For the Quarter Ending March 2025
North America
The Styrene Acrylonitrile (SAN) market in North America remained largely bearish during the first quarter of 2025. Market sentiment was cautious throughout the quarter due to weak downstream demand, particularly from the electronics and automobile industries. January began with reduced procurement, and manufacturers reported limited contract volumes amid high inventory levels.
February saw a brief stabilization in market sentiment as downstream plastic companies initiated short-term restocking. However, demand remained inconsistent, and overall market activity was restrained. By March, SAN prices had dropped by approximately 1.8% from January levels, driven by decreased offtakes and reduced raw material costs. Feedstock prices for styrene and acrylonitrile were mostly average, offering limited cost pressure. Domestic production ran at moderate rates, with no significant supply disruptions.
Export activity stayed weak due to reduced buying interest from Latin American countries. The oversupplied conditions and conservative downstream buying patterns kept price gains in check. Market players adopted a wait-and-see approach, anticipating improved seasonal demand in the coming quarter, and the SAN market closed the quarter with prices at USD 2,230 per MT.
APAC
The Asia-Pacific SAN market displayed mixed trends across Q1 2025, heavily influenced by seasonal disruptions and regional feedstock dynamics. In China, SAN prices declined steadily, registering a cumulative 2.1% drop from January to March amid bearish downstream demand and lower styrene costs. The Lunar New Year holiday in February further affected the productions and procurement activities. India witnessed fluctuations during the quarter, with prices dropping during the initial days, before rebounding in mid-March on the back of strong demand from the automobiles and electronics sectors. South Korea’s market remained under pressure, with prices falling by around 2% over the quarter due to limited export activity and average domestic consumption. In Indonesia, SAN prices decreased gradually as Ramadan-induced slowdowns weighed on automobiles and electronics demand. Import availability across the region remained sufficient, and manufacturers operated cautiously. Despite marginal restocking in March, overall sentiment remained moderate, with downstream buyers being concerned of further price corrections. Production costs saw minimal volatility, resulting in a stable-to-average pricing tone throughout Q1.
Europe
The European SAN market observed moderate movement through Q1 2025, reflecting limited demand and a balanced supply scenario. In Germany, the quarter commenced with stable pricing in January as downstream industries, particularly household appliances and automobiles, maintained average usage levels. February showed slight signs of restocking, particularly among plastic companies anticipating spring demand. However, limited buying interest from the packaging and electronics sectors constrained price growth. In March, SAN prices saw a decline of 1.1%, primarily due to reducing demand and increased inventory levels in the market. Feedstock prices for styrene and acrylonitrile remained largely average during the period, offering no significant cost support for manufacturers. Domestic production was consistent, but several suppliers adopted flexible operating rates to manage oversupply. Export volumes remained low, particularly to Eastern European and Turkish markets. Overall, the European SAN market came across Q1 with limited volatility, shaped by the reduced performance of the downstream companies and cautious procurement practices, while market participants closely watched the demand conditions heading into the upcoming quarter.
South America
In Q1 2025, the South American SAN market experienced mild fluctuations, supported by balanced supply but constrained by slow industrial demand. Prices of SAN in Brazil settled at USD 1,535/MT by the end of March, reflecting only a nominal decline from January, attributed to steady but moderate procurement from packaging and household appliances segments. The automobiles sector struggled with bearish retail momentum due to higher interest rates and macroeconomic concerns, limiting SAN usage in interior components. February witnessed a brief growth in activity due to seasonal restocking, but March saw reduction in demand as downstream manufacturers prioritized average inventories. Import availability from Asia remained uninterrupted, keeping domestic supply adequate across major markets like Argentina, Chile, and Brazil. Feedstock costs did not exert significant pressure on production margins. Local manufacturers operated at conservative rates to align with regional usage patterns. The overall market remained normal, with expectations of slight improvement in Q2 as infrastructure and automobile investments are expected to rebound in key economies in the region.
For the Quarter Ending December 2024
North America
In Q4 2024, the styrene acrylonitrile (SAN) market in North America encountered a challenging landscape characterized by oversupply and fluctuating demand across key sectors. The automotive industry experienced a notable slowdown as rising interest rates curtailed new vehicle production and renovations. This decline led to reduced orders for SAN products used primarily for automotive applications, creating pressure on manufacturers who had previously ramped up production levels.
However, the packaging sector emerged as a bright spot due to sustained demand from e-commerce. The need for lightweight and protective packaging solutions drove increased usage of SAN in various applications such as food packaging and consumer goods. Manufacturers focused on enhancing product performance while addressing sustainability concerns through innovations in recycled content and alternative materials that align with consumer preferences for greener options.
