For the Quarter Ending March 2025
North America
In Q1 2025, the North American 2-Ethylhexyl Nitrate (2-EHN) market saw a 3.8% quarter-over-quarter price decline, shaped by easing import costs and shifting demand dynamics. January opened with a drop in prices, driven by steady supply inflows and moderate demand from the paints and coatings sector. Automotive sector performance remained resilient, supporting baseline consumption.
In February, prices rebounded modestly as the automotive and aerospace sectors sustained demand, while stable inventories and declining freight costs ensured consistent supply. March witnessed a second consecutive price rise, fueled by anticipatory buying ahead of potential tariff changes, which spurred short-term demand from the automotive industry. Despite mild import restrictions from Asia, sufficient stockpiles and alternative imports from Malaysia and Europe kept the market well-supplied. Logistics costs remained stable to slightly decline, further reinforcing market balance.
Overall, the quarter was characterized by price fluctuations around a stable core, with macroeconomic uncertainties and shifting trade sentiments playing key roles in shaping short-term purchasing behavior and price trends for 2-EHN across the region.
APAC
In Q1 2025, the South Korean 2-Ethylhexyl Nitrate (2-EHN) market witnessed a modest quarter-over-quarter price decline of approximately 1.3%. The quarter opened with a price dip in January, driven by softer import costs, steady inventory levels, and moderate downstream demand, particularly from the paints and coatings sector. Although vehicle sales continued their year-on-year growth, cautious consumer spending amid inflationary pressure limited overall demand. February saw a slight price rebound, supported by strong performance in the automotive and aerospace sectors, where 2-EHN is widely used as a cetane improver. Despite firm demand, supply remained stable due to smooth cargo inflows. In March, prices rose moderately as supply tightened due to persistent port congestion in key exporting countries like China, delaying shipments. Meanwhile, demand was moderately supported by new vehicle launches, although broader consumer sentiment remained subdued. Throughout the quarter, falling freight rates and steady inventories prevented sharp price volatility. The market remained largely balanced, with logistical disruptions and downstream consumption shaping the overall price trajectory.
Europe
In Q1 2025, the European 2-Ethylhexyl Nitrate (2-EHN) market experienced mixed price movements, ultimately registering a modest decline over the quarter. January began with stable pricing as inventories remained adequate due to proactive restocking efforts in late 2024. Demand from key end-use sectors such as automotive and industrial lubricants remained moderate, aligning with seasonal trends. February saw a slight price increase, supported by improved offtake from the automotive sector amid a rebound in diesel vehicle production across parts of Central Europe. However, market fundamentals were balanced by steady inflows of imports, particularly from Asia and North America, aided by declining sea freight rates. In March, prices softened again due to weakened industrial activity and broader macroeconomic uncertainty, which limited downstream consumption. Additionally, improved logistics and sufficient inventory levels across Western Europe helped ease supply-side pressures. Overall, despite a temporary upward movement mid-quarter, subdued demand and easing logistics costs contributed to a marginal quarterly price correction, keeping the European 2-EHN market relatively balanced and well-supplied.
For the Quarter Ending December 2024
North America
In Q4 2024, the North American 2-Ethylhexyl Nitrate (2-EHN) market displayed notable price fluctuations, driven by a combination of supply chain disruptions, demand dynamics, and market adjustments.
Early in the quarter, prices surged sharply due to significant supply shortages caused by logistical challenges, including low water levels in the Panama Canal and Mississippi River, which delayed shipments and constrained imports. The Elevated freight rates from Asia to USA , driven by increased container spot rates and the anticipation of labor strikes on U.S. coasts, added to the upward price pressure. Despite subdued demand from the key automotive sector, where vehicle sales reflected year-on-year declines, supply constraints sustained the price surge.
However, as the quarter progressed, competitive imports from Asia, coupled with year-end pricing strategies, led to a gradual decline in prices. By December, market conditions stabilized, supported by adequate inventory levels and consistent demand from automotive and coatings sectors, with robust vehicle sales, such as Ford’s 15% growth, underpinning steady consumption.
