For the Quarter Ending March 2025
North America
The Glycol Ether market in North America displayed a bullish trend during the first quarter of 2025, driven by supply-side disruptions and fluctuating demand across various industries. Early in the quarter, prices rose due to increased demand for antifreeze in the automotive sector, which lifted feedstock Ethylene Oxide prices and boosted production costs. The bullish trend continued into late January, with international stocking ahead of the Lunar New Year holidays adding further pressure.
In the mid-quarter, continued upward price movements as supply disruptions, including a maintenance shutdown at MEGlobal's Freeport facility, combined with geopolitical factors like trade tariffs, created tighter market conditions. The Arctic Blast in February also impacted production, particularly in regions reliant on propane for heating, exacerbating supply concerns. Despite these disruptions, demand remained moderate across industries. The cosmetics sector showed growth driven by eco-friendly product trends, while the pharmaceutical industry faced uncertainty due to regulatory challenges. The paints and coatings sector also saw moderate demand, particularly for sustainable formulations.
Towards the end of Q1, prices stabilized as supply and demand dynamics balanced, although ongoing port congestion and trade disruptions, coupled with tariff concerns, kept market participants cautious. Overall, Q1 2025 ended with a mixed yet generally positive trend for Glycol Ether prices in North America.
APAC
During the first quarter of 2025, the Glycol Ether market in Asia saw a combination of stability and moderate fluctuations driven by shifting demand dynamics and geopolitical factors. The quarter began with a stable price trend, as feedstock Ethylene Oxide costs remained steady despite reduced demand from Mono Ethylene Glycol manufacturers. The automotive sector in Southeast Asia showed growth due to the rise of electric vehicles (EVs), but demand from the FMCG sector remained stable. As January progressed, prices saw slight increases as market participants adjusted their quotations in anticipation of the Lunar New Year holidays. In mid-Q1, the market experienced more volatility, with rising costs from feedstock Ethylene Oxide and disruptions in the global oil market affecting production costs. Despite this, demand for Glycol Ether remained consistent in the Cosmetics, Personal Care, and pharmaceutical sectors. As the quarter concluded, prices softened as upstream Ethylene and n-butanol prices declined, leading to eased production costs. Demand continued to be strong in the paints & coatings sector, especially in automotive and infrastructure projects in India, China, and Southeast Asia. Overall, Q1 2025 ended with stable pricing, although uncertainties surrounding geopolitical factors and global trade dynamics maintained a cautious outlook.
Europe
The Glycol Ether market in Europe experienced a mixed trend during Q1 2025, characterized by stability and challenges. Early in the quarter, the market faced bearish price movements due to weak demand across the Eurozone. However, the first half of February saw a more balanced trend as production levels stabilized and cost support from feedstock Ethylene Oxide improved, driven by higher demand from Mono Ethylene Glycol manufacturers. Despite disruptions at European ports due to adverse weather, which caused some supply chain delays, demand across key industries like cosmetics, paints, and coatings remained steady. As the quarter progressed, prices began to show upward momentum, particularly in late February, when geopolitical tensions and supply disruptions, including attacks on Russian pipelines, raised upstream costs, putting pressure on Glycol Ether production costs. The quarter concluded with a stable price trend, with the market maintaining a balance between supply and demand despite continued challenges. The demand for Glycol Ether remained moderate, with resilience in the cosmetics sector and stable performance in the automotive industry, while the paints and coatings sector experienced mixed conditions. However, geopolitical tensions, trade uncertainties, and labor strikes at European ports added to the complexities of the supply chain, causing further disruptions. As the quarter ended, the demand dynamics remained cautious, with steady demand for sustainable and eco-friendly applications in the paints and coatings industry, particularly in flexible packaging.
For the Quarter Ending December 2024
North America
In the fourth quarter of 2024, the Glycol Ether market experienced a bullish trend, with prices increasing by nearly 30% compared to the previous quarter. At the beginning of the quarter, prices rose due to low supply availability and steady demand from various sectors, particularly cosmetics and personal care.
Production rates remained stable, and feedstock Ethylene Oxide costs were moderate, though rising energy prices provided additional cost support. By mid-quarter, in November, prices continued to rise due to a surge in demand, especially from the U.S. personal care sector, bolstered by increased e-commerce sales during Black Friday. At the same time, higher feedstock costs for Ethylene Oxide contributed to the upward price movement.
Towards the end of Q4, production remained steady, while costs rose further due to growing demand for automotive antifreeze and eco-friendly products in the paints and coatings sector. Despite lower export demand from regions like Europe and Australia, domestic demand remained strong, driven by both the cosmetics sector and paints and coatings industry, ensuring the bullish trend carried into the end of the year.
