For the Quarter Ending December 2025
North America
• In North America, the n-Propanol Price Index showed a moderate increase in Q4 2025, with prices firming compared with the prior quarter as demand from coatings, printing inks, and pharmaceutical sectors strengthened amid balanced supply conditions.
• The n-Propanol Production Cost Trend saw modest upward pressure during the quarter as feedstock propylene costs and energy inputs rose slightly, contributing to firmer production margins and supporting higher prompt offers from domestic manufacturers.
• The n-Propanol Demand Outlook for the region remained constructive, with key downstream uses in industrial coatings, printing inks, pharmaceuticals, agrochemical intermediates, and personal care products sustaining consumption. Growth in coatings and printing sectors in particular supported steady offtake.
• The n-Propanol Price Forecast indicates range-bound to moderately firm pricing into early 2026, as anticipation of steady downstream demand and seasonally tighter feedstock supply is expected to provide price support.
• The n-Propanol Price Index improved through much of Q4 but eased slightly in December 2025 as buyers completed pre-holiday purchases and restrained additional procurement with inventories deemed adequate.
Why did the price of n-Propanol change in December 2025 in North America?
• The n-Propanol Price Index decreased in December 2025 as downstream converters in coatings, printing, and pharmaceuticals reduced spot buying after completing year-end requirements, easing short-term demand.
• Stable domestic production and balanced inventories lessened the urgency for aggressive spot purchases, which tempered price momentum.
• While feedstock and logistics costs were moderate, they did not rise sharply enough to push prices higher, contributing to the softer December movement.
APAC
• In Japan, the n-Propanol Price Index fell by 2.27% quarter-over-quarter, reflecting subdued demand and imports.
• The average n-Propanol price for the quarter was approximately USD 1621.33/MT, reflecting muted domestic demand.
• n-Propanol Spot Price remained pressured by abundant imports and buying, sustaining downward pressure on sellers.
• n-Propanol Price Forecast suggests modest further softening near-term as year-end de-stocking constrains spot demand recovery.
• n-Propanol Production Cost Trend showed limited upward pressure as propylene costs remained narrow, supporting margins.
• n-Propanol Demand Outlook remains weak for industrial segments but steady in construction and agrochemical procurement.
• n-Propanol Price Index tracked a 12-week negative trend, reflecting bearish sentiment and ample port inventories.
• Mizushima operated routinely, preventing acute supply squeezes and keeping spot availability broadly sufficient for demand.
• Export demand remained muted; freight costs and buyer caution reduced cross-border purchases, reinforcing domestic pressure.
Why did the price of n-Propanol change in December 2025 in APAC?
• Persistent import inflows and comfortable inventories created oversupply, pressuring prices despite stable domestic production rates.
• Narrow propylene quotations limited production cost uplift, reducing upward price support for n-Propanol during December.
• Year-end de-stocking and cautious buying, plus sporadic freight constraints, curtailed demand and kept offers soft.
Europe
• In Europe, the n-Propanol Price Index showed a modest decline overall in Q4 2025, as subdued industrial demand and inventory accumulation in key solvent markets weighed on prices. Market conditions reflected cautious purchasing by major end-users such as coatings, printing inks, and pharmaceutical manufacturers amid mixed economic signals across the region.
• The average n-Propanol Spot Price during the quarter in major European hubs trended slightly lower compared to Q3, with limited upside pressure as buyers drew from existing stocks rather than initiating significant new spot purchases. Supply chains remained well-balanced without major disruptions from domestic producers or import flows.
• The n-Propanol Production Cost Trend was relatively stable, with feedstock propylene and energy costs showing mild fluctuation but not enough to materially drive production cost increases. Steady plant operating rates helped contain cost pressures, even as logistics and energy inputs remained elevated in parts of the region.
