Polypropylene Glass Filled Compound Prices, Trend, Market Analysis | ChemAnalyst

by Ganesh Kumar SEO Specialist

For the Quarter Ending September 2023

North America:

In the third quarter, the prices of Polypropylene Glass-filled Compounds in North America exhibited a fluctuating pattern, initially marked by sluggishness in the first couple of months. Unfortunately, the construction industry's performance failed to rebound during this period, with August output experiencing a further decline. Housing, commercial, and other construction activities witnessed a decrease in European nations, contributing to the overall weak demand from downstream construction and related derivatives. This subdued demand outlook persisted for the remaining part of the year. Although the Eurozone Construction PMI showed a marginal increase in September 2023, it still indicated a significant contraction in the construction sector. Additionally, feedstock prices, including Polypropylene, declined in the quarter, providing limited cost support for the product. Weak demand resulted in the fastest decline in new business since May 2020, leading to substantial decreases in activity and input purchases across all construction categories, particularly in house building. Notably, Germany continued to experience a sharp decline in overall construction activity.

Asia:

The Polypropylene Glass Fiber reinforced compound prices in the Asian market exhibited mixed sentiments throughout the quarter. Data revealed fluctuating prices, with a consistent fall in the first half due to subdued demand during the monsoon season in major Asian economies. However, as the monsoon season concluded towards the end of the quarter, consumption improved linearly, aiding a price recovery. The rising cost of Polypropylene also contributed to the upward trend in the second half of the quarter, influenced by the escalating global crude oil value. Upstream Crude Oil prices continued their upward trajectory, attracting investor attention due to supply constraints amid ongoing macroeconomic uncertainties. Key oil-producing nations, Saudi Arabia and Russia, extended their voluntary oil output reductions by a collective 1.3 million barrels per day until year-end, propelling global crude prices to a 10-month high.

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Europe:

In the third quarter of 2023, the Polypropylene Glass Filled Compound market in North America demonstrated robust performance, primarily driven by the US market. This surge was attributed to the increased price of the feedstock Polypropylene and growing demand from the downstream automobile industry. Major global automakers experienced growth in new vehicle sales during this period, reflecting improvements in supply and strong demand, despite disruptions in production due to pandemic-related supply chain challenges, particularly in semiconductor chips and other critical raw materials. Towards the quarter's end, the price of Polypropylene Glass Filled Compound experienced a rapid increase of over 3%, primarily due to the sharp uptick in upstream Crude Oil prices. The upward trajectory of Crude Oil prices, influenced by ongoing macroeconomic uncertainties and concerns about supply constraints, was driven by key oil-producing nations, including Saudi Arabia and Russia, extending their voluntary oil output reductions. This decision resulted in global crude prices reaching a 10-month high earlier in the quarter, underscoring the intricate interplay between the energy market and its impact on the Polypropylene Glass Filled Compound industry in North America.

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