APAC
In Q4 2024, the price of 2-EHN in the Asian market increased due to supply constraints and rising production costs, despite stable feedstock prices like 2-EH. Buyer interest was steady, but the underperformance of the automotive sector limited price growth. Manufacturing units faced challenges with raw material availability, leading to upward price adjustments. Meanwhile, the price of 2-Ethylhexyl Nitrate (2-EHN) declined due to reduced production rates and sufficient inventories of essential feedstock, ensuring adequate supply levels. The demand for 2-EHN remained stable, supported by growth in the automotive sector, especially electric vehicles, although the anticipated year-end surge in demand did not fully materialize. Retail vehicle sales grew by 11.21% in November, driven by two-wheeler demand, but market activity among traders and consumers remained subdued. In summary, 2-EHA prices rose due to supply issues, while 2-EHN prices fell due to stable supply and reduced production rates, with automotive sector demand playing a key role in both markets.
Europe
The price of 2-Ethylhexyl Nitrate (2-EHN) in the European market remained subdued during the final quarter of 2024, reflecting a stable balance between supply and demand. Inventories were sufficiently stocked to meet consistent consumption needs, particularly from the automotive sector, which remains the primary end-user of 2-EHN in paints, coatings, and lubricants. Although global automotive production has shown signs of growth, European and North American markets have been constrained by slower vehicle sales and production challenges, partly driven by the ongoing transition toward electrification. Germany emerged as an exception, maintaining steady automotive production, supported by its strategic push toward electric vehicle manufacturing. This steady demand has helped stabilize the German 2-EHN market, allowing it to absorb minor cost fluctuations without significant disruption. Nevertheless, European manufacturers continued to face challenges, including a prolonged destocking cycle, geopolitical uncertainties, and a challenging economic climate, all of which led to reduced production activity. Despite these headwinds, stable inventories and steady automotive demand have provided a favorable outlook for the European 2-EHN market.
For the Quarter Ending September 2024
North America
Throughout the third quarter of 2024, the North American market for 2-Ethylhexyl Nitrate (2-EHN) experienced a consistent downward trend in prices, driven by a combination of demand-side and supply-side factors. One of the primary reasons behind this price decline was the weakening demand from major end-use industries, most notably the automotive and construction sectors, both of which are significant consumers of 2-EHN.
The automotive sector, in particular, has been grappling with a slowdown in vehicle production and sales, compounded by increasing competition from electric vehicles. Meanwhile, the construction industry faced headwinds due to rising interest rates and reduced project activity, further limiting the demand for 2-EHN. On the supply side, North America saw a surplus of domestically produced 2-EHN, which added downward pressure on prices. This oversupply situation was exacerbated by logistical challenges in distribution, contributing to significant stockpiling of inventories across the region.
Additionally, fluctuating crude oil prices, a key factor in 2-EHN production costs, further complicated pricing dynamics, although the impact of these fluctuations remained relatively moderate. The quarter-ending price of 2-EHN in Houston stood at USD 1666 per metric ton, reflecting the steady downward trajectory that had been observed throughout Q3 2024. Overall, the market faced ongoing imbalances between supply and demand, contributing to the persistent softness in pricing.
APAC
In the third quarter of 2024, the Asia-Pacific (APAC) region experienced a significant downturn in 2-Ethylhexyl Nitrate (2-EHN) prices, with India witnessing the most pronounced fluctuations. The quarter was marked by a bearish market sentiment, driven by several key factors. Elevated supply levels of 2-EHN, supported by strong production rates and ample availability of raw materials, exerted substantial downward pressure on prices. This was further compounded by weak demand from downstream industries, particularly the automotive sector, which contributed to the overall price decline. Additionally, external influences such as fluctuations in feedstock prices and global economic conditions further shaped the pricing environment. The overall market trend in Q3 2024 reflected a negative correlation between supply and demand, resulting in stable to declining prices. In India, the market experienced a significant -9% decrease in prices compared to the previous quarter, underscoring the challenging market conditions. Seasonal factors, such as reduced automotive sales following the monsoon season, also played a role in influencing price dynamics. The quarter concluded with 2-Ethylhexyl Nitrate priced at USD 1,195 per metric ton, FOB JNPT, in India, highlighting the continued pressure on pricing throughout the period.
