For the Quarter Ending December 2025
North America
• The Heavy Aromatic Naphtha Solvent Price Index in North America ended Q4 2025 broadly stable to slightly firm, with steady downstream demand from coatings, adhesives, and industrial chemical applications helping support pricing momentum after earlier softness.
• The Heavy Aromatic Naphtha Solvent Spot Price tracked broader crude and refining trends and remained range-bound with mild firmness, as refiners balanced throughput and maintained output while buyers cautiously restocked inventories for early 2026.
• Key downstream uses of Heavy Aromatic Naphtha Solvent in North America included its application as a solvent in paints and coatings, a carrier solvent for printing inks, a processing aid in rubber and adhesives, and usage in industrial cleaning and petrochemical formulations—markets that collectively support consistent offtake.
• The Heavy Aromatic Naphtha Solvent Production Cost Trend through Q4 2025 was moderate overall, benefiting from relatively stable crude oil derivatives and naphtha feedstock pricing, though seasonal logistics and regional energy cost variations influenced local cost bases for producers.
• The Heavy Aromatic Naphtha Solvent Demand Outlook remained steady but not strongly bullish, supported by coatings and chemicals demand, with any weak pockets of industrial activity largely offset by capacity restocking and demand from automotive and construction segments.
• The Heavy Aromatic Naphtha Solvent Price Forecast for early 2026 suggested range-bound pricing with selective upside potential, particularly if construction and coatings demand strengthen or if feedstock supply tightens due to refinery maintenance or logistics disruptions.
• By December, the Heavy Aromatic Naphtha Solvent Price Index showed mild firmness, as year-end restocking by coatings and industrial formulators, along with balanced refinery operations, helped stabilize pricing and limited sharp downward movement.
Why did the price of Heavy Aromatic Naphtha Solvent change in December 2025 in North America?
• Year-end replenishment and inventory planning by key end-users in paints, coatings, and specialty solvents provided support to the Price Index in December, preventing a steeper decline.
• Stable crude and naphtha feedstock costs helped contain production cost volatility, contributing to the steadier Spot Price environment.
• Balanced refinery output and inventory levels maintained an orderly supply backdrop, which coupled with ongoing downstream demand, mitigated sharp pricing fluctuations in December 2025.
APAC
• In India, the Heavy Aromatic Naphtha Solvent Price Index fell by 0.78% quarter-over-quarter, muted buying.
• The average Heavy Aromatic Naphtha Solvent price for the quarter was approximately USD 715.56/MT reported.
• Spot at Kandla eased; Heavy Aromatic Naphtha Solvent Spot Price softened amid comfortable inventory levels.
• Steady reformer runs; softer crude reduced expenses, easing Heavy Aromatic Naphtha Solvent Production Cost Trend.
• Anticipated restocking by paints and agrochemical formulators supports the Heavy Aromatic Naphtha Solvent Demand Outlook.
• Regional import parity and improved logistics influenced the Heavy Aromatic Naphtha Solvent Price Index movement.
• Rail freight normalization reduced premiums, supporting trades, sustaining a balanced Heavy Aromatic Naphtha Solvent market.
• Short-term Heavy Aromatic Naphtha Solvent Price Forecast expects modest range-bound movement amid balanced supply conditions.
Why did the price of Heavy Aromatic Naphtha Solvent change in December 2025 in APAC?
• Year-end budget closures and inventory drawdowns reduced discretionary buying, weakening spot demand despite adequate supply availability.
• Steady domestic reformer runs plus scheduled imports increased tank stocks, limiting upward pressure on Price Index values.
• Mild easing in crude benchmarks reduced feedstock costs, contributing to the observed small decline in spot quotations.
Europe
• The Heavy Aromatic Naphtha Solvent Price Index in Europe trended mildly lower during Q4 2025, reflecting softer regional industrial activity and cautious buying across solvent-consuming sectors, particularly coatings and construction-linked applications.
• The Heavy Aromatic Naphtha Solvent Spot Price eased through October and November as supply availability remained comfortable and buyers relied on existing inventories rather than spot replenishment.
