Adipic Acid Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Adipic Acid in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Adipic Acid Price Trend for the Q1 of 2024

Asia

The adipic acid market observed a vacillating price trend during the first three months of 2024. The prices in China initially inclined in the first couple of months and then declined swiftly over the next couple of months. Initially, the demands from downstream polymer and plastic industries were high, so the suppliers procured bulk quantities, anticipating higher returns on high demands.

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A rising upstream cost trajectory also suggested increased revenue, so the inventories saw a heavy product influx. However, as time progressed the general commodity costs kept rising along with the hike in oil prices following the attack on the Russian energy infrastructure.

This trampled the end consumer purchases and led to downstream industries having dull demands. The prices then again declined as the demands crumbled down. After averaging around 1347 USD/MT in Jan '24 in the Chinese domestic market the adipic acid prices went to average about 1372 USD/MT in March '24.

Europe

The European market's performance for adipic acid was largely unsatisfactory compared to the global market. The prices here followed a downward facing trajectory for the most period.

The Russia-Ukraine war was still ongoing, and Ukraine attacked major Russian oil refineries, trampling its domestic and international oil supplies; this broke the end consumer's sentiments. Since the downstream consumption remained dull, the prices didn't have much room to improve. Overall, a weak market performance was experienced.

North America

The American adipic acid market mimicked the Asian market very closely during the given period of Q1'24. The prices saw an inclined pattern initially as the market queries saw a rise. The suppliers made some safe purchases as the demands rose. However, amidst a striking rise in the upstream costs, the demands started plunging.

The inventory stocks took dominance over downstream demands, and thus, after inclining in the first half of the quarter, the adipic acid prices declined in the second half. Overall, mixed market sentiments were observed in Q1'24.

Analyst Insight

According to Procurement Resource, the Adipic Acid price trends are likely to continue fluctuating in the coming months as well. Given the current supply and demand dynamics, not much change is expected in the prices.

Adipic Acid Price Trend for the October - December of 2023

Asia

In Asian countries, particularly China, domestic traders faced competition from the increased number of cheap imports of adipic acid-driven products into the region. This increased the competition in the market, and the manufacturers were forced to reduce their quoted prices to compete with the overseas industries. However, amid the slow economic development of the country, the rates of exports reached a new bar and thus somehow helped the market to maintain its pace.

Europe

In the initial months of the fourth quarter of 2023, the price trend of adipic acid stumbled due to fluctuations in the rates of procurement from the downstream industries. The manufacturing sector faced downturns as there was a substantial decline in the number of new orders. In view of this pessimistic approach of the consumers, the manufacturing sector adhered to several cuts in its production rates. The traders were thus forced to adjust their profit margins along with the trend in the market dynamics.

North America

The adipic acid price trend trajectory in the United States mirrored its historical patterns. The downstream sectors like Polyamide 66 exhibited limited fluctuations, and demand from these industries stayed subdued. The adipic acid industries faced a significant fall in demand, which caused many manufacturers to cut their production rates. The strengthening of the supply chain can be attributed to the reduced demand for inputs and rise in product availability which proved to be a challenge for the entire dynamics of the adipic acid market.

Analyst Insight

According to Procurement Resource, the price trend of Adipic Acid are estimated to follow the trend opted for polyamide and other downstream industries.

Adipic Acid Price Trend for the July-September of 2023

Asia

The adipic acid price analysis of the third quarter followed a bearish trajectory due to a variety of reasons. During this phase, the adipic acid price trend were negatively affected by the poor performance of the downstream industries and the reduction in the export rates. Further, the uncertainty in the cost of crude oil prices and the reduction in its production due to OPEC+ sanctions accelerated the downfall of the adipic acid price graph. The demand scenario was bleak not only in the domestic region but also in the overseas industries, and as a result, the adipic acid price trend nosedived.

Europe

The prices of adipic acid overturned in the third quarter of 2023 with the help of an increase in the cost of feedstock materials and crude oil. On the other hand, the demand from the end-user industries remained weak throughout the quarter due to the poor performance of the European economy. The growth of price trend of adipic acid was also affected by the rise in interest rates and fall in the number of sales of textile industries.

North America

The trajectory of adipic acid price graphs surged during the middle of Q3 while it declined during the initial and later phases. The surge in the prices was due to the rise in the cost of raw materials and energy production. However, the weak momentum of the trend was attributed to the fall in sales numbers, weak demand, and plunging economic growth of the region. Due to this, the inventory number shot up, forcing the traders to lower their price quotations and thus hampering the growth of adipic acid price trend.

Analyst Insight

According to Procurement Resource, the price trend of Adipic acid is expected to follow a weak growth rate majorly due to the struggling global economy.

Adipic Acid Price Trend for the First Half of 2023

Asia

In the initial months of the first quarter of 2023, the price trend of adipic acid inclined due to a rise in support from the rising feedstock benzene prices and stable demand from the downstream industries. However, the spot prices declined from around 1587 USD/MT in February to around 1314 USD/MT in June’23, thereby registering an overall decline of around 17%. The trend during this time was adversely affected by the global decline in demand for adipic acid and the availability of cheap import options in the region.

Europe

In Europe, the prices of adipic acid followed a southward trajectory as they suffered from the weak economic conditions in Europe. The first two quarters were also not favorable for the rise in prices of adipic acid as the hike in inflation rates led to the weakening of buying sentiments of consumers along with the reduction in demand from the textile sector.

North America

A decline in the prices of adipic acid was observed in the first two quarters of 2023 due to the weak performance of the market. The prices in this region also suffered from the poor demand from polymer and petrochemical industries, a rise in natural gas production (which negatively impacted production costs), and the contraction in new orders. The prices thus failed to gain the required momentum and fell gradually in North America.

Analyst Insight

According to Procurement Resource, the price of Adipic Acid is estimated to decline in the upcoming quarter as the major market players of adipic acid are showing feeble demand. Further, the rise in global inflation is expected to impact the adipic acid sector negatively.

Procurement Resource provides latest prices of Adipic Acid. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.