By December, while some producers adjusted their inventories due to shifting demand patterns from construction and consumer goods sectors, overall sentiment remained cautiously optimistic. Stakeholders anticipated gradual recovery into 2025 as construction activities began to stabilize and innovations in sustainable packaging gained traction within regulatory frameworks aimed at reducing plastic waste. The emphasis on eco-friendly practices was expected to shape future market dynamics significantly across North America.
APAC
In Q4 2024, the styrene acrylonitrile (SAN) market in the APAC region, particularly in China, faced significant challenges due to a combination of oversupply and weakening demand. The automotive sector, a major consumer of SAN for interior components, experienced a downturn as economic uncertainties led to reduced vehicle production and consumer spending. This decline resulted in decreased orders for SAN products, prompting manufacturers to reevaluate their production strategies and manage high inventory levels.
Conversely, the electronics industry showed resilience, with steady demand for SAN in applications such as casings and housings due to its excellent impact resistance and aesthetic qualities. However, rising feedstock costs and logistical challenges continued to affect profitability across the board. Manufacturers began investing in research and development to create more sustainable SAN formulations that align with increasing regulatory pressures regarding plastic use.
By December, while some producers struggled with excess inventory and fluctuating demand patterns, there was cautious optimism about recovery in 2025. Stakeholders anticipated that innovations in sustainable practices would drive future growth as the market adapts to changing consumer preferences and regulatory landscapes.
Europe
In Q4 2024, the styrene acrylonitrile (SAN) market in Europe faced significant challenges primarily due to economic uncertainties impacting key industries such as automotive and consumer goods. The automotive sector struggled with declining production rates as manufacturers contended with supply chain disruptions and reduced consumer demand for new vehicles. This downturn resulted in decreased orders for SAN used in automotive applications like dashboards and trim components, leading to excess inventory among producers.
Despite these challenges, the packaging industry remained relatively stable. The surge in e-commerce created increased demand for SAN in packaging applications due to its lightweight yet durable properties. However, heightened environmental regulations prompted many companies to explore alternatives to traditional SAN formulations, focusing on recyclable or biodegradable options.
By December, manufacturers grappled with high inventory levels due to decreased consumption across various sectors. Nevertheless, there was cautious optimism regarding future growth driven by innovations in sustainable materials and recycling initiatives. Stakeholders expected that regulatory support for eco-friendly practices would significantly influence market dynamics moving into 2025 as industries adapt to stricter environmental standards.
South America
In Q4 2024, the styrene acrylonitrile (SAN) market in South America demonstrated resilience despite ongoing economic fluctuations affecting various industries. The construction sector continued to be a significant driver of demand for SAN products used in insulation and structural applications. Government-led infrastructure projects across Brazil and Argentina supported this trend as part of broader efforts to stimulate economic growth following pandemic-related slowdowns.
The packaging industry also contributed positively as consumer preferences shifted towards online shopping, increasing the need for effective protective packaging solutions utilizing styrene-based materials. However, challenges such as inflationary pressures and currency fluctuations impacted production costs and pricing strategies for manufacturers operating in this volatile environment.
By December, while some manufacturers faced supply chain disruptions affecting raw material availability and logistics costs, overall market sentiment remained optimistic. Stakeholders anticipated growth into 2025 driven by ongoing infrastructure investments and innovations aimed at enhancing sustainability within styrene applications. The focus on eco-friendly alternatives was expected to significantly shape future market dynamics across South America as companies sought to align with global sustainability trends while navigating local economic challenges.
For the Quarter Ending September 2024
North America
In Q3 2024, the Styrene Acrylonitrile (SAN) market in North America experienced a steady decline in prices, marking a challenging period for the industry. The downward trend was driven by a combination of factors, including weakened demand from key sectors such as automotive and electronics, which continued to face headwinds from global economic uncertainties. The reduced demand led manufacturers to adopt a cautious stance on new projects and investments, further contributing to the market's sluggish performance.
Supply chain stability and balanced inventory levels were insufficient to counterbalance the subdued demand, resulting in persistent downward pressure on SAN prices throughout the quarter. In the USA, the market saw the most notable changes, with a quarter-on-quarter decline of approximately -4%, underscoring the ongoing price challenges. Compared to the same quarter last year, prices were down by around -5%, reflecting a prolonged bearish trend.