• The n-Propanol Demand Outlook in Europe remained moderate. Key downstream uses include industrial coatings and inks, pharmaceuticals, personal care solvents, and chemical intermediates, with regulatory emphasis on low-VOC and eco-friendly formulations supporting baseline consumption despite broader economic caution.
• The n-Propanol Price Forecast suggests range-bound to mildly soft pricing into early 2026, with prices expected to stay under moderate pressure unless downstream activity picks up significantly in manufacturing, construction, or coatings segments in the first half of the year.
• The n-Propanol Price Index softened through December as downstream industries completed pre-holiday procurement and refrained from aggressive year-end buying, keeping spot market activity subdued and reflected in slight downward movements in regional price assessments.
Why did the price of n-Propanol change in December 2025 in Europe?
• In December 2025, the n-Propanol Price Index decreased as European buyers in coatings, printing ink, and related sectors reduced spot purchases, relying on existing inventories and avoiding new commitments ahead of year-end budget planning.
• Stable supply conditions with consistent production and imports meant there was no urgent supply constraint to support higher prices, keeping the market soft.
• Combined with generally tepid downstream demand, these dynamics led to mild price downward pressure during the month.
For the Quarter Ending September 2025
North America
• The n-Propanol Price Index fell quarter-over-quarter in Q3, reflecting soft demand and steady supply.
• Demand from coatings, pharmaceuticals, and cleaning agents remained weak, keeping prices under pressure.
• The n-Propanol Price Forecast indicates limited upside in Q4 amid cautious downstream restocking and stable feedstock costs.
• Flat propylene prices moderated the n-Propanol Production Cost Trend, helping producers maintain margin stability.
• The n-Propanol Demand Outlook remains conservative, with seasonal recovery expected to be gradual and uneven.
• Weekly movements in the Price Index were neutral, supported by balanced supply and consistent plant operations.
• High inventories and muted export activity weighed on domestic offers, sustaining a soft pricing environment.
Why did the price of n-Propanol change in September 2025 in North America?
• Prices declined due to low offtake from coatings and pharmaceutical sectors, despite expectations of recovery of seasonal demand.
• Stable feedstock propylene prices and uninterrupted production maintained supply, limiting upward price momentum.
• Sufficient spot availability and cautious buying behavior kept sellers from raising offers, resulting in a soft market tone.
APAC
• In Japan, the n-Propanol Price Index fell by 0.12% quarter-over-quarter, reflecting balanced supply and demand.
• The average n-Propanol price for the quarter was approximately USD 1659.00/MT, based on ex-Nagoya averages.
• n-Propanol Spot Price remained rangebound in September while the Price Index showed volatility and stability.
• n-Propanol Price Forecast anticipates modest near-term upside constrained by subdued demand and ample inventory buffers.
• n-Propanol Production Cost Trend edged higher as feedstock costs firmed, but limited pass-through restrained pricing.
• n-Propanol Demand Outlook remains muted due to construction weakness; pharmaceuticals and personal care sustain consumption.
• Inventories held at moderate levels and improved logistics reduced short-term tightness, supporting Price Index stability.
• Major producers operated steadily, ensuring supply continuity and preventing movement in the n-Propanol Price Index.
Why did the price of n-Propanol change in September 2025 in APAC?
• Balanced domestic output and adequate inventories sustained supply, moderating price movement despite external cost headwinds.
• Firming feedstock costs increased expenses, yet weak construction demand limited pass-through to the Price Index.
• Eased freight rates and improved port operations lowered logistical premiums, stabilizing imports and market sentiment.
Europe
• The n-Propanol Price Index fell quarter-over-quarter in Q3, reflecting bearish market sentiment.
• Weak demand from coatings, pharmaceuticals, and cleaning sectors kept prices under pressure throughout the quarter.
• The n-Propanol Price Forecast suggests limited upside in Q4 amid cautious downstream restocking and stable feedstock costs.
• Stable propylene prices moderated the n-Propanol Production Cost Trend, helping producers maintain margins.