APAC
In the fourth quarter of 2024, the Glycol Ether market experienced a slight 3% decrease compared to the previous quarter. At the beginning of Q4, the market remained stable, with moderate production rates and steady demand from key sectors, including cosmetics and pharmaceuticals. However, the market faced challenges from increasing inventory levels in the domestic market and reduced exports to China, influenced by supply chain disruptions caused by Typhoon Kong-Rey. This led to downward pressure on prices as buyers held back purchases in anticipation of the winter season. In mid-Q4, the market remained relatively stable, with feedstock costs unchanged and steady demand, particularly from the K-beauty sector, which drove consistent consumption. Exports showed modest growth, while manufacturing activity in South Korea showed signs of recovery. However, towards the end, despite stable production, rising crude oil prices and supply chain pressures continued to weigh on the market, alongside a decline in South Korea's manufacturing output. The strong growth of K-beauty exports and a rise in demand from the paints and coatings sector helped stabilize demand. Despite these positive factors, the overall market saw a slight reduction in prices due to the previous quarter's strong inventory buildup and reduced export activity, resulting in a 3% price decline.
Europe
The Glycol Ether market showed stable conditions throughout the fourth quarter of 2024, with production rates remaining intermediate and feedstock availability moderate. In the beginning of the quarter, market dynamics were steady, with low export rates and an increase in domestic inventory levels. Demand from the cosmetics and paints sectors was consistent, while exports continued to decline, widening the trade imbalance between imports and exports. By mid-quarter, production rates remained stable, though supply disruptions due to storm-induced rail congestion led to further inventory build-up. Demand from the cosmetics sector stayed firm, particularly driven by retail activity around Black Friday, while the paints and coatings market saw steady consumption despite economic uncertainties. Towards the end of the quarter, the market faced logistical bottlenecks, particularly with tight export shipping capacity and supply chain disruptions. Production rates remained stable with moderate feedstock availability, but the overall demand showed signs of stagnation. Although the cosmetics and paints sectors kept demand steady, the quarter ended with a slight 1% decrease, driven by the logistical constraints and moderate consumption levels across key industries.
For the Quarter Ending September 2024
North America
In the third quarter of 2024, the Glycol Ether prices experienced a bullish price movement in the North American region, and prices rose gradually throughout the period, driven by several factors influencing the market dynamics. Factors such as stable demand from key industries like paints and coatings, alongside low to moderate supply levels due to fluctuations in feedstock Ethylene availability. The market dynamics were further impacted by the ongoing concerns about a potential recession in the US, leading to reduced Ethylene supplies and higher production costs for Glycol Ether manufacturers.
In the middle of the third quarter, Glycol Ether production rates were hampered because of the stressed availability of feedstocks in the region. The offtakes were moderate, and market players raised their quotations, culminating in a 6% price difference between the first and second half of the quarter.
Towards the end of Q3, the impact of Hurricane Helene resulted in reduced manufacturing activities in the region and a reduction in domestic stockpiles amid affected supply chain activities. Despite a -5% decrease compared to the same quarter last year, the quarter-on-quarter increase of % signified a positive trend. The latest recorded price of USD 880/MT for Ethylene Glycol Monobutyl Ether FOB Houston in the USA exemplifies the increasing sentiment in the pricing environment.
APAC
In Q3 2024, the Glycol Ether market in the APAC region has been characterized by a fluctuating pricing environment. The quarter has witnessed significant influences from several factors such as increased feedstock Ethylene costs due to fluctuating crude oil prices, moderate demand from downstream industries, and improved manufacturing activities. The market's dynamics were further complicated by supply chain disruptions and geopolitical tensions affecting crude oil imports, leading to variable feedstock availability. During the mid-quarter, the looming concerns about a recession in the US affected the international crude oil market and refinery operation. It stressed the feedstock Ethylene supplies and Glycol Ether production rates. However, towards the end of the quarter, the pricing dynamics shifted, and Glycol Ether prices witnessed a decline due to improved inventory levels in the region. At the same time, the resumption of Crude Oil supply from Libya in September 2024 resulted in increased refinery run rates and feedstock Ethylene availability, which negatively impacted the production costs. The second half of the quarter saw a notable decrease of 1% in prices compared to the first half, signaling a continued negative trend. However, there is no price change from the previous quarter's average prices, indicating a lack of significant fluctuations and the market exhibited a sense of stability. The latest quarter-ending price for Ethylene Glycol Monobutyl Ether (GE) CFR Qingdao in China stood at USD 1540/MT.
