For the Quarter Ending March 2025
North America
The North American adipic acid market recorded a 5.53% quarter-on-quarter price increase in Q1 2025 compared to Q4 2025, supported by improving demand across key downstream industries. Early in the quarter, stable feedstock costs for cyclohexanone and benzene kept production expenses steady, while a six-year labour agreement between ILA and USMX averted port strike threats, maintaining smooth logistics and supply chain operations. Rising adipic acid prices in Asian markets further influenced upward pricing momentum in the U.S.
Midway through the quarter, market activity normalized as Winter Storm Enzo passed. However, policy-driven uncertainty escalated after President Trump imposed 25% tariffs on Mexican and Canadian imports, prompting retaliatory actions and disrupting cross-border trade. Additionally, a late-quarter rise in cyclohexanone prices added to production costs despite steady benzene values.
By the end of Q1, the market remained balanced, with sufficient supply and cautious buying behaviour. While automotive sector recovery hopes persisted, actual procurement remained muted. Market participants adopted a watchful stance amid lingering trade tensions and cost volatility. The quarter closed with Adipic Acid (DEL Houston) priced at USD 1602 /MT in the U.S.
APAC
The Asia-Pacific adipic acid market recorded a 2.93% quarter-on-quarter price decline in Q1 2025. Early in the quarter, falling benzene and cyclohexanone feedstock costs reduced production expenses for manufacturers but failed to stimulate market activity. Limited pre-Chinese New Year procurement and soft export orders kept demand muted, particularly from automotive and nylon 66 sectors. Mid-quarter, prices saw a brief uptick as feedstock costs rebounded, and manufacturers resumed operations post-Spring Festival. However, this recovery was short-lived, as purchasing activity was mainly focused on restocking existing inventories. The automotive sector, although active, emphasized replenishment over new orders amid a slower post-holiday recovery. By quarter-end, the market reverted to a downward trend due to weak demand and oversupply. Falling raw material prices and concerns over the European Commission’s anti-dumping probe into Chinese imports heightened concerns over reduced export opportunities, exacerbating domestic oversupply. With buyers adopting a wait-and-see approach, adipic acid FOB Qingdao prices closed at USD 993/MT in China, reflecting persistent market softness throughout the quarter.
Europe
The European adipic acid market experienced a significant 8.56% quarterly price decline in Q1 2025, marking a challenging start to the year. Early in the quarter, falling adipic acid prices set a negative tone, despite upward pressure from crude oil and benzene markets. Severe port congestion at Hamburg and other key terminals disrupted supply chains, while weak automotive sector demand - characterized by cautious production strategies and poor consumer confidence - prevented any price recovery. Midway through the quarter, prices saw a modest rise, supported by tightened supply caused by operational issues at production sites and shipping delays. Feedstock costs stayed relatively low, but limited product availability and slight demand stabilization helped curb further declines. Automotive sector intake remained low, evidenced by a drop in new vehicle registrations. The quarter closed with prices stabilizing at USD 1,325/MT. The European Commission's anti-dumping investigation into Chinese imports prompted some pre-emptive buying, while domestic producers adopted firmer pricing in anticipation of tighter supply conditions. Market participants remained cautious, balancing concerns over potential tariffs against fragile demand fundamentals.
South America
The South American adipic acid market remained stable in Q1 2025, recording just a 0.1% quarterly price decline. Early in the quarter, prices remained steady due to balanced supply and demand, with consistent domestic production levels and stable feedstock costs. Supply chains operated smoothly, and inventories were sufficient to meet demand, especially from the automotive sector, which showed steady, albeit limited, consumption. Mid-quarter, prices edged slightly higher due to a temporary rise in feedstock costs and moderate downstream buying. Producers responded with cautious inventory management, scaling back on excess stockpiling after soft sales in January. Despite year-on-year growth in vehicle sales, weaker monthly auto performance and limited foreign demand constrained momentum. Toward the end of the quarter, adipic acid prices softened again as benzene prices fell and import volumes from Asia increased, putting downward pressure on domestic offers. With inventories replenished and procurement slowing, trading activity weakened. The quarter concluded with adipic acid priced at USD 2410 /MT FOB Sao Paulo, marking a subdued close to Q1.
