The global Petroleum Resin market experienced a significant surge throughout November 2024, with the most pronounced impact observed in Asia and North America. Although the price of Crude Oil experienced a decline during this period, its influence on Petroleum Resin prices remained relatively limited. The continued robust demand from the downstream construction sector emerged as a key driver of the upward price trend for Petroleum Resin. The sustained activity within this sector, which relies heavily on materials such as Petroleum Resin, bolstered prices despite the falling feedstock costs. This dynamic highlight the dominance of end-user demand factors, particularly within the construction industry, in shaping the overall market trends for Petroleum Resin during November 2024.

In the Chinese market, Petroleum Resin prices witnessed an upward trajectory, rising by 2.8% during November 2024, consistent with the trend observed in the preceding month. This price increase was primarily driven by moderate demand from the downstream construction industry, which continues to serve as a pivotal growth engine for the market. According to insights from various market participants, the construction sector played a significant role in the recent price uptick, recording a 3.1% growth in the last week of November. This expansion was further supported by the strong performance of major industry players, such as China Railway Group, which reported a 3.7% increase during the same period. The ongoing growth within the construction sector has fueled additional demand for Petroleum Resin, which finds extensive applications across various construction-related activities, thereby reinforcing its critical role in the market's upward momentum.

The prices of Petroleum Resin in the North American market experienced a notable increase, driven by multiple market dynamics. The price uptick was primarily attributed to robust demand coupled with elevated freight charges. The strong performance of the construction sector, which heavily relies on materials such as Petroleum Resin, significantly contributed to this upward trend. Data from market participants highlighted a surge of nearly 9% in the construction material index during November 2024, underscoring the heightened activity in this segment. Additionally, strategic inventory stockpiling by market players, prompted by expectations of potential tariff adjustments under the new administration, further bolstered the upward momentum in Petroleum Resin prices. Freight conditions also played a critical role, with anticipated rate hikes scheduled for December adding to the cost pressures faced by manufacturers and importers. These combined factors created a confluence of supply and cost dynamics, supporting the overall price escalation in the North American Petroleum Resin market.

According to ChemAnalyst, it is anticipated that the price of    will experience an upward trend in the global market in the coming days. This forecast suggests that factors such as sustained demand from key downstream sectors, supply dynamics, and market conditions are likely to support further price increases in the near term.