For the Quarter Ending December 2025
Propylene Glycol Monostearate (PGMS) Prices in North America
- In the United States, the Phenyl Isocyanate Price Index rose in Q4 2025, driven by increasing production costs.
- Phenyl Isocyanate production costs increased in Q4 2025, influenced by a 3.0% year-over-year PPI rise in November 2025.
- Phenyl Isocyanate demand trended upward in Q4 2025, supported by a 2.0% year-over-year industrial production increase in December 2025.
- The Phenyl Isocyanate demand outlook was mixed in Q4 2025, with declining North America light vehicle production.
- Energy feedstock costs for Phenyl Isocyanate production strengthened in Q4 2025, as Henry Hub natural gas prices rose.
- Consumer spending, indirectly supporting Phenyl Isocyanate demand, increased with retail sales up 3.3% year-over-year in November 2025.
- US construction spending inched up in October 2025, driven by private residential construction, impacting demand.
- The Phenyl Isocyanate price outlook was shaped by persistent inflationary pressures and strengthening energy costs in Q4 2025.
Why did the price of Phenyl Isocyanate change in December 2025 in North America?
- Rising input costs, with 3.0% PPI increase in November 2025, pushed Phenyl Isocyanate prices upward.
- Industrial production, up 2.0% in December 2025, supported Phenyl Isocyanate demand and prices.
- Strengthening Henry Hub natural gas prices in late 2025 increased Phenyl Isocyanate production costs.
Propylene Glycol Monostearate (PGMS) Prices in APAC
- In China, the Phenyl Isocyanate Price Index declined quarter-over-quarter in Q4 2025, influenced by weak consumer demand.
- Phenyl Isocyanate production costs decreased in Q4 2025 due to downward trends in Benzene and Aniline feedstock prices.
- Demand for Phenyl Isocyanate faced pressure from a negative PPI of -1.9% in December 2025, indicating producer deflation.
- Industrial production grew by 5.2% year-on-year in December 2025, supporting overall chemical demand despite other headwinds.
- The Manufacturing Index expanded in December 2025, signaling growth in manufacturing activity and industrial input demand.
- Automotive manufacturing output surged in October 2025, acting as a key demand driver for Phenyl Isocyanate applications.
- China's chemical product exports increased between October and November 2025, impacting trade flows for related materials.
- The Phenyl Isocyanate price forecast suggests continued pressure from ample Aniline supply and expanded capacity in 2025.
Why did the price of Phenyl Isocyanate change in December 2025 in APAC?
- Downward trends in Benzene and Aniline feedstock prices throughout 2025 reduced Phenyl Isocyanate production costs.
- Weak consumer demand, indicated by a 0.8% CPI in December 2025, pressured downstream industries.
- A negative PPI of -1.9% in December 2025 signaled producer-level deflation, dampening Phenyl Isocyanate demand.
Propylene Glycol Monostearate (PGMS) Prices in Europe
- In Germany, the Phenyl Isocyanate Price Index fell quarter-over-quarter in Q4 2025, due to contracting manufacturing activity in December.
- Phenyl Isocyanate production costs declined in December 2025, as producer prices fell 2.5% year-on-year.
- Demand for Phenyl Isocyanate faced headwinds from a contracting Manufacturing Index in December 2025.
- Automotive demand strengthened in October 2025, and the German EV market surged in Q4 2025.
- Construction sector demand appreciably expanded in October 2025, offering support for Phenyl Isocyanate.
- Germany's industrial production showed modest growth of 0.8% year-on-year in October 2025.
- Consumer confidence remained low at -17.5 in December 2025, dampening demand for end products.
- Retail sales grew modestly by 1.1% year-on-year in November 2025, reflecting stable consumer spending.
- Moderate inflation, with CPI at 1.8% in December 2025, contributed to stable operational costs.
- The unemployment rate stood at 6.2% in December 2025, reflecting a stable labor market.
Why did the price of Phenyl Isocyanate change in December 2025 in Europe?
- Producer prices for industrial goods declined 2.5% year-on-year in December 2025.
- Manufacturing activity contracted in December 2025, signaling reduced demand for intermediates.
- Overall chemical industry production and pricing slumped, with challenging conditions persisting into Q4.
