Diminishing Downstream Automotive Sector Takes Down Indian Styrene Acrylonitrile Market Value

Mumbai, India- The inflation in fuel prices in the Indian market and other rising commodity prices have steamed down the automotive industry. The economy section of India's vehicle market will probably not be restored in the long term as inflation has forced buyers to purchase. This retardation in end-use business impacts the market value of Styrene Acrylonitrile in the Indian market, consequently decreasing its prices.

The war between Russia and Ukraine has stretched for more than three months, which was not expected by any country. This elongation has severely affected the prices of crude oil in the international market as fuel prices skyrocketed, impacting the pockets of ordinary people. Aside from the commoner, automotive manufacturers are in turmoil as consumer demand moves like a snail and crude oil prices move quickly. As a result, the automotive manufacturers are facing low demand, consequently affecting the Styrene Acrylonitrile market. However, the demand overrules the situation, forcing the manufacturers and dealers to decrease the retail prices of Styrene Acrylonitrile. These facets have played a significant role in governing the price of Styrene Acrylonitrile in the Indian market.

According to the resources, the global automobile industry faces chip shortages from significant suppliers: South Korea, China, and Japan. For Indian manufacturers, the shortage of containers, escalating freight charges, and trade route disruption have significantly affected the prices. Furthermore, India is one of the major exporters of Styrene Acrylonitrile, and weak demand from the overseas market has halted the export market. As a result, the Styrene Acrylonitrile manufacturers have an ample amount of the same to cater to the domestic demand. Because of market dullness, the prices of Styrene Acrylonitrile in the Indian market have decreased in the last few weeks.

According to ChemAnalyst, "the prices of Styrene Acrylonitrile may stabilize in upcoming weeks as prices of feed will elevate proportionally impacting its downstream sectors."