The latter half of the quarter saw a modest -0.4% decrease between August and September, indicating a gradual price adjustment. The quarter concluded with SAN DEL New York priced at USD 2120/MT, highlighting the overall negative pricing environment and the hurdles faced by the SAN market in maintaining stability amidst uncertain demand conditions.
APAC
In Q3 2024, the Styrene Acrylonitrile (SAN) market in the APAC region experienced a period of slight price adjustments, with China seeing the most notable changes. The quarter was marked by a challenging market environment influenced by several factors. Weakened demand from critical sectors like automotive and electronics, combined with global supply chain disruptions and volatile raw material costs, shaped the market dynamics. Despite these challenges, the overall pricing in the region remained relatively stable. The comparison between Q2 and Q3 2024 indicated a marginal 0.3% increase in average prices, reflecting a cautious balance between supply and demand. Within the quarter, prices remained mostly stable, with a minor 1% decline observed between the first and second halves. This stability was evident despite the broader economic uncertainties impacting demand across the region. The quarter-ending price of SAN CFR Qingdao stood at 1520 USD/MT, slightly lower than its July peak. This price movement exemplified the market's struggle to achieve significant upward momentum, with overall sentiment remaining tempered. Although the quarter saw some stability, the underlying market conditions highlighted the difficulties in sustaining demand recovery amidst persistent economic headwinds.
Europe
In Q3 2024, the Styrene Acrylonitrile (SAN) market in Europe experienced a period of gradual price increases, reflecting a modest improvement in the pricing environment. The market observed a 0.3% rise in average prices compared to the previous quarter, indicating a slight positive shift. The recovery was primarily driven by demand stabilization in key sectors like automotive and electronics, alongside some supply chain adjustments that supported pricing. The Netherlands emerged as a focal point for price changes, showing a noticeable rise, particularly in the latter part of the quarter. Prices increased by approximately 3% between August and September, highlighting a resurgence in demand and better market conditions. Despite global economic uncertainties, the steady supply of SAN and carefully managed inventory levels helped maintain price stability throughout the quarter. The quarter-ending price of 2591 USD/MT for SAN FD Rotterdam underscored the positive sentiment in the European market. This upward movement, following a period of decline earlier in the year, showcased the market's resilience and capacity to adapt to evolving supply and demand dynamics. Although challenges persisted, the overall trend in Q3 pointed towards a cautiously optimistic outlook for the SAN market in Europe.
South America
In Q3 2024, the Styrene Acrylonitrile (SAN) market in the South America region experienced a gradual decline in prices, shaped by various market dynamics. A key factor driving this trend was the global surplus of SAN, which combined with weakening demand from crucial industries like automotive and electronics, put consistent downward pressure on prices. The stability of supply chains, particularly for acrylonitrile—an essential feedstock for SAN production—further contributed to this imbalance. As economic uncertainties persisted, market sentiment turned bearish, leading to cautious trading behaviour and reduced market activity. In Brazil, the most significant price fluctuations within the region were observed. The overall trend highlighted a steady decrease, with the quarterly percentage change at approximately -3.1% from the previous quarter and a significant decline compared to the same quarter last year. Additionally, a subtle decrease of about -0.4% between the first and second halves of the quarter was recorded, reflecting ongoing market pressures. The quarter concluded with SAN prices at USD 2185/MT CFR Santos in Brazil, underscoring a persistently negative pricing environment. The continuous decline in prices highlighted the challenges faced by the SAN market in sustaining demand amidst an oversupplied and uncertain global market.
For the Quarter Ending June 2024
North America
The second quarter of 2024 for Styrene Acrylonitrile (SAN) in the North American region has been characterized by a consistent downward pricing trend. This quarter witnessed a persistent decline in SAN prices due to a confluence of factors significantly impacting the market. Primarily, the reduction in feedstock costs, particularly styrene, led to lower production expenses, thereby exerting downward pressure on SAN prices. Additionally, subdued demand from key sectors such as packaging and automotive further exacerbated the price decline, as these industries faced slower growth and reduced consumption of SAN.
In the United States, the most pronounced price changes were observed. The overall market trends reflected a bearish sentiment, with high inventory levels and reduced demand contributing to the persistent price drop. Despite a moderate surge in the U.S. manufacturing PMI to 51.3 in May, indicating an optimistic production outlook, this did not translate into increased SAN prices due to overstocked inventories and stagnant demand from downstream industries. Seasonality also played a role, with lower demand typically observed during this period.
