In the first half of 2024, the Ethyl Acrylate market experienced a notable decline due to disruptions in trade routes and a decreasing demand, as industries shift towards more sustainable alternatives. This trend is particularly significant as manufacturers look to bio-based options, reflecting a broader movement towards sustainability. BASF, a major player in the market, has announced plans to begin production of bio-based Ethyl Acrylate starting in Q4 of 2024, signalling a strategic pivot in response to evolving market demands.
In Q1 of 2024, prices for Ethyl Acrylate in the APAC and North American markets fell by 8.5% and 2.8%, respectively. This decline is largely attributed to shifting market sentiments favouring sustainability, which has led to a decrease in demand. Additionally, ongoing conflicts in the Middle East and tensions in the Red Sea have further disrupted trade routes, exacerbating the imbalance in demand and supply. As industries increasingly pivot towards sustainable alternatives, the Ethyl Acrylate market faces significant challenges in regaining equilibrium amidst these external pressures.
In Q2 of 2024, the downward trend in the Ethyl Acrylate market persisted, with prices in the APAC region and North America dropping by 9% and 3%, respectively. This continued decline was driven by increasing negative market sentiments and an oversupply issue, further exacerbating the imbalance in demand and supply. As industries increasingly shift towards sustainable forms of Ethyl Acrylate, the traditional market faces significant challenges. The focus on sustainability is reshaping consumer preferences, leading to a re-evaluation of production strategies and pricing structures across the sector.
In Q3 2024, the Chinese Ethyl Acrylate market is stabilizing, showing a slight increase of 0.8%, due to a more balanced demand-supply equilibrium. However, the East Asian region, particularly South Korea, saw a decline of 4.5%. North America also faced a dip, with prices falling by 1.9%. This trend coincided with BASF’s announcement to transition their portfolio towards bio-based Ethyl Acrylate, underscoring the industry’s significant shift towards sustainability. As major players adapt to these changes, the overall market dynamics are likely to evolve, influencing pricing and demand patterns in the coming quarters.
In Q4 2024, Ethyl Acrylate prices are expected to decline further due to decreasing demand as the market shifts towards sustainable bio-based alternatives. This transition reflects growing environmental concerns and changing consumer preferences, with major manufacturers like BASF leading the way in bio-based production, intensifying pressure on traditional Ethyl Acrylate prices.