For the Quarter Ending September 2025
North America
- In United States, the Propylene Glycol Monostearate (PGMS) Price Index rose quarter-over-quarter in Q3 2025, driven by increasing production costs.
- PGMS production costs increased, influenced by a 2.6% YoY PPI rise in August 2025 and higher palm oil prices.
- Demand for PGMS was supported by robust US retail sales, which grew 5.42% YoY in September 2025, boosting consumer goods.
- The US beauty industry strengthened and new drug approvals increased in Q3 2025, positively impacting PGMS demand.
- Consumer confidence declined to 94.2 in September 2025, dampening discretionary spending on PGMS-containing products.
- US chemical manufacturers reported accelerating destocking of inventories and contracting activity in Q3 2025.
- Propylene derivatives, a PGMS feedstock, saw stable prices in Q3 2025 amid overcapacity, moderating cost pressures.
- Persistent inflation, with CPI at 3.0% YoY in September 2025, contributed to higher operational costs for PGMS.
- Industrial production showed marginal 0.1% YoY growth in September 2025, indicating subdued expansion in PGMS sectors.
Why did the price of Propylene Glycol Monostearate (PGMS) change in September 2025 in North America?
- Production costs increased due to 2.6% YoY PPI rise in August 2025 and higher palm oil prices.
- Robust retail sales, up 5.42% YoY in September 2025, supported PGMS demand.
- Persistent 3.0% YoY CPI in September 2025 and declining consumer confidence impacted costs and demand.
APAC
- In China, the Propylene Glycol Monostearate (PGMS) Price Index fell quarter-over-quarter in Q3 2025, influenced by deflationary pressures.
- Propylene Glycol Monostearate (PGMS) production costs were stable to lower in Q3 2025 due to ample propylene feedstock supply.
- Propylene Glycol Monostearate (PGMS) demand outlook was mixed, with food, cosmetics, and pharmaceutical sectors strengthening in Q3 2025.
- The Propylene Glycol Monostearate (PGMS) Price Index faced downward pressure from a -0.3% CPI and -2.3% PPI in September 2025.
- China's Manufacturing Index contracted in September 2025, indicating reduced industrial activity and impacting chemical demand.
- Industrial Production grew 6.5% and Retail Sales increased 3.0% in September 2025, supporting some PGMS demand.
- Ample propylene feedstock supply and overall chemical overcapacity in Q3 2025 contributed to bearish market sentiment.
- Consumer confidence remained pessimistic at 89.6 in September 2025, potentially limiting discretionary spending.
Why did the price of Propylene Glycol Monostearate (PGMS) change in September 2025 in APAC?
- Deflationary pressures, with CPI at -0.3% and PPI at -2.3% in September 2025, reduced market pricing power.
- Ample propylene feedstock supply and chemical overcapacity in Q3 2025 lowered production costs.
- Contracting Manufacturing Index in September 2025 indicated reduced industrial activity, despite some sector demand.
Europe
- In Germany, the Propylene Glycol Monostearate (PGMS) Price Index rose quarter-over-quarter in Q3 2025, due to strengthening feedstock costs.
- PGMS production costs increased in Q3 2025, with naphtha feedstock strengthening and industrial electricity remaining high.
- Demand for PGMS was subdued in Q3 2025, as Manufacturing Index contracted and industrial production declined.
- The PGMS Price Forecast indicates continued pressure from elevated natural gas prices in Europe during Q3 2025.
- Consumer Price Index (CPI) increased 2.4% in September 2025, impacting operational costs and consumer purchasing.
- Producer Price Index (PPI) decreased 1.7% in September 2025, due to lower energy prices, offering cost relief.
- Retail sales rose 0.2% in September 2025, supporting consumer-facing PGMS applications.
- Germany's unemployment rate remained stable at 6.3% in September 2025, suggesting cautious consumer spending.
Why did the price of Propylene Glycol Monostearate (PGMS) change in September 2025 in Europe?
- Production costs influenced by strengthening naphtha feedstock and persistently high industrial electricity.
- Overall producer prices decreased 1.7% in September 2025, due to lower energy prices, easing costs.
- Demand was subdued as industrial production declined 1.0% in September 2025, despite rising retail sales.