From a year-on-year perspective, SAN prices experienced a significant decrease compared to the same quarter in the previous year, highlighting a negative pricing environment. When compared to the previous quarter in 2024, there was a modest decrease of 4%, indicating a gradual but noticeable decline. Within the quarter, a further price reduction of 6.5% was noted between the first and second halves, underscoring the persistent bearish trend. The quarter concluded with SAN prices settling at USD 2,140 per metric ton DEL New York in the USA, reflecting the overall negative pricing environment driven by a combination of lower raw material costs, subdued demand, and high inventory levels.
APAC
In Q2 2024, the Styrene Acrylonitrile (SAN) market in the APAC region experienced a notable upward trend in pricing. This quarter has been characterized by several significant factors that influenced market prices. Primarily, rising costs of feedstocks such as styrene and acrylonitrile played a critical role in driving SAN prices higher. These raw material costs were impacted by geopolitical tensions, fluctuations in crude oil prices, and logistical disruptions. Additionally, robust demand from downstream sectors like automotive, electronics, and packaging industries further exerted upward pressure on prices. The consistent economic growth and increased industrial activities in the region also contributed to the heightened demand for SAN, leading to a tighter supply scenario. Market participants responded by accumulating inventories to hedge against anticipated price increases, further driving up prices. Focusing on South Korea, which experienced the maximum price changes, the overall trend reflected a strong bullish sentiment. The country saw a remarkable increase in SAN prices compared to the same quarter last year, highlighting the substantial growth in demand and supply constraints. From the previous quarter in 2024, prices climbed by 12.43%, demonstrating the persistent upward trajectory. Within the quarter, prices in the second half showed a slight 2.23% increase over the first half, indicating a steady rise in demand and stable supply conditions. The quarter-ending price for SAN in South Korea was USD 1,510/MT on an FOB Busan basis, reflecting a positive pricing environment. This consistent increase underscores the robust market dynamics and the sustained demand from key industrial sectors. Overall, the pricing environment for SAN in Q2 2024 has been positive, driven by strong demand, rising feedstock costs, and strategic stockpiling by market participants.
Europe
In Q2 2024, the Styrene Acrylonitrile (SAN) market in the Europe region has been characterized by a consistent downward trend in prices. Various factors have converged to exert significant downward pressure on the market. Key among these has been the persistent weak demand from critical downstream industries, such as automotive and electronics, which have scaled back procurement activities due to economic uncertainties. Moreover, the reduction in feedstock prices, particularly acrylonitrile and styrene, significantly contributed to the overall decrease in SAN prices. High inventory levels across the region further exacerbated the situation, prompting suppliers to offer substantial discounts to clear their stocks. The stability of input costs, coupled with improved logistics and supply chain efficiencies, alleviated some supply constraints, thereby supporting the decreasing price trend. Focusing exclusively on Germany, the country observed the most pronounced price changes within the region. Overall trends indicated a decline driven by reduced procurement activities in key manufacturing sectors, influenced by both global economic pressures and localized market contractions. The seasonality effect was evident as demand typically wanes during the summer months, aligning with the observed price decrease. From the same quarter last year, SAN prices in Germany fell notably, reflecting the ongoing market contraction. Comparing Q2 to the previous quarter of 2024, there was a 6.22% drop, further illustrating the negative sentiment pervading the market. The first half of the quarter saw higher prices than the latter half, marking a 5.4% decrease. Concluding this quarter, the price of SAN FD Hamburg settled at USD 2,460/MT. This pricing environment has been distinctly negative, driven by the interplay of reduced demand, oversupply, and stabilized input costs.
South America
In Q2 2024, the Styrene Acrylonitrile (SAN) market in South America witnessed a notable decline in prices, with Brazil experiencing the most significant changes. The overall quarter saw a negative trend in pricing, influenced by various key factors. Weak demand from crucial sectors like automotive and electronics played a pivotal role in driving prices down. Additionally, price reductions in feedstock materials such as acrylonitrile and styrene contributed to the price decrease. High inventory levels in the domestic market led suppliers to offer discounts to clear stock, further impacting pricing dynamics. Brazil, in particular, experienced substantial price fluctuations, reflecting the broader regional trend. The quarter saw a significant decrease in SAN prices compared to the same period last year, indicating a challenging market environment. Moreover, there was a notable 9.1% decrease in prices from the previous quarter in 2024, highlighting the ongoing downward trajectory. The comparison between the first and second half of the quarter revealed a 3.3% decrease in prices, emphasizing the continued negative sentiment. As Q2 2024 concluded, SAN was trading at USD 2,200/MT CFR Santos in Brazil, underscoring the prevalent downward pricing trend in the region.
