Global 2-Ethylhexyl Acrylate Market Experienced Bullish Price Trends Amidst robust downstream Demand

Hamburg, Germany: Globally, the market of 2-Ethylhexyl Acrylate witnessed bullishness in its price trend during the first month of 2024. Due to the surge in demand from the downstream Paint and Coating sectors, also, the inventory levels were insufficient. Furthermore, providing support to the prices of 2-Ethylhexyl Acrylate was the price trend of its upstream Crude Oil market. During January 2024, the prices of Crude Oil increased which resulted in enhanced energy cost and ultimately, adding up to the overall production cost for the commodity.

In Germany, the market prices for 2-Ethylhexyl Acrylate surged by 0.89% and reached USD 1700/MT (FD-Hamburg) in January 2024. Therefore, the rate of consumption of the existing inventories was executed at a higher pace which created the requirement for the restocking of inventories of 2-Ethylhexyl Acrylate. Considering the market situation, the producers decided to increase the rate of production for the commodity. Additionally, the economy in the Eurozone has come to a standstill amid challenges faced by Germany. The economic downturn in the Eurozone can be attributed primarily to Germany's struggles. Germany's business model, which relied on affordable energy from Russia and extensive two-way trade with China, has been disrupted by geopolitical developments, contributing to the overall underperformance of the Eurozone economy.

At the same time, the prices for 2-Ethylhexyl Acrylate followed an upward trend in the Singapore market due to the heightened demand from the downstream Paint and Coating sectors and insufficient inventory levels. Therefore, the trade inflows from the Japanese to the Singapore market were increased in the hope of attaining the equilibrium between supply and demand for 2-Ethylhexyl Acrylate. In the Asian market, the prices of the commodity were recorded to be inclining due to the high demand for the Paint and Coating.

Similarly, in the US market, the price hike of 2-Ethylhexyl Acrylate was attributed to the intensified demand from the downstream sectors and continuous consumption of the existing inventory levels. Therefore, after considering the market situation, the market players raised their Ex-quotations to raise their marginal profits along with the sales, despite the increased prices the buyers enhanced their purchasing activities to fulfill the rising demand. In the North American market, the prices of 2-Ethylhexyl Acrylate were witnessed to be rising.

As per ChemAnalyst, the prices of 2-Ethylhexyl Acrylate are anticipated to be declining in the upcoming weeks. Due to the expectations of a decrease in the demand from the downstream Paint and Coating sector along with the sufficient inventory levels. However, the prices of Crude Oil are expected to be increasing which may increase the production cost but due to the sufficient inventory levels in the storage facilities, the prices may face a downward trend.