Despite soaring upstream value Ethyl Acrylate market showing mixed sentiments in different Economies
- 18-Apr-2022 6:11 PM
- Journalist: Gabreilla Figueroa
The global Acrylate market has been under scepticism since the Russia-Ukraine conflict started in January 2022. Even though global Acrylate manufacturers have witnessed consistent price escalation, influenced by fuming crude oil value due to the ongoing Russia Ukraine war, Ethyl Acrylate price showcased a significant fall during the February-March timeframe. However, contrary to other neighbouring nations, some major economies like Japan and China showcased significant hikes in the meantime.
As per the ChemAnalyst data, Ethyl Acrylate prices showcased a significant hike of around 1.4% and 3.7% in Japan and China, respectively, while other regional economies like India and South Korea witnessed a decline of around 2.5% and 4.3% in spot purchases. These declines were bolstered by ample availability of the product coupled with wavering offtakes from downstream niche buyers. However, the Acrylate market has been witnessing a consistent hike for several commodities like Methyl Methacrylate (MMA) and Butyl Acrylate Monomer (BAM), driven by demand-supply fundamentals. Meanwhile, China has witnessed the worst hit of a pandemic since 2020, which has impacted China's overall production and trade activities, making it hard for traders to procure or transport cargoes from the country. In addition, other nations like India have started showing mixed sentiments, as the imported prices are demonstrating positive revision due to market disturbance in China, while domestic manufacturers are further negotiating their offers on their existing inventories.
Discussion for the product across other regions like Europe and North America also remained mixed or has changed its dynamics drastically. The ongoing war between Russia and Ukraine has primarily impacted Europe due to its direct dependency on importing several prime commodities from Russia and Ukraine. The European market exhibited sudden market dynamics changes under the threat of rising upstream natural gas and crude oil scarcity due to Russia-Ukraine war situation.
As per the ChemAnalyst analysis, Ethyl Acrylate pricing dynamics are likely to change their trajectory in forthcoming months, under rising global crude oil value coupled with fuming natural gas across Europe and the USA. Meanwhile, Asia is also expected to feel the heat of rising freight costs and the effect of rising pandemic related restrictions across major economies.