• Key downstream uses of Heavy Aromatic Naphtha Solvent in Europe included its application as a solvent and diluent in paints and coatings, a carrier solvent in printing inks, a formulation component in agrochemicals, and a processing solvent in rubber, adhesives, and specialty resins, closely tying demand to construction, packaging, and industrial manufacturing trends.
• The Heavy Aromatic Naphtha Solvent Production Cost Trend stayed relatively stable, supported by steady refinery operating rates and moderated crude oil price volatility, which limited sharp swings in aromatics feedstock costs during the quarter.
• The Heavy Aromatic Naphtha Solvent Demand Outlook for Q4 2025 remained subdued, as reduced construction activity, slower coatings demand, and cautious procurement by ink and adhesive producers weighed on overall solvent consumption.
• The Heavy Aromatic Naphtha Solvent Price Forecast for early 2026 pointed toward range-bound to slightly soft pricing, unless a rebound in construction coatings demand or firmer crude oil values tighten solvent availability.
• By December, the Heavy Aromatic Naphtha Solvent Price Index showed early signs of stabilization, as year-end restocking and steady refinery supply discipline helped prevent further price erosion.
Why did the price of Heavy Aromatic Naphtha Solvent change in December 2025 in Europe?
• Seasonal year-end restocking by coatings and ink manufacturers provided limited support to the Heavy Aromatic Naphtha Solvent Price Index, slowing the decline seen earlier in the quarter.
• Stable crude oil and aromatics feedstock costs reduced production cost pressure, keeping the Heavy Aromatic Naphtha Solvent Spot Price largely steady rather than sharply rebounding.
• Weak construction and industrial demand across several European economies capped upside potential, resulting in stabilization rather than a meaningful price increase in December.
For the Quarter Ending September 2025
North America
• The Heavy Aromatic Naphtha Solvent Price Index in USA was under pressure in early Q3 2025 but began to stabilize by late Q3 as inventories normalized and procurement activity resumed.
• The Heavy Aromatic Naphtha Solvent Spot Price tracked broader crude oil and naphtha benchmarks, with limited volatility; U.S. spot levels remained elevated due to regional demand in coatings and oilfield chemicals.
• The Heavy Aromatic Naphtha Solvent Production Cost Trend eased relative to early 2025, as logistics pressures moderated, though energy inputs remained a variable factor.
• The Heavy Aromatic Naphtha Solvent Demand Outlook in USA was cautious but steady, supported by the demand from construction, paints and coatings, and automotive sectors.
• The Heavy Aromatic Naphtha Solvent Price Forecast pointed to stable to slightly firm levels into Q4 2025, with seasonal coatings activity and normalized procurement offsetting lingering macroeconomic softness.
• Refiners managed throughput and inventories, while competitive imports influenced the Price Index; balanced supply prevented sharp swings.
Why did the price of Heavy Aromatic Naphtha Solvent change in September 2025 in North America?
• Market sentiment shifted to a more balanced footing in September, as refiners adjusted operating rates and buyers cautiously returned to the market.
• Feedstock cost relief from softer naphtha benchmarks limited upward pressure on the Production Cost Trend.
• Industrial demand was steady but not strong enough to drive significant Spot Price gains.
APAC
• In India, the Heavy Aromatic Naphtha Solvent Price Index fell by 4.54% quarter-over-quarter, reflecting weakness.
• The average Heavy Aromatic Naphtha Solvent price for the quarter was approximately USD 721.17/MT on spot ex-Kandla basis.
• Domestic Heavy Aromatic Naphtha Solvent Spot Price softened amid ample inventories and cautious coatings buying.
• The Heavy Aromatic Naphtha Solvent Price Forecast expects recovery from post-monsoon restocking and festive demand.
• Heavy Aromatic Naphtha Solvent Production Cost Trend eased as benzene and naphtha costs declined.
• Heavy Aromatic Naphtha Solvent Demand Outlook shows steady pharmaceutical demand but muted paints procurement activity.
