For the Quarter Ending June 2025
North America
• The Glyoxal Price Index in North America inclined by 3.5% quarter-over-quarter in Q2 2025, driven by sustained demand from the construction sector and higher import costs amid upstream and logistical constraints.
• After a weak start in April, prices rose in May and June as import volumes tightened and forward buying intensified ahead of tariff reviews and Asian supply disruptions.
• Domestic producers operated under elevated production costs due to rising Monoethylene glycol (MEG) prices, while Asian exporters raised offers amid crude-linked cost pressure and freight volatility.
• Construction-led demand improved through the quarter, particularly from non-residential and infrastructure projects, as hiring gains and procurement activity strengthened adhesive and coatings consumption.
• Overall, Q2 price growth was supported by steady demand recovery and tighter supply conditions, with buyers front-loading purchases ahead of potential trade shifts.
Why did the price of Glyoxal change in July 2025 in North America?
• Glyoxal prices in the U.S. increased in July 2025 compared to June, as market sentiment remained firm amid ongoing trade policy uncertainty and elevated upstream costs.
• Import availability remained restricted, with Chinese and Southeast Asian exporters maintaining high offers due to energy-linked feedstock pressure and port congestion delays.
• Demand from construction and coatings sectors remained steady, with seasonal strength and ongoing project activity supporting base-level offtake.
• Prices remained elevated as buyers continued precautionary procurement ahead of anticipated policy reviews and cost-side pressure persisted despite stable domestic supply operations.
Europe
• The Glyoxal Price Index in Europe declined by 0.5% quarter-over-quarter in Q2 2025, as early-quarter weakness offset later gains from supply-side strain and modest demand recovery.
• Prices fell sharply in April due to poor offtake across adhesives and coatings, compounded by muted construction activity and export uncertainty amid U.S.–EU trade friction.
• In May and June, prices rebounded as construction and cosmetic sectors recovered across southern Europe, while rising U.S. demand supported exports.
• Logistics bottlenecks—including critically low Rhine River water levels and rail congestion—limited market availability despite stable production, tightening spot supply.
• In conclusion, Q2 pricing was shaped by early-quarter demand drag, followed by supply disruptions and mid-quarter restocking that underpinned a modest recovery by June-end.
Why did the price of Glyoxal change in July 2025 in Europe?
• Glyoxal prices in Germany rose in July 2025 compared to June, driven by sustained supply tightness and firm downstream interest from adhesives and coatings.
• Logistical inefficiencies remained unresolved, especially on the Rhine and inland rail routes, prolonging delivery timelines and straining regional inventory levels.
• While construction and textile demand remained seasonally steady, industrial buyers advanced purchases in anticipation of further transport-related delays.
• Prices remained elevated through July, as constrained supply and lean converter inventories continued to support a bullish pricing environment.
APAC
• The Glyoxal Price Index in APAC rose by 6.4% quarter-over-quarter in Q2 2025, driven by upstream feedstock shortages and modest downstream support.
• At the start of Q2, production disruptions at MEG plants in China tight¬¬ened glyoxal output and reduced inventories, while logistical bottlenecks further constrained supply.
• Demand showed signs of recovery in Q2, led by increased consumption in construction-related adhesives and coatings, along with pre-May Day export buying, providing intermittent price support.
• Export volumes received a temporary boost mid-quarter as international buyers stocked ahead of Chinese holidays, though overall overseas demand remained cautious.
• In conclusion, Q2 in APAC saw glyoxal prices climb on the back of tight supply and selective downstream demand, with infrastructure activity and holiday procurement underpinning the upward trend.
Why did the price of Glyoxal change in July 2025 in APAC?
• In July 2025, the Glyoxal Price Index in APAC increased compared to June, as persistent MEG supply disruptions continued to restrict output.
• Production remained challenged due to ongoing MEG plant maintenance and logistical delays, keeping feedstock tight and enabling price increases.
• Demand provided limited support—while construction-linked off¬take softened after the Q2 peak, steady industrial activity in adhesives and coatings helped stabilize markets.
• Prices are anticipated to remain elevated in the near term, supported by lingering feedstock constraints and stable industrial-grade glyoxal demand.
For the Quarter Ending March 2025
North America
In Q1 2025, Glyoxal prices in the North American region recorded a quarter-on-quarter incline of 3.27% compared to Q4 2024. At the start of the quarter, prices declined due to robust supply conditions and sluggish demand. Stable domestic production, coupled with low-cost imports and reduced freight expenses, created a competitive market. However, downstream demand from construction remained weak, with seasonal slowdowns and elevated borrowing costs limiting activity despite federal infrastructure support.
Mid-quarter, prices rose as feedstock MEG costs climbed, and supply faced temporary constraints from winter storms and labour shortages. While logistics improved, suppliers responded to strong construction activity—particularly in adhesives and coatings—by adjusting prices upward. Ongoing trade uncertainties and tariff speculations added further bullish pressure, tightening the supply-demand balance.
