For the Quarter Ending March 2025
North America
Throughout Q1 2025, the phenolic resin market in North America followed a mixed trend. January saw a slight decline in prices, pressured by weak demand from adhesives, coatings, and molding compounds, combined with high inventory levels and cold weather-related construction slowdowns. Market activity was further stalled by seasonal holidays and cautious procurement behavior.
In February, prices began to recover moderately as weather conditions improved, and downstream operations resumed. Nonresidential construction offered some support despite continued housing sector weakness, while stable feedstock phenol costs helped producers maintain margins.
By March, prices increased further amid steady demand from laminate and insulation sectors, along with improving manufacturing activity. Although housing starts showed month-over-month growth, weaker forward indicators like declining building permits and completions limited bullish sentiment. Persistent labor shortages and tariff-related material costs continued to hinder full recovery in construction-linked resin demand. With cautious buying strategies and moderate cost pressures, phenolic resin prices saw a gradual upward shift through the latter half of the quarter. Phenolic resin prices in the U.S. closed Q1 2025 at USD 1,635/MT FOB Louisiana.
APAC
Throughout Q1 2025, the phenolic resin market in APAC displayed a mixed trend. January saw declining prices due to subdued downstream demand, oversupply, and weak feedstock phenol costs. Cold weather and stalled construction projects in northern China reduced procurement from sectors like coatings, adhesives, and molding compounds. Ahead of the Lunar New Year, stocking was limited, and high inventory levels further pressured market sentiment. In February, prices rebounded as production resumed post-holiday, and rising phenol and formaldehyde costs—driven by planned shutdowns and supply constraints—boosted resin prices. Although demand recovery was gradual, restocking and increased inquiries supported price gains. By March, prices rose modestly amid improved domestic manufacturing, tighter phenol supply, and rising export interest, particularly from India and Southeast Asia. However, weak real estate and global demand, along with Ramadan-related slowdowns in the Middle East, kept sentiment cautious. With supply disruptions easing and downstream sectors slowly recovering, phenolic resin prices showed a steady uptrend after early-quarter weakness. Phenolic resin prices in China closed the quarter at USD 1,333/MT FOB Qingdao.
Europe
Throughout Q1 2025, the phenolic resin market in Europe exhibited a mixed trend. January saw a marginal price increase, driven by higher feedstock phenol costs, even as demand from adhesives, coatings, and molding compounds remained weak. The seasonal construction slowdown and holiday disruptions limited procurement, while high inventories and cheap imports capped further price gains. In February, prices began to fall as demand stagnated across the construction and automotive sectors. The prolonged downturn in Germany’s housing market, along with declining building permits and limited civil engineering activity, kept consumption subdued. By March, prices declined further amid softer feedstock phenol prices and weakened industrial orders. Downstream sectors continued to operate cautiously, with limited restocking and small-volume orders dominating transactions. Export momentum was hindered by persistent port congestion in Hamburg and inland transport delays caused by low Rhine River levels. With ongoing macroeconomic challenges, overcapacity, and muted demand, the phenolic resin market in Europe remained under sustained pressure through the end of the quarter. Phenolic resin prices in Germany closed Q1 at USD 1,728/MT FOB Hamburg.
For the Quarter Ending December 2024
North America
Throughout Q4 2024, the phenolic resin market in North America exhibited mixed trends, with October experiencing price declines, November seeing a slight recovery, and December stabilizing. In the USA, the market saw the most significant price changes, as October prices dropped due to weak demand from key sectors like paints, coatings, laminates, and adhesives, compounded by high inventory levels and reduced construction and automotive activity.
November brought a marginal increase in prices, supported by modest improvements in the feedstock formaldehyde costs and steady operating rates despite subdued demand. The slight uptick was primarily driven by temporary restocking activity in downstream sectors and efforts to manage inventory levels.
By December, prices stabilized as end-users prioritized immediate requirements over bulk procurement amidst ongoing structural challenges in the construction and automotive industries. Seasonal destocking efforts by manufacturers further contributed to maintaining balance in the market. Ending the quarter, the price for phenolic resin in the USA was recorded at USD 1,590/MT FOB Louisiana, reflecting stabilized sentiment amid cautious market activity and persistent oversupply pressures.
APAC
In Q4 2024, the phenolic resin market in the Asia-Pacific (APAC) region experienced mixed dynamics, with stabilized prices in October followed by declines in November and December. October's stabilization was supported by stronger feedstock phenol prices, though demand from downstream sectors like paints, coatings, laminates, and foam boards remained weak due to the continued construction sector slowdown in major economies like China. In November, prices began to decline as supply levels increased post-Golden Week, exacerbating the supply-demand imbalance. Subdued economic conditions across the region, coupled with cautious procurement behaviors from end-users, further weakened market sentiment. December saw continued price pressure as manufacturers faced high inventory levels and sluggish downstream activity, particularly in the construction and coatings sectors. Seasonal slowdowns and destocking efforts added to the bearish environment. By the end of the quarter, phenolic resin prices in China were recorded at USD 1,315/MT FOB Qingdao, reflecting the combined impacts of oversupply, subdued demand, and structural challenges in key end-use industries.
