In June 2024, the global 2-Ethylhexyl Nitrate (2-EHN) market experienced a bearish situation primarily due to increased production and a lack of consumption from the downstream fuel segment. In India, the price of 2-EHN decreased by approximately 9.5% during June 2024, attributed to the ample availability of the product amid low demand from the downstream diesel processing segment. The supply chain remained strong, bolstered by increased production in the previous month. However, in May 2024, the Indian market for 2-EHN saw a significant price increase driven by heightened demand from the diesel producers. Data from the Ministry of Petroleum & Natural Gas indicated a decline in domestic consumption of light diesel oil during this period, alongside a moderate supply within the country. Robust demand from the automobile industry further fuelled the market, with a modest year-on-year growth of 4.03% in May 2024, totalling 349,054 units compared to 335,531 units in May 2023.

Similarly, the South Korean market observed the same trend in June 2024. The price decrease was influenced by cheaper imports from countries like India, where prices also dropped sharply, affecting the overall price trend. In May 2024, the South Korean 2-EHN market experienced a significant price increase due to expensive imports from India and Oman. The price of 2-EHN in India surged by 12%, directly impacting the South Korean market. The demand for 2-EHN in South Korea grew significantly, driven by increased domestic consumption of light diesel oil and a notable rise in sales of imported cars, which increased by 13.4% year-on-year in May. According to the Korea Automobile Importers & Distributors Association, newly registered imported cars totalled 24,209 units, up from 21,339 units the previous year.

In the USA, the 2-EHN market followed the global price trend, experiencing a bearish trend due to cheaper imports. The domestic demand for the product was low, while supply remained high, further contributing to the downward price trend. However, in May 2024, the US market for 2-EHN witnessed a notable surge in prices, primarily driven by increased imports from India and China. The price of 2-EHN in India spiked by 12%, directly impacting the US market and contributing to the overall upward price trend. Throughout the month, the demand for 2-EHN in the country saw significant growth, propelled by a rise in domestic consumption of light diesel oil. This surge in demand was particularly driven by robust U.S. auto sales, which increased by 11% in May compared to the previous year. The strong performance was buoyed by substantial demand for SUVs, pickup trucks, and hybrid vehicles.

According to ChemAnalyst, the price of 2-EHN may increase or remain stable in the first half of July 2024 due to anticipated increased demand and expected inquiries from overseas in the beginning of the third quarter of 2024. Additionally, improving upstream crude oil prices could enhance production costs and impact 2-EHN prices in the global market.