Toward the quarter’s end, prices increased moderately due to logistical disruptions and a rebound in downstream consumption. Import challenges, extended lead times, and cautious procurement amid economic uncertainty constrained supply. Rising non-residential construction activity lifted glyoxal demand in coatings and industrial applications. US saw the most significant change with a noticeable incline compared to Q4 2024, with the quarter-end price settling at USD 550/MT DDP Texas.
APAC
In Q1 2025, Glyoxal prices in the APAC region recorded a quarter-on-quarter decline of 11.8% compared to Q4 2024. At the start of the quarter, prices decreased as stable production and inventory management offset slightly higher MEG feedstock costs. Weak demand from construction and real estate sectors - evidenced by significant declines in property sales - drove the downward trend, with market sentiment further dampened by trade uncertainties. Midway through the quarter, prices posted a slight rebound, underpinned by recovering consumption from government-led infrastructure initiatives. Although the real estate segment remained under strain, steady manufacturing output and stable raw material pricing created favourable conditions. The uptick in glyoxal demand was largely attributed to increased usage in coatings and paper treatment linked to public works, which temporarily stabilized the market. By quarter-end, prices softened again due to oversupply and sluggish offtake. Despite resumed post-holiday industrial activity, domestic demand remained cautious. Export potential was hampered by the EU's preliminary anti-dumping duties on Chinese glyoxylic acid, limiting derivative consumption. The quarter closed at USD 435/MT FOB Shanghai, with the overall decline driven by persistent oversupply and muted downstream recovery.
Europe
In Q1 2025, Glyoxal prices in the European region recorded a quarter-on-quarter incline of 5.5% compared to Q4 2024. At the start of the quarter, prices dropped due to steady production levels and lower monoethylene glycol (MEG) costs, which benefited manufacturers. Efficient post-holiday inventory management and logistical stability kept the market relatively balanced. However, demand from the construction sector remained subdued, hindered by inflation and rising material costs, leading to cautious project initiation. Mid-quarter, prices began to increase as MEG and natural gas prices rose, putting upward pressure on production costs. Though the construction sector continued to underperform, the EU’s imposition of provisional anti-dumping duties on epoxy resins from Asia indirectly supported glyoxal demand. These duties made glyoxal-based alternatives more attractive in coatings and adhesives, contributing to a tightening supply and an uptick in prices. By the end of the quarter, prices rose further, driven by surging MEG costs and restricted access to imported glyoxylic acid, prompting manufacturers to increase local production. A slight recovery in the decorative coatings sector also supported this upward trend, reinforcing the overall quarterly increase. Germany saw the most significant change, with the quarter-end price settling at USD 750/MT FOB Hamburg.
For the Quarter Ending December 2024
North America
During Q4 2024, Glyoxal prices in the U.S. displayed contrasting trends, influenced by stable supply and evolving demand dynamics. Early in the quarter, prices softened due to steady domestic production supported by stable crude oil prices, proactive supply chain management, and increased international shipments. Mitigation measures, such as reduced vessel dwelling times at U.S. ports, addressed potential disruptions from labor negotiations. However, the domestic demand remained subdued, driven by a seasonal slowdown in the construction sector, declining residential real estate activity, and reduced mortgage demand.
Toward the end of the quarter, Glyoxal prices surged, underpinned by robust demand from the construction and paints & coatings sectors, coupled with supply constraints. A 3.5% increase in crude oil prices elevated production costs, while uncertainties surrounding labor negotiations at East and Gulf Coast ports contributed to supply chain disruptions. Despite these challenges, the U.S. paints and coatings industry demonstrated resilience, supporting Glyoxal demand.
Overall, Q4 2024 reflected a dynamic market where supply stability early in the quarter contrasted with tightening conditions and firm demand later, driving price volatility.
Asia -Pacific
In Q4 2024, Glyoxal prices in the Asia-Pacific region exhibited a mixed trend, with softening prices observed in key markets like India and firming trends in other areas due to supply chain constraints. In India, Glyoxal prices declined due to balanced supply-demand dynamics. Ample inventories, stable domestic production supported by smooth raw material availability, and restrained post-festive demand contributed to a downward price correction. The construction sector, a significant end-user, experienced mixed performance, with rising costs and seasonal factors dampening purchasing activity. Conversely, other parts of the Asia-Pacific region faced upward price pressure. Supply disruptions from major exporting nations like China, exacerbated by higher freight rates and capacity shortages on intra-Asia-India shipping routes, tightened availability. Chinese exports became costlier due to intensified logistical challenges, impacting Glyoxal prices across dependent markets. The overall pricing trend in the Asia-Pacific region reflects localized variations, with India's price decline counterbalanced by supply-driven pressures in other countries, highlighting the diverse factors shaping Glyoxal market dynamics in Q4 2024.