• Heavy Aromatic Naphtha Solvent Price Index aligned with exports and limited imports from duty constraints.
Why did the price of Heavy Aromatic Naphtha Solvent change in September 2025 in APAC?
• Reduced downstream restocking and weak paint sector procurement lowered demand, pressuring domestic pricing and margins.
• Declining benzene and naphtha feedstock costs reduced production costs, enabling lower seller offers to market.
• Sufficient inventories, constrained export momentum, and anti-dumping import limitations limited upward price pressure this quarter.
Europe
• The Heavy Aromatic Naphtha Solvent Price Index in Germany was soft in early Q3 2025, reflecting weaker industrial activity and subdued coatings demand, but stabilized by late Q3 as procurement activity resumed.
• The Heavy Aromatic Naphtha Solvent Production Cost Trend eased relative to early 2025, supported by lower Brent linked feedstock costs, though energy price swings in Germany continued to add uncertainty.
• The Heavy Aromatic Naphtha Solvent Demand Outlook in Germany was cautious but steady, supported by the demand from paints and coatings and agrochemical sectors.
• The Heavy Aromatic Naphtha Solvent Price Forecast pointed to stable to slightly firm levels into Q4 2025, with seasonal coatings activity and normalized procurement offsetting lingering macroeconomic softness.
• Refiners managed throughput and inventories, while imports from Asia remained competitive, shaping the overall Price Index.
Why did the price of Heavy Aromatic Naphtha Solvent change in September 2025 in Europe?
• Market sentiment shifted to cautious stability in September, as refiners adjusted operating rates and buyers replenished inventories.
• Feedstock cost relief from crude oil benchmarks limited upward pressure on the Production Cost Trend.
• Industrial demand was steady but not strong enough to drive significant Spot Price gains.
For the Quarter Ending June 2025
North America
• The Heavy Aromatic Naphtha Solvent Price Index in the U.S. declined significantly in Q2 2025, reflecting weaker demand and softening crude benchmarks.
• In April and May, downstream consumption from coatings and adhesives sectors slowed due to reduced industrial activity and softer petrochemical margins.
• By June 2025, price pressure continued as inventories increased amid modest refining throughput and cautious procurement.
• The Heavy Aromatic Naphtha Solvent Production Cost Trend eased, supported by lower Brent crude-linked feedstock costs and reduced logistic charges.
• The Heavy Aromatic Naphtha Solvent Demand Outlook remained cautious for Q3, particularly from coatings and chemical end-use segments.
Why did the price of Heavy Aromatic Naphtha Solvent change in July 2025 in North America?
• In July 2025, the Price Index was weak as refinery margins remained tight and demand from coatings and adhesives stayed muted.
• The Q3 Heavy Aromatic Naphtha Solvent Price Forecast suggests continued bearishness in pricing unless refinery runs, or downstream activity improves.
APAC
• The Heavy Aromatic Naphtha Solvent Price Index in India declined steadily through Q2 2025, influenced by falling crude oil prices and low industrial activity across key consuming sectors.
• In April, prices dropped as inventory build-up from the previous quarter met sluggish demand from the paints and coatings industry.
• May saw further decline amid limited offtake from ink and agrochemical manufacturers, as traders remained cautious due to weak seasonal demand.
• By June 2025, prices were at their lowest in the quarter, pressured by lower feedstock costs and muted exports.
• The Heavy Aromatic Naphtha Solvent Production Cost Trend decreased owing to cheaper naphtha availability and reduced energy costs.
• The Heavy Aromatic Naphtha Solvent Demand Outlook stayed weak in the region, particularly from packaging and dye sectors that continued operating at reduced capacities.
Why did the price of Heavy Aromatic Naphtha Solvent change in July 2025 in India?
• In July 2025, the Price Index continued to decline due to limited demand and persistent bearish sentiment.
• The Heavy Aromatic Naphtha Solvent Price Forecast for Q3 remains uncertain unless monsoon-related restocking provides momentum.
Europe
• The Heavy Aromatic Naphtha Solvent Price Index, especially in the Netherlands, dropped by notably during Q2 2025, reflecting mild market correction.
