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Written by Beckett » Updated on: July 08th, 2024
Stearic Acid Price in South Korea
South Korea: 1322 USD/MT (Rubber Grade)
In the last quarter, the current price of rubber-grade stearic acid in South Korea stood at $1322 per metric ton. The country experienced a notable strengthening of its currency, influencing the pricing dynamics of stearic acid within its borders.
The latest report by IMARC Group, titled "Stearic Acid Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data," provides a thorough examination of stearic acid price trend. This report delves into the price of stearic acid globally, presenting a detailed analysis, along with informative stearic acid price chart. Through comprehensive stearic acid price analysis, the report sheds light on the key factors influencing these trends. Additionally, it includes historical data to offer context and depth to the current pricing landscape. The report also explores the stearic acid demand, analyzing how it impacts market dynamics. To aid in strategic planning, the price forecast section provides insights into price forecast, making this report an invaluable resource for industry stakeholders.
Stearic Acid Prices December 2023:
Report Offering:
The study delves into the factors affecting stearic 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/stearic-acid-pricing-report/requestsample
Stearic Acid Price Trend- Q4 2023
The stearic acid market is primarily driven by the rising demand from key industries such as automotive, soap and detergent, and rubber sectors. As a versatile fatty acid, stearic acid is widely utilized in manufacturing processes, particularly in the production of tires and other automotive components, which have seen increased demand due to the growth in automotive sales. Additionally, the soap and detergent industry relies heavily on stearic acid for its emulsifying properties, contributing to the steady demand.
Stearic Acid Market Analysis
The global stearic acid market size reached 9 Million Tons in 2023. By 2032, IMARC Group expects the market to reach 14.4 Million Tons, at a projected CAGR of 5.40% during 2023-2032. The upward trend in stearic acid prices is further influenced by fluctuations in the cost of raw materials, particularly palm oil, which is the primary feedstock for stearic acid production. Palm oil prices have been volatile due to factors such as poor cultivation practices, increased demand from the biodiesel sector, and geopolitical issues affecting supply chains. Moreover, transportation and logistics challenges, including elevated freight charges and supply chain disruptions, have also played a significant role in shaping the market dynamics.
Factors influencing stearic acid prices in Q1 2024
North America
In North America, stearic acid prices during the first quarter of 2024 were influenced by a combination of supply constraints and robust demand from the automotive sector. A 1% increase in prices was noted, driven by the scarcity of palm oil and heightened domestic demand from Indonesia. The automotive sector's strong performance, with a 17% increase in sales and high summer tire demand, supported the price rise. Additionally, disruptions in the supply chain, such as truck driver protests and elevated freight charges, further impacted the pricing. Despite a 22% decline in automotive sales in January, nearshoring initiatives and festive season sentiments helped stabilize the market. Overall, North American stearic acid prices showed a trend towards stability with upward fluctuations due to these varied factors.
Asia
In the Asia-Pacific region, stearic acid prices during Q1 2024 remained relatively stable but were significantly impacted by fluctuations in palm oil prices. The increased cost of palm oil, driven by poor cultivation and high biodiesel sector demand, elevated production costs for stearic acid. Demand from downstream industries such as automotive, soap, detergent, and rubber sectors also played a role. While some regions experienced rebounds in automotive sales, others saw slowdowns, affecting overall demand. Seasonal shifts in the soap and detergent industry further influenced prices. In South Korea, despite a slight decline compared to the previous quarter, the stearic acid prices exhibited a positive trend year-over-year, indicating market stabilization.
Europe
In Europe, the stearic acid market experienced moderate fluctuations in Q1 2024. Prices remained relatively stable, with moderate demand from the automotive and soap and detergent sectors. A notable price increase of 2% in the Netherlands was driven by costly imports from Malaysia, where palm oil price hikes elevated production costs. Additionally, supply constraints due to delays in cargo arrivals from the Red Sea crisis exacerbated the situation. Although electric vehicle sales buoyed automotive sector demand, seasonal factors reduced demand from the soap and detergent industry. Compared to the same quarter last year, prices were higher, but there was a slight dip from the preceding quarter, reflecting overall market stability.
South America
In South America, stearic acid prices increased by approximately 5% during Q1 2024. The scarcity of palm oil, sourced primarily from Southeast Asia, raised production costs. Disruptions in major waterways led to higher freight charges, resulting in the arrival of costly inventories. Initially low demand in Brazil, with an 11% decline in automotive sales, saw a turnaround with a 2% increase in February and investment announcements in hybrid vehicle manufacturing. The limited availability of palm oil, due to poor farming practices and high biodiesel demand, coupled with internal logistical challenges like seasonal rainy weather, further drove up stearic acid prices.
Key Points Covered in the Stearic Acid Pricing Report:
The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:
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 is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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