Udeesha Tomar
AVP - Strategy and Solutions
Leading procurement research solutions across chemicals, materials, and food & beverages, with expertise in price forecasting and market analytics.
Silicone Rubber Price Trend Drops Down Amid Low Demand Across the Globe
Jan 22, 2024
Global Silicone Rubber Rate Declined Amid Low Demand
The price trend of silicone rubber declined during the month of December 2023, with a decrease in the demand for the product in the market. The market was influenced by the low demand acquired by the downstream industries, including the construction and automobile industries.
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The sufficiency marked in the inventories, coupled with the rapid destocking activities, impacted the prices of silicone rubber in the global market.
Reduction in the Prices in the German Market During December 2023:
The German price trend of silicone rubber experienced a drop during December 2023. The market was running low despite the rise observed in the silicon metal market. The decline in the demand from the downstream industries, specifically the automobile sectors, had a notable impact on sales. Moreover, a high reduction in the registrations of new cars due to the termination of EV incentives ultimately led to the low-price trend of silicone rubber in Germany.
Low Prices of Silicone Rubber in the USA Despite an Uptrend in the Feedstock Rates:
The silicone rubber market declined in the USA despite good growth in the prices of the feedstocks during December. The reduction in the price trend continued amid an uptick in the vehicle market. Additionally, the weak demand, along with the overall economic condition, impacted the momentum in the US market.
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According to the Procurement Resource, the global market witnessed a contraction in silicone rubber prices throughout the month of December 2023 amid a diminished demand obtained from the downstream industries. The uncertain demand flow from the automobile and construction sectors, coupled with the favorable freight charges, resulted in a reduction in the spot prices. The rates are anticipated to oscillate following the existing trend in the global market in the forthcoming months.
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