For the Quarter Ending December 2024
North America
The North American Adipic Acid market demonstrated quarter-on-quarter stability in Q4 2024, with prices showing slight improvements as the quarter progressed. Early in the quarter, demand from downstream industries such as automotive and textiles remained weak. The U.S. vehicle market faced stagnation, with reduced production volumes curbing the need for Adipic Acid, a key raw material in nylon-based automotive components. Logistical disruptions from hurricanes and supply chain bottlenecks further extended delivery times, limiting procurement activity.
Mid-quarter, a seasonal boost in consumer sentiment, driven by holiday promotions and discounts, provided moderate support. However, inflationary pressures and anticipation of potential tariff increases under the new Trump administration introduced some uncertainty.
The quarter's end saw continued price improvement, with Adipic Acid DEL Houston closing at USD 1530/MT. Holiday-driven textile demand slightly offset weak automotive activity, while ongoing logistical hurdles, such as elevated transpacific freight rates, created lingering cost pressures. This reflecting the overall unchanged quarter-on-quarter performance, though exhibiting upward momentum towards the end of Q4 2024.Market participants remain cautious as the possibility of tariff-induced supply chain disruptions looms over the coming year.
APAC
The Adipic Acid market in the APAC region saw a 5% decline in Q4 2024 compared to Q3, primarily driven by weak demand from downstream sectors such as automotive and textiles. A global shift away from synthetic fibres, spurred by environmental concerns, coupled with a slump in benzene prices, a crucial feedstock for Adipic acid, further pressured prices downward. Mid-quarter, while feedstock costs, particularly for benzene, experienced slight increases, they had minimal impact on Adipic acid prices, as the overall demand remained weak. The market also faced logistical challenges due to Typhoon Kong-rey, which caused severe delays at key ports in China and Taiwan, exacerbating supply chain disruptions and extending lead times. Despite efforts to clear these backlogs, the easing of supply chain issues in the latter part of the quarter did not significantly improve market conditions. Export orders continued to soften amid global economic uncertainty, and the market remained subdued. By quarter-end, the price for Adipic Acid FOB Qingdao stood at USD 1050/MT, reflecting an ongoing oversupply and lack of robust demand, signalling a cautious outlook for the near term.
Europe
The European Adipic Acid market experienced a sharp 24% decline in Q4 2024 compared to Q3, reflecting a challenging economic environment, and subdued downstream demand. Weakness in the automotive sector, a key end-use market, remained a significant driver of the downturn. German automakers faced declining production levels, increased competition from Chinese electric vehicles, and a drop in consumer interest. Simultaneously, the textile sector struggled with oversupply and reduced orders, as sustainability trends and cost-conscious spending reshaped consumer behaviour. Lower feedstock costs, particularly for benzene, further pressured Adipic Acid prices, while logistical challenges such as port congestion in Hamburg caused disruptions, although global container demand eased these pressures. Seasonal destocking during the year-end and cautious inventory management by buyers added to the bearish sentiment. By the end of Q4, the Adipic Acid FD Hamburg price stood at USD 1325/MT, marking a consistent downward trend throughout the quarter. Buyers capitalized on discounted offers to build inventory, but near-term recovery is unlikely amid economic uncertainties, rising operational costs, and stricter regulatory measures, such as the EU’s expanded Emissions Trading System set for early 2025.
South America
The South American Adipic Acid market experienced a modest 1% decline in Q4 2024 compared to Q3, reflecting subdued demand and logistical challenges early in the quarter. In Brazil, the market began with weakened activity in key downstream sectors, such as automotive and textiles. Severe weather disruptions caused by Hurricane Helene and the ongoing ILA port worker strike at U.S. East Coast and Gulf ports significantly impacted logistics, delaying imports of U.S.-sourced Adipic Acid, and increasing supply chain uncertainty. By mid-quarter, Adipic Acid prices further declined, influenced by declining export demand, particularly from Europe, where automotive and textile markets remained weak. Stable feedstock benzene prices and reduced freight costs applied additional downward pressure on pricing. However, minor logistical improvements and gradual recovery in the Brazilian automotive sector provided some support to the market. However, toward the end of the quarter, prices showed a slight recovery driven by festive season demand in the textile industry and year-on-year growth in the automotive sector. The quarter-ending price for Adipic Acid in Brazil stood at USD 2467/MT.