Europe
In Q4 2024, the European Glyoxal prices experienced fluctuations, shaped by various factors including weak demand from downstream construction sector, supply stability, and logistical challenges. The construction sector, a key end-user, remained under pressure due to high interest rates, reduced investments, and regional contractions, particularly in Germany and France. While Italy showed modest growth and Spain maintained robust private sector activity, the overall construction downturn dampened Glyoxal demand. Meanwhile, downstream markets like personal care and packaging saw seasonal demand boosts during Black Friday and year-end festivities. On the supply side, stable Glyoxal production was supported by consistent feedstock availability, despite operational challenges from inflation and rising production costs. However, logistical disruptions, including port congestion in Hamburg and vessel delays on Asia-Europe routes, delayed shipments and led to inventory stockpiling. These factors created a mixed market environment, with supply-demand dynamics remaining relatively balanced. Looking ahead, price trends will depend on recovery in construction, easing of logistical bottlenecks, and broader economic stabilization.
For the Quarter Ending September 2024
North America
In the third quarter of 2024, the North American Glyoxal market experienced a notable decline in prices, with the United States witnessing the most significant fluctuations. This downward trend was influenced by a combination of factors, primarily stemming from subdued demand in key industries, particularly construction. Seasonal factors and broader economic conditions played a critical role in dampening activity within the construction sector. Notably, since mid-August 2024, the region has been plagued by heavy rainfall and hurricanes, disrupting construction projects and further negatively impacting the demand for Glyoxal.
On the supply side, steady production rates from manufacturing facilities contributed to a consistent influx of Glyoxal into the market. This stable supply environment effectively countered the periodic dips in demand, resulting in a relatively balanced market situation.
The interplay between consistent supply and weakened demand culminated in a final price of USD 450 per metric ton for Glyoxal 40% DDP in Texas. This pricing reflects a persistently negative environment throughout the quarter, as market dynamics struggled to adjust to the challenges posed by weather-related disruptions and declining industrial demand.
APAC
In the third quarter of 2024, the Asia-Pacific (APAC) region faced a challenging landscape for Glyoxal pricing, marked by a notable decline in market prices. Several key factors contributed to this trend. A significant global oversupply of Glyoxal, driven by port congestion and diminished demand from crucial industries, played a central role in driving prices downward. The weakening demand from the construction sector, a primary consumer of Glyoxal, further intensified the downward pressure on pricing. Within China, the market experienced the most pronounced price fluctuations. The construction sector, a major consumer of Glyoxal, remained notably subdued due to adverse weather conditions, particularly typhoons that disrupted building activities and hampered demand. These disruptions led to a buildup of inventories, compounding the existing oversupply situation in the market. As a result, the overall pricing environment for Glyoxal in the region was characterized by negativity. By the end of the quarter, prices settled at USD 610 per metric ton for Glyoxal 40% FOB Shanghai.
Europe
In Q3 2024, European Glyoxal prices experienced a decline, primarily driven by subdued demand and ample inventories. Both domestically produced and imported Glyoxal were readily available, creating an oversupply in the market, which exerted significant downward pressure on prices. Key downstream industries, such as paints, coatings, and construction, exhibited lower-than-expected consumption levels, further compounding the market imbalance. As the quarter drew to a close, broader economic indicators reflected a mixed picture. The European Commission’s Economic Sentiment Indicator (ESI) remained relatively stable at 96.7 points in the EU, while dipping slightly by 0.3 points in the eurozone, reaching 96.2 points. Despite the overall decline in Glyoxal prices, the steadiness of the ESI suggests improved confidence within the construction sector and among consumers, hinting at a potential recovery in demand moving forward. However, this optimism was not yet strong enough to offset the impact of weak industrial demand on Glyoxal prices during Q3. The quarter concluded with Glyoxal 40% FOB Hamburg in Germany priced at USD 600/MT, reflecting a persistently bearish pricing environment marked by a continuous decrease in prices.
FAQs
1. What is the short-term outlook for glyoxal prices in Q3 2025?
Glyoxal prices are expected to remain rangebound in Q3 2025, with weak textile demand offsetting marginal cost pressure from energy and logistics. Price volatility is likely to stay limited unless feedstock or supply chain shocks emerge.
2. Which sectors are showing recovery or weakness in glyoxal demand in July 2025?
The textile sector remains soft across Asia due to monsoon season and export headwinds. However, demand in paper treatment and resin formulations is stable, and modest recovery is visible in the leather chemicals segment in Europe and India.
3. Which are the leading global manufacturers of Glyoxal?
Prominent global glyoxal producers include BASF SE, Hubei Hongyuan Pharmaceutical Technology Co., Ltd., Zhonglan Industry Co., Ltd., and Eastman Chemical Company. These players dominate the market with strong backward integration and presence across pharmaceuticals, resins, and leather treatment segments.
4. What supply-side challenges are impacting glyoxal production in Q3 2025?
While feedstock ethylene glycol remains mostly available, some European and South Asian producers are facing elevated energy costs and container availability issues, which may restrict output flexibility. Nonetheless, no significant plant shutdowns have been reported so far.