• The n-Propanol Demand Outlook remains subdued, with seasonal demand recovery expected to be gradual and conservative.
• Neutral weekly movements in the Price Index reflected steady plant operations and balanced supply.
• High inventories and limited export pull weighed on domestic offers, keeping the market soft.
Why did the price of n-Propanol change in September 2025 in Europe?
• Prices declined due to low offtake from coatings and pharmaceutical sectors, despite expectations of seasonal demand recovery.
• Stable feedstock propylene prices and consistent production rates maintained supply, limiting upward price movement.
• Sufficient spot availability and cautious buying behavior kept sellers from raising offers, sustaining a soft market tone.
For the Quarter Ending June 2025
North America
• The North American N-Propanol market remained broadly stable throughout Q2 2025, as evidenced by a steady Price Index during the period.
• Demand from major downstream sectors—including paints and coatings, pharmaceuticals, and personal care—remained moderate. Seasonal delays in construction and renovation activity, particularly in early spring, led to subdued consumption of coatings and related products.
• Supply-side conditions were well balanced, with domestic production aligning closely with consumption requirements. Inventory levels were adequately maintained, and there were no significant disruptions across the supply chain.
• Logistical and infrastructure-related challenges at key export terminals caused intermittent delays, but these disruptions were not substantial enough to materially impact overall market stability.
• Market sentiment remained cautious, with buyers adopting a conservative procurement approach in light of limited cost pressures from upstream raw materials. As a result, restocking activity remained restrained, further supporting overall price stability.
Why did the price of N Propanol change in July 2025 in North America?
• In July 2025, the N-Propanol Price Index in North America remained stable, supported by a continued balance between supply and demand fundamentals.
• Although feedstock and transportation costs remained elevated, their impact on overall production costs was minimal, thanks to steady plant operating rates and manageable inventory levels.
• Demand across key end-use industries—particularly industrial coatings and personal care—remained subdued, contributing to limited upward pricing pressure.
• Market forecasts indicate that N-Propanol prices are likely to remain within a narrow range unless a significant rebound in consumption materializes, especially from sectors such as construction, automotive, or pharmaceuticals.
APAC
• The N-Propanol Spot Price in South Korea declined by 1.69% quarter-over-quarter in Q2 2025, as indicated by a downward shift in the Price Index.
• Prices trended downward from April to June, primarily driven by subdued demand from downstream sectors such as construction, paints, and coatings, despite stable upstream ethylene costs.
• Sufficient inventories and consistent domestic production helped maintain a balanced supply environment, preventing supply-side disruptions across the quarter.
• High freight costs and fluctuating tariff-related import prices added pressure on margins, leading to conservative procurement behavior among buyers.
• Despite minor improvements in automotive demand and new construction contracts in June, overall market sentiment remained cautious and price-sensitive throughout the quarter.
Why did the price of N-Propanol change in July 2025 in Asia?
• In July 2025, the N-Propanol Price Index in South Korea remained stable due to better alignment between supply and demand, even as feedstock costs like ethylene showed an upward trend.
• The N-Propanol Production Cost Trend saw modest cost pressures from feedstocks and labor, though these were largely offset by steady operating rates and sufficient inventories.
• The N-Propanol Demand Outlook remained subdued, particularly from the construction sector, which continued to struggle with slow project completion and weak investment flows.
• The N-Propanol Price Forecast indicates continued price stability in the near term, with limited upside unless construction and industrial demand rebound meaningfully.
Europe
• The N-Propanol Spot Price in Europe exhibited a slight decline over Q2 2025, as reflected in a modest reduction in the regional Price Index.
• Downstream demand remained tepid, particularly across key sectors such as paints and coatings, industrial cleaning, pharmaceuticals, and chemical intermediates. This was largely driven by sluggish manufacturing activity and continued macroeconomic uncertainty across the region.
• Supply-side conditions were stable, with domestic production broadly aligned with consumption. Despite elevated energy and logistics costs, no major disruptions were reported in the supply chain.