For the Quarter Ending September 2024
North America
Throughout Q3 2024, the Adipic Acid pricing landscape in North America experienced a notable decline, driven by several key factors. Weak demand from downstream sectors, particularly in the textile and automotive industries, significantly impacted pricing. Additionally, reduced orders from overseas markets due to high freight rates further contributed to this downward trend. The market faced limited inquiries and stagnation in trading dynamics, which led to a decrease in Adipic Acid prices.
In the USA specifically, the pricing environment mirrored the overall negative sentiment observed across the region. There was a recorded 1% decline from the previous quarter, highlighting a sustained downward trajectory. This environment was characterized by a consistent negative pricing trend, with prices continuing to drop between the first and second halves of the quarter.
The quarter showcased a consistent negative pricing environment, with an -0.9% change between the first and second half of the quarter. By the end of the period, the price for Adipic Acid (Technical grade), DEL Houston in the USA stood at USD/MT. This figure emphasizes the prevailing negative pricing trend in the market, reflecting increased pessimism about future labour market conditions and diminishing optimism regarding business prospects and income expectations.
Europe
In Q3 2024, the Europe region experienced a notable decline in Adipic Acid prices, continuing a downward trend from the previous quarter with an 18% drop. The Netherlands reported significant price fluctuations, reflecting broader market sentiments. Several factors contributed to this decline, particularly weakened demand from downstream sectors such as automotive and textiles. This shift resulted in low new orders and reduced consumption of Adipic Acid. The automotive industry is grappling with considerable challenges, including a third consecutive month of falling new vehicle registrations and heightened competition from Chinese electric vehicle manufacturers. Additionally, improved supplier delivery times have alleviated some pricing pressures, while ongoing competition among suppliers has further contributed to the downward pricing trajectory. During Q3 2024, adipic acid prices in the region dropped sharply by 18% from the previous quarter. As a result, the market exhibited a consistent negative pricing environment throughout the quarter. The quarter showcased a consistent negative pricing environment, with an -20% change between the first and second half of the quarter. By the end of the period, the price of Adipic Acid Technical grade CFR Rotterdam in the Netherlands reached USD 1340/MT. This decline underscores the challenging market conditions and the significant impact of subdued demand on Adipic Acid prices across the region.
APAC
Throughout Q3 2024, the Adipic Acid market in the APAC region experienced a period of declining prices, influenced by several significant factors. Weak demand from downstream industries, particularly the textile and automotive sectors, played a crucial role in driving prices down. Oversupply from manufacturing plants, coupled with a decrease in the price of the raw material, pure benzene, further contributed to the downward trend. The market remained sluggish, with fabric mills rumoured to be reducing their operating rates, because as the textile industry is shifting away from synthetic fibres amid rising environmental concerns, further adding to the overall negative sentiment. In Japan, the market saw the most significant price changes during the quarter. With a recorded -4% change from the previous quarter in 2024, the trend was clearly on a downward trajectory. The price comparison between the first and second half of the quarter showed a decline of -3.6 %. As of the end of the quarter a quarter-ending price of USD 1385/MT of Adipic Acid CFR Nagoya. The overall trend in Japan reflected the broader regional sentiment of decreasing prices, indicating a challenging pricing environment for Adipic Acid.
South America
In Q3 2024, the South American region experienced a downturn in Adipic Acid pricing, with significant factors contributing to the market's decreasing trend. Weak demand from downstream sectors, such as textiles and automotive industries, played a pivotal role in driving prices down. Reduced orders, both domestically and internationally, coupled with high freight rates, further dampened market dynamics. Additionally, geopolitical factors and reduced export orders added to the overall decline in demand, leading to a stagnation in product trading activities. Moreover, the market also felt the impact of the hurricane season, which brought severe weather disruptions to the region, affecting logistics and trade activities. During Q3 2024, Adipic Acid prices in the region dropped by 1% from the previous quarter. Overall trends in the market indicated a negative sentiment, with a correlation between decreased demand and pricing. The price comparison between the first and second half of the quarter showed a further decline of -1%, culminating in a quarter-ending price of USD 2465/MT of Adipic Acid FOB Sao Paulo in Brazil.