Europe
In the third quarter of 2024, the European 2-EHNmarket experienced notable fluctuations, primarily trending downward due to a confluence of key factors. A significant contributor to this decline was the subdued demand from the automotive sector, a major consumer of Petroleum Resin. The automotive industry encountered substantial challenges, including sluggish sales figures and intensified competition from Chinese electric vehicles, which collectively diminished the need for 2-EHNin manufacturing processes. Moreover, the prices of essential feedstocks, particularly Crude Oil, failed to provide the necessary support to counteract the prevailing negative market trends. This lack of stability in feedstock prices further compounded the challenges faced by manufacturers in the region. Germany, in particular, witnessed the most pronounced price fluctuations, reflecting the difficult outlook for traditional automotive manufacturers amid ongoing industry transformations. The cumulative impact of reduced demand, competitive pressures, and stagnant feedstock prices created a challenging environment for 2-EHNpricing throughout the quarter. Consequently, the market remained on the lower end, highlighting the need for strategic adjustments within the industry to navigate these evolving dynamics effectively.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American market for 2-Ethylhexyl Nitrate (2-EHN) experienced a significant downward price trajectory. At the start of the quarter in April 2024, prices declined primarily due to cheaper imports from overseas, particularly from India and Oman. The price decrease in India had a ripple effect on the US market, compounded by reports from the Petroleum Planning & Analysis Cell (Ministry of Petroleum & Natural Gas, Government of India) indicating reduced domestic consumption of light diesel oil, which further influenced US imports.
Throughout the month, demand for 2-EHN in the US remained low, as evidenced by the U.S. Energy Information Administration (EIA) report highlighting reduced national average diesel fuel costs for fleets across all five regions. In June 2024, prices continued to decline, driven by cheaper imports from India, China, and Oman. A 6.7% price reduction in India throughout Q2 2024, influenced by consumption patterns reported by the Petroleum Planning & Analysis Cell, directly impacted the US market and contributed to the overall downward price trend.
Additionally, low demand from the US automotive industry played a crucial role, as vehicle sales declined rapidly during this period. The demand for 2-EHN in the US experienced negative growth, driven by a decline in domestic consumption of light diesel oil. This downturn was notably influenced by challenges in the US new-car market, where affordability issues, elevated prices, and higher borrowing costs continued to impact consumer decisions, resulting in a 3.9 percent decline in auto sales throughout Q2.
APAC
In Q2 2024, the APAC region faced significant downward pressure on 2-Ethylhexyl Nitrate (2-EHN) prices, primarily due to decreased demand from the downstream diesel industry as transportation and industrial activities slowed post-pandemic. In India, 2-EHN prices dropped by approximately 6.7% during this quarter, a result of ample product availability amidst weak demand from the diesel processing segment. The supply chain remained robust, supported by increased production in the previous quarter. In June 2024, demand for 2-EHN further declined, aligning with a significant drop in domestic consumption of light diesel oil, which decreased by approximately 5% according to the Ministry of Petroleum & Natural Gas. This decline was largely due to reduced activity in the commercial automobile industry, as June is typically a slow month for India’s auto retail sector. Additionally, the monsoon's normal progression up to Maharashtra lost momentum, delaying rains in West Bengal, Bihar, Uttar Pradesh, Chhattisgarh, and Madhya Pradesh. The quarter concluded with a price of USD 1680/MT for 2-Ethylhexyl Nitrate CFR Busan in South Korea, reflecting a predominantly negative pricing environment for the region.
Europe
In Q2 2024, the European 2-Ethylhexyl Nitrate (2-EHN) market faced a bearish trend due to several factors. The availability of 2-EHN increased significantly as cheaper imports from Asia, where prices fell by about 6%, flooded the market, heavily impacting European prices. Additionally, demand from the downstream automobile industry remained subdued because of inflationary pressures. The Red Sea crisis exacerbated the situation by raising freight rates, disrupting trade, and reducing demand from both domestic and international markets. Inflation continued to pressure the European region, leading buyers to adopt a cautious, need-based purchasing approach. The energy market also provided weak support, with falling crude oil prices further influencing the pricing dynamics of 2-EHN. Moreover, in June, the supply in the country remained high due to a decrease in the price of feedstock Bisphenol A and stable upstream crude oil prices, contributing to the bearish price trend. Additionally, rising freight rates across Europe further influenced pricing dynamics, adding to the overall market decline.