Europe
In Q3 2024, the Glycol Ether market in the European region has been characterized by a fluctuating pricing environment. Several factors contributed to this downturn. Firstly, the market faced reduced demand from downstream industries, especially in the construction and paint sectors, leading to sluggish consumption of materials. This drop in demand exerted downward pressure on prices. Additionally, the availability of feedstock Ethylene was relatively stable, impacting the cost support for Glycol Ether production. Furthermore, the overall economic conditions in the region, including a slowdown in the manufacturing sector, influenced market dynamics and pricing. Towards the end of the quarter, Glycol Ether availability improved in the market due to the resumption of manufacturing activities after the regional summer holidays. The quarter saw a 15% decrease compared to the same quarter last year, indicating a notable shift in pricing. Moreover, the quarter-on-quarter recorded a 3% decline and highlighted a continuous downward trend. The comparison between the first and second halves of the quarter showed a 1% decrease, further emphasizing the declining prices. Ultimately, the quarter-ending price for Ethylene Glycol Monobutyl Ether (GE) FOB Hamburg in Germany settled at USD 1580/MT, reflecting the prevailing negative pricing environment.
For the Quarter Ending June 2024
North America
In Q2 2024, Glycol Ether prices in North America remained stable due to balanced supply and demand dynamics. Adequate inventory and moderate supply levels effectively met domestic needs, cushioning the impact of rising feedstock costs, particularly Ethylene Oxide. Improvements in the construction sector, notably in adhesive paints and coatings, did not drive-up Glycol Ether prices, as existing stocks and weak merchant demand kept prices in check.
In the USA, where price fluctuations were most notable, Ethylene Glycol Monobutyl Ether (FOB Houston) ended the quarter at USD 810/MT, unchanged from the first half of the quarter. This stability was reflected in a 5% decrease compared to the same quarter of last year and a 2% decline from the previous quarter in 2024, indicating modest downward pressure.
Overall, the pricing environment for Glycol Ether in North America has been stable, with consistent supply and moderate demand maintaining equilibrium. Despite positive indicators from the construction sector, the ample supply and weak demand prevented significant price increases, resulting in a predictably stable market in Q2 2024.
APAC
In Q2 2024, Glycol Ether prices in the APAC region declined notably due to macroeconomic and sector-specific factors. Lower upstream crude oil prices, influenced by OPEC+'s production decisions and increased inventories, reduced feedstock costs and impacted Glycol Ether production expenses. Moderate demand from industries such as cleaning agents and cosmetics, combined with cautious purchasing behavior, led to an oversupply and further depressed prices. Geopolitical tensions, particularly in the Middle East, added to market volatility and affected buyer and producer confidence. In South Korea, where price changes were most pronounced, the market sentiment remained bearish. A seasonal drop in demand and a stable supply from consistent manufacturing contributed to the price decline. Glycol Ether prices in South Korea fell 6% year-over-year and 4% from the previous quarter in 2024, indicating a persistent downward trend. Within the quarter, prices dropped by 1% from the first to the second half, reflecting ongoing market softness. By the end of the quarter, Ethylene Glycol Monobutyl Ether (GE) FOB-Busan prices were USD 1510/MT. This consistent downward trend highlights a negative pricing environment for Glycol Ether in South Korea throughout Q2 2024, driven by weakened demand, sufficient supply, and reduced upstream cost pressures.
Europe
In Q2 2024, Glycol Ether prices in Europe consistently declined due to several key factors. The primary driver was moderate demand amid ample supply. A significant drop in orders from international importers, especially from Asia, was caused by a downturn in the FMCG sector. Additionally, the European Central Bank’s decision to cut interest rates for the first time since 2019 indirectly reduced consumer spending and industrial investment, contributing to decreased demand for Glycol Ether. Rising inflation in the Euro Area, which hit 2.6% in May 2024, further weakened consumer purchasing power and market sentiment. In Germany, where the most notable price changes occurred, the trend was distinctly negative. Stable yet moderate demand and consistent supply levels pressured producers to lower prices to boost sales. The summer season did not bring the anticipated increase in demand for cleaning agents and personal care products. Prices fell sharply by 23% compared to the same quarter last year and by 13% from the previous quarter in 2024, reflecting ongoing economic challenges. Between the first and second halves of the quarter, prices decreased by 2%, indicating sustained bearish sentiment. By the end of the quarter, Ethylene Glycol Monobutyl Ether (GE) FOB Hamburg prices were USD 1570/MT, confirming the negative pricing environment in Q2 2024.
