Rising crude oil value has been affecting petrochemicals in the global market for a long time, owing to market hiccups in Asia, the USA, and Europe, influenced by numerous factors, including the Russia-Ukraine conflict. The ongoing dispute has not been resolved an inch yet, despite being sanctioned and politically interfered with by several major economies. Consequently, the Acrylate market remained volatile during the previous month, and varied in different countries.

As per the ChemAnalyst data, mixed sentiments were observed in the Asian market for 2-Ethylhexyl Acrylate during the February-March timeframe, owing to varying market sentiments. The Indian market has been showcasing stability for a long time, as pandemic-related uncertainties seem to be disappearing from the domestic market. As per the data, a decline of more than 2.5% was observed for 2-Ethylhexyl Acrylate in India during this timeframe; wavering demand fundamentals for the product remained a major reason behind this significant fall. However, other Asian countries like Singapore maintained stability with a rise of around 1% in the meantime, which was primarily driven by rising upstream value and inflationary pressure that has been put on logistics. Meanwhile, China has been hit by another wave of pandemic, compelling government to keep on widening movement restrictions in the country. In addition, being highly influenced by logistical challenges within the country, diminishing demand from the domestic market injected scepticism among the domestic key players.

Furthermore, rising natural gas cost across Europe and USA has also compelled regional manufacturers to keep on revising their offers on new purchases in order to sustain their margins despite demand dullness. As per the data, a marginal hike of around 1% was observed for 2-Ethylhexyl Acrylate in Germany, under the pressure of rising natural gas costs. In addition, the USA has also been witnessing inflationary pressure due to soaring crude oil value, which was later exacerbated by a sudden rise in the price of natural gas.

As per ChemAnalyst analysis, a further price increment is expected in USA and Europe owing to rising upstream costs, while the Asian market might remain stable.