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Written by elijah001 » Updated on: October 16th, 2024
The US Isophthalic acid market declined to 1495 USD/MT in Q4 2023 because of lower feedstock m-xylene costs, and the increased imports from Asia.
The latest report by IMARC Group, titled "Isophthalic Acid Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data," provides a thorough examination of the Isophthalic Acid Prices. This report delves into the price of Isophthalic Acid globally, presenting a detailed analysis, along with informative Price Chart. Through comprehensive Isophthalic Acid Price analysis, the report sheds light on the key factors influencing these trend. Additionally, it includes historical data to offer context and depth to the current pricing landscape. The report also explores the Demand, analyzing how it impacts Industry dynamics. To aid in strategic planning, the price forecast section provides insights into price forecast, making this report an invaluable resource for industry stakeholders.
Isophthalic Acid Prices Analysis
Report Offering:
The study delves into the factors affecting isophthalic acid price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.
The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.
Request For a Sample Copy of the Report: https://www.imarcgroup.com/isophthalic-acid-pricing-report/requestsample
Isophthalic Acid Price Trend- Last Quarter
The isophthalic acid market is experiencing robust growth driven by several key factors. The rising demand for Isophthalic Acid in the production of polyethylene terephthalate (PET) resin, which is extensively used in packaging applications, is a significant driver. With the booming packaging industry globally, particularly in the food and beverage sector, the demand for PET resin is escalating, consequently propelling the demand for Isophthalic Acid.
Additionally, Isophthalic Acid finds extensive usage in the manufacturing of corrosion-resistant fiberglass reinforced plastics (FRP), which are extensively employed in automotive, construction, and marine industries.
The increasing construction activities and automotive production across the globe are further fueling the demand for Isophthalic Acid. Moreover, the growing adoption of Isophthalic Acid in the production of powder coatings due to its excellent chemical and weather resistance properties is contributing to market growth.
Isophthalic Acid Industry Analysis
In the last quarter of 2023, the Isophthalic Acid market witnessed a decline in prices, particularly in the US market. The influence of feedstock m-xylene's cost pressure on Isophthalic Acid was insufficient to counteract the downward trend, as prices settled on the lower end domestically. Concurrently, imports from the Asian market became more economical due to decreased prices, resulting in reduced production costs domestically.
Moreover, macroeconomic challenges such as ongoing inflationary pressure and elevated interest rates weakened the purchasing power of end-users. Despite the Federal Reserve targeting a 2% annual inflation rate, achieving this goal was not anticipated for several years. Market indicators suggested the central bank was likely concluding its rate hikes in the current cycle, further impacting purchasing power and contributing to the downward pressure on Isophthalic Acid prices.
Furthermore, demand for Isophthalic Acid from downstream industries such as PET resin and derivatives remained subdued, reflecting slow buying trend among end-users. Weak demand continued to put pressure on sellers, with buyers either making limited purchases when necessary or adopting a cautious stance in anticipation of further declines.
This decline in downstream demand could be attributed to underperforming end businesses and global economic uncertainties. Overseas market demand also softened as buyers refrained from actively stocking up on the material, further contributing to the downward pressure on Isophthalic Acid prices. Despite disruptions in the supply chain caused by turmoil in the Red Sea and prolonged drought in the Panama Canal, material availability remained sufficient to meet overall downstream demand, further deteriorating Isophthalic Acid prices in the domestic market.
Regional Price Analysis:
Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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