 0.5% and thermoset resin price declined by 0.1% in Q4 2024 vs Q4 2023. Throughout the quarter these chemicals prices faced consistent pressure due to weak demand. In the forecast period, the prices of all chemicals are expected to follow the same price trend as Q4 2024. The figure below shows changes in prices of various chemicals in Q4 2024 and forecast for Q1 2025.
Source: Lucintel
Figure: Year-over-Year (YoY) Price Change for Various Chemicals in Q4 2024 and Q1 2025 (e)