• Demand from European petrochemical and industrial cleaning segments contracted in April and May amid sluggish cracker operating rates and regulatory pressures.
• In June 2025, downward pressure persisted as feedstock naphtha margins tightened alongside reduced domestic manufacturing of adhesives and coatings.
• The Heavy Aromatic Naphtha Solvent Production Cost Trend softened slightly as crude-linked input costs eased and logistical challenges eased.
• The Heavy Aromatic Naphtha Solvent Demand Outlook remained subdued, particularly in Western Europe, due to ongoing industrial weakness and reliance on imported solvent materials.
Why did the price of Heavy Aromatic Naphtha Solvent remain weak in July 2025 in Europe?
• In July 2025, the Price Index remained average amid weak downstream offtake and persistent feedstock margin pressure.
• The Heavy Aromatic Naphtha Solvent Price Forecast suggests range bound to soft pricing through early Q3 unless petrochemical demand recovers.
For the Quarter Ending March 2025
North America
In Q1 2025, the Heavy Aromatic Naphtha Solvent market in the USA continued to overcome changing demand patterns and economic uncertainties. Early in the quarter, constant usage from the coatings and adhesives sectors supported the market. However, later, rising production costs and persistent inflationary pressures affected the overall industrial output, constraining demand growth. Manufacturers faced ongoing inventory challenges, with excess supply creating an intensely competitive landscape among suppliers.
This caused further price adjustments as companies sought to retain their market share amidst changing market conditions. Simultaneously, regulatory measures targeting VOC emissions remained a crucial factor in shaping production strategies, prompting manufacturers to increase their investments in cleaner technologies and reformulate products to meet stringent compliance standards.
As economic conditions showed signs of stabilization, industry participants prepared to adapt to shifting market dynamics while maintaining their strategic positioning. By the end the quarter, market sentiment of Heavy Aromatic Naphtha Solvent was cautious yet forward-looking, as stakeholders closely monitored economic recovery indicators.
APAC
During Q1 2025, India's Heavy Aromatic Naphtha Solvent market experienced significant fluctuations amid shifting demand dynamics. January saw a 3.9% price decline, influenced by reduced fuel consumption and moderate industrial activity. While demand from agrochemical and pharmaceutical sectors remained moderate, unfavourable weather patterns and global economic uncertainties limited the growth. In February, prices dropped sharply by 14%, due to falling crude oil prices, inventory build-ups, and reduced buying interest. The agrochemical sector faced slower procurement, while pharmaceutical exports were impacted by regulatory delays. By March, market sentiment turned positive, with a 4.8% price rebound, fuelled by seasonal demand uptick from both agrochemical and pharmaceutical industries. The agrochemical sector experienced growth ahead of the Kharif season, while pharmaceutical companies scaled production amid increasing investment in drug development. Stable domestic supply and strategic inventory adjustments contributed to a balanced outlook, with expectations of continued demand support from key end-use sectors in the upcoming months. So, the market closed the quarter with prices at USD 772 per MT.
Europe
In Q1 2025, the Heavy Aromatic Naphtha Solvent market in Europe continued to experience a dynamic landscape shaped by changing demand trends and regulatory constraints. The coatings industry, particularly in Germany and France, remained a significant driver of the market. However, as the quarter progressed, persistent inflationary pressures placed a strain on manufacturers, leading to reduced production volumes and a moderation in new project activity. Supply chain disruptions persisted, intensified by logistical challenges caused by strikes in key transportation sectors, which further affected the timely distribution of stocks. Consequently, increased inventory levels among producers stimulated strategic price adjustments aimed at maintaining competitiveness within the market. Additionally, stringent European Union regulations on VOC emissions continued to influence the production strategies. By the end of the quarter, market sentiment remained cautiously optimistic, with stakeholders closely monitoring economic indicators for signs of stability. A resurgence in demand from the automobile and construction sectors was anticipated to drive growth in the coming months, reinforcing expectations of a gradual market recovery.
