- Dicyclopentadiene firmed unevenly in Q1 2026, staying comparatively better supplied. Hormuz disruption became the main late-quarter risk after flows fell to less than 10.0% of normal levels.
- Feedstock pressure rose as the Strait of Hormuz handled around 20 million barrels/day of crude and refined products in 2025.
- Downstream demand was mixed across hydrocarbon resins, unsaturated polyester resins, adhesives, coatings, and rubber applications. Asian producers considered run-rate cuts, Europe faced lower spot availability, and North America benefited from stronger export options.
Asia
In Asia, Dicyclopentadiene gained upward momentum during Q1 2026 as naphtha-linked cracker economics tightened after the Iran conflict disrupted Middle East cargo movement. South Korea sourced about 54.0% of its naphtha through the Strait of Hormuz, making the region highly exposed to shipment delays and rerouting. Asia’s usual Middle East naphtha intake of around 4 million metric tons per month became less reliable, while Chandra Asri declared force majeure and Japanese buyers cancelled April import tenders. This tightened C5 stream availability and supported firmer Dicyclopentadiene sentiment despite cautious resin-sector buying.
Europe
Europe saw a firmer Dicyclopentadiene trend in March as feedstock uncertainty moved through the naphtha, olefins, and C5 derivative chain. European buyers were affected by wider petrochemical disruptions after Hormuz-linked flows fell below 10.0% of pre-conflict levels. Hydrocarbon solvent offers in Europe rose by around 10.0%, indicating broader pressure across related chemical streams. Propylene and butadiene settlements also moved higher before full Middle East risk was priced in, pointing to stronger upstream pressure. Sellers limited spot volumes because of freight uncertainty and feedstock risk, which tightened availability for resin and specialty chemical users.
North America
North America remained more stable than Asia and Europe in Q1 2026 due to domestic feedstock availability and stronger Gulf Coast logistics. The region was less dependent on Hormuz-linked naphtha, while Port Houston chemical container exports increased by 12.0% in March. Gulf Coast infrastructure also had around 20.0% surge capacity for major disruptions, helping exporters respond to replacement demand. Dicyclopentadiene sentiment improved late in the quarter as overseas buyers assessed alternatives, but local supply stayed more balanced than in import-sensitive regions.