For the Quarter Ending June 2024
North America
In Q2 2024, the pricing of Adipic Acid in North America remained stable, reflecting a balanced market environment characterized by consistent supply and subdued demand. This stability was influenced by several significant factors. Firstly, the overall market had ample supply levels, leading to a lack of urgency in purchasing and thereby maintaining price equilibrium. Additionally, weak demand from downstream sectors, such as textiles and electronics, further contributed to the stable pricing dynamics. The market sentiment was cautious, with manufacturers adopting a prudent approach to inventory management in response to uncertain market conditions.
In the USA specifically, the market experienced the most price changes within North America. Despite a 13% increase from the same quarter last year, the quarter-on-quarter change in Q2 2024 was recorded at 4%, indicating a slight upward trend.
However, the price remained consistent between the first and second half of the quarter, showing no significant fluctuations. Ultimately, the quarter-ending price for Adipic Acid LAB Grade FOB New Jersey in the USA stood at USD 2628/MT, highlighting the stability that characterized the pricing environment throughout the quarter.
APAC
The second quarter of 2024 for Adipic Acid in the APAC region has been marked by stable prices, reflecting a balanced market environment owing to balanced gap between the demand and supply. Several factors have influenced these stable prices, including weak demand from downstream sectors, oversupply situations, and cautious procurement activities among merchants. The market has seen a consistent trend of low demand, particularly from the textile and automotive industries, leading to a lack of significant price fluctuations. In Japan, which has experienced the most price changes, the overall trend has been one of stability. The -3% decrease from the same quarter last year indicates a slight decline in market conditions, while the 3% increase from the previous quarter in 2024 suggests a modest improvement. Despite these fluctuations, the price remained unchanged between the first and second half of the quarter. The quarter-ending price of USD 1475/MT of Adipic Acid CFR Nagoya in Japan signifies a continuation of the stable pricing environment observed throughout the quarter.
Europe
The second quarter of 2024 for Adipic Acid in the Europe region saw a persistent decline in prices, influenced by various factors. Weak demand stemming from uncertainties like ongoing geopolitical tensions and high-interest rates has led to a cautious approach among consumers and businesses, impacting overall market dynamics. The inventory of product at port was recorded high during this quarter. Germany, in particular, experienced the most significant price changes, with a 13% decrease compared to the same quarter last year. In Q2 2024, prices decreased by 4% from the previous quarter, reflecting the ongoing downward trend. Notably, there was a substantial 7% decrease in prices between the first and second half of the quarter, indicating a sharper decline in the latter part. The quarter ended with Adipic Acid LAB Grade FOB Hamburg in Germany priced at USD 3156/MT, showcasing the continued negative sentiment in the pricing environment. The quarter has been characterized by a challenging pricing landscape, with prices consistently on a downward trajectory.
South America
In Q2 2024, the pricing trend for Adipic Acid in South America experienced a notable decrease, with Brazil particularly witnessing significant price changes. This decline can be attributed to various factors such as weak demand from downstream sectors, including textiles and electronics, both domestically and globally. Additionally, high freight rates and limited inquiries further dampened market demand, leading to a downward price trend. In Brazil specifically, pricing fluctuations were most pronounced, reflecting an overall negative sentiment. The quarter saw a 4% decrease from the previous quarter, indicating a consistent downward trajectory. Comparing to the same quarter last year, prices recorded a substantial 15% decrease, highlighting the challenging market conditions faced by Adipic Acid suppliers. Overall, the quarter displayed a clear correlation between weakening demand, high freight costs, and reduced orders, resulting in a stable to negative pricing environment. The quarter-ending price of USD 2492/MT of Adipic Acid FOB Sao Paulo in Brazil encapsulates the prevailing downward pricing trend observed throughout Q2 2024.
