As of August 2024, the price of Nonyl Phenol in the APAC region is fluctuating around $1740 per metric ton, reflecting a 3% increase from the previous month. In Q1 and Q2 2024, the market saw some volatility due to disruptions in the supply chain caused by maintenance shutdowns at key production plants in India and Taiwan, as well as logistical challenges in Singapore. Furthermore, global inflationary pressures and high crude oil prices continue to impact feedstock costs, particularly for the phenol manufacturing process.
The demand for Nonyl Phenol has remained strong, primarily driven by the demand for surfactants in the cleaning, agricultural, and personal care industries. Demand from the automotive and textile industries has also contributed to the steady market conditions in the APAC region. While the construction sector has witnessed modest growth, a slowdown in the global economy has impacted growth expectations in the chemical processing industries.
Q3 2024 Market Insights, The Nonyl Phenol market in the APAC region remains relatively tight, with prices continuing to show upward pressure due to limited supply from key producers in Taiwan and India. The continued shift towards sustainable manufacturing processes is also influencing market dynamics, as end-users are seeking alternatives and cleaner processes for production. However, with the seasonal fluctuation in demand from the personal care sector, a slight reduction in prices may be observed in the latter part of Q3 2024.
Looking ahead to Q4 2024, the ongoing rise in energy prices and the anticipated expansion of manufacturing capacity in Southeast Asia are expected to keep prices elevated, although market fluctuations are likely due to the uncertain economic outlook and any potential disruptions to key supply routes. Despite these challenges, the market is expected to stabilize by the end of 2024, with a potential for price moderation in early 2025 as new production facilities come online.