• Upstream cost pressures—stemming from higher prices of feedstocks like ethylene and propylene, as well as rising utility expenses—did exert some strain on producers, but these were largely offset by steady plant operations and well-managed inventory levels.
• Buyer behavior remained cautious, with many end-users opting to rely on existing inventories rather than placing forward orders. This conservative approach to procurement contributed to a generally subdued trading environment throughout the quarter.
Why did the price of N Propanol change in July 2025 in Europe?
• In July 2025, the N-Propanol Price Index in Europe remained largely range-bound, with stable supply-demand dynamics and no major market disruptions influencing price volatility.
• Production cost pressures stemming from elevated raw material and energy expenses persisted, though their impact on spot pricing was mitigated by steady operating rates and sufficient inventory levels across the region.
• Downstream demand continued to underperform, particularly within the coatings, pharmaceutical, and chemical sectors, reflecting ongoing stagnation in industrial activity across key European economies.
• The near-term price outlook remains subdued, with limited upside potential unless a marked recovery is observed in core industrial sectors such as automotive coatings, infrastructure, and construction.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American N-Propanol market exhibited largely stable pricing, reflecting steady but restrained demand from the downstream paints and coatings sector. Despite early optimism, the construction and renovation segments, key consumers of coatings faced a slow start to the year due to persistent winter weather across parts of the U.S. and Canada, which delayed outdoor and infrastructure-related activity.
As a result, offtakes of N-Propanol, a primary solvent in coatings formulations, remained moderate. Demand for industrial coatings saw slight improvement in March with seasonal activity beginning to pick up, particularly in the southern U.S., but decorative coatings demand stayed subdued amid cautious consumer spending.
On the supply side, domestic production remained balanced with consumption. Producers maintained stable operating rates, and no major supply disruptions were reported. Inventories were adequately managed, with most suppliers avoiding overstocking. Although energy and logistics costs remained elevated, they had limited impact on N-Propanol pricing. The market heads into Q2 with expectations of gradual demand recovery tied to construction season momentum.
EUROPE
In Q1 2025, the N-Propanol market in Europe experienced stable to slightly declining price trends, reflecting a cautious demand environment in the downstream paints and coatings sector. While the European construction industry showed early but uneven signs of recovery—most notably in the UK, Nordics, and select regions of France—growth in decorative and industrial coatings demand remained moderate, limiting any significant uptick in N-Propanol consumption.
Supply across Europe remained steady, though some producers faced logistical challenges and elevated energy costs, particularly in January and February. These factors contributed to restrained inventory movement, though there was no widespread disruption in availability.
By March, construction and refurbishment activities began to recover modestly as temperatures rose. However, downstream purchasing behaviour remained conservative, with buyers avoiding bulk procurement due to uncertain near-term market direction. Despite stable demand for eco-friendly and fast-drying coatings, price pressure persisted due to balanced supply and soft market sentiment. The outlook heading into Q2 remains neutral, with hopes pinned on broader construction sector momentum.
APAC
In the first quarter of 2025, the APAC n-propanol market witnessed a 2.26% decline in prices, largely attributed to softened downstream demand and buyer caution across the region. In key markets like South Korea, buyers in the chemical and paints sectors adopted conservative procurement strategies, favouring existing inventories over new purchases. This cautious stance created a surplus in supply and limited the pricing power of producers.
Manufacturers maintained steady production amid stable raw material availability and uninterrupted logistics but declining new order intakes forced firms to rely on finished stockpiles, contributing to oversupply. Additionally, lower shipping costs due to a 6% drop in Drewry’s Intra-Asia Container Index improved import affordability, adding further pressure on regional prices.
The lack of strong restocking activity and subdued client sentiment reflected broader economic caution, leading to reduced output and employment levels across the manufacturing sector. These dynamics collectively contributed to the downward pressure on Formic Acid prices across the APAC region during the first quarter.