Europe
Throughout Q4 2024, phenolic resin prices in Europe declined steadily, impacted by weak demand, oversupply, and subdued downstream activity. In Germany, the market saw the most significant price changes as sluggish construction activity and a downturn in key end-use sectors like paints, coatings, laminates, and adhesives weighed on demand. October prices dropped due to high inventory levels, reduced new orders, and restrained purchasing activity amidst a bearish manufacturing sector. November continued the downward trend as construction output and automotive sales fell across Europe, exacerbating the demand-supply imbalance. Increased global competition from APAC exporters and weak feedstock phenol prices further pressured the market. December saw prices decline slightly as colder weather slowed construction activities and end-users focused on clearing existing inventories rather than restocking. Manufacturers adopted aggressive destocking strategies and offered discounts to manage liquidity amidst persistent oversupply. Ending the quarter, the price for phenolic resin in Germany was recorded at USD 1,755/MT FOB Hamburg, reflecting ongoing challenges in balancing supply and demand in a constrained market.
For the Quarter Ending September 2024
North America
In Q3 2024, the Phenolic Resin market in North America experienced a mixed trend. Compared to the same quarter in 2023, prices in the USA saw a sharp decline of 65.2%, driven by weak demand and reduced cost support from key feedstocks like phenol and formaldehyde, which contributed to lower production costs. However, in contrast to this yearly decline, there was a modest recovery from Q2 2024, with prices rising by 1.8%, signaling some level of market stabilization. Despite this, overall demand remained weak, especially from downstream industries such as paints, coatings, and adhesives.
Market participants noted stagnant consumer activity, both domestically and internationally, due to high inventory levels and limited inquiries from core sectors. The ongoing market oversupply, coupled with sluggish procurement activities, continued to exert downward pressure on phenolic resin prices. The market’s momentum remained weak, with insufficient demand-side support to drive a significant recovery.
In summary, while Q3 offered some signs of market stabilization, the Phenolic Resin market in North America remains challenged by oversupply and weak demand. In USA, prices settled at USD 1613/MT FOB Louisiana, reflecting the ongoing difficulties in balancing supply and demand.
APAC
In Q3 2024, the Phenolic resin market displayed a mixed trend. Compared to the same quarter in 2023, prices saw a 16.5% decline in China, reflecting weak demand and reduced cost support from feedstocks, which lowered production cost. However, compared to Q2 2024, there was a modest recovery, with prices increasing by 4.2%, indicating some stabilization in the market. Despite this, overall demand remained sluggish, particularly from the paints, coatings, adhesives and other downstream due to slowdown in the construction activities, which impacted Phenolic resin consumption. Factors influencing these price declines included weak demand from downstream sectors and high inventory levels, exerting downward pressure on prices. Seasonal factors, like heavy rainfall impacting construction activities, further dampened demand, contributing to the negative sentiment in the market. China, experiencing the most significant price changes, saw a significant shift between the first and second half of the quarter, emphasizing the deteriorating pricing environment. In conclusion, the latest quarter-ending price for phenolic resin in the China stood at USD 1359/MT, FOB Qingdao, signaling a persistently decreasing pricing environment. The overall trends underscored a negative trajectory, influenced by a combination of factors that weighed heavily on market dynamics.
Europe
In Q3 2024, the Phenolic Resin market in Europe presented a mixed trend. Compared to the same quarter in 2023, prices saw a steep 62.8% decline in Belgium, driven by weak demand and reduced cost support from feedstocks phenol and formaldehyde, which led to lower production costs. However, compared to Q2 2024, prices stabilized. Despite this stabilization, overall demand remained sluggish, particularly from downstream industries like paints, coatings, and adhesives. The slowdown in construction and automotive sectors significantly impacted Phenolic Resin consumption. Market participants reported stagnant consumer activity, both domestically and internationally, due to ample inventories and limited inquiries from key sectors. The negative market sentiment continued, with producers facing downward pressure on the phenolic resin prices amid oversupply and weak procurement. In summary, while Q3 offered some signs of market stabilization, the Phenolic Resin market in Europe remains challenged by oversupply and weak demand. In Belgium, prices settled at USD 1853/MT FOB Antwerp, reflecting the ongoing difficulties in balancing supply and demand.
For the Quarter Ending June 2024
North America
During Q2 2024, the Phenolic Resin market in North America experienced an upward price trend driven by several factors. The quarter was marked by significant volatility due to supply chain disruptions, increased raw material costs, and fluctuating demand from key industries such as automotive and construction. Prolonged maintenance activities at production facilities and logistical challenges tightened availability, pushing prices higher. Additionally, raw material costs, particularly for phenol and formaldehyde, saw noticeable increases due to global market fluctuations and regional supply constraints, further elevating production expenses for manufacturers.
In the USA, this quarter exhibited the most significant price dynamics. The overall trend reflected a stable yet slightly increasing pricing environment, supported by steady demand from downstream industries. Construction activities peaked during this period, sustaining the demand for Phenolic Resins. Price changes correlated closely with these seasonal shifts and market conditions, leading to a consistent, albeit modest, upward price movement.
Compared to the same quarter last year, prices plummeted by 68%, indicating a substantial year-over-year decrease. However, from the previous quarter in 2024, prices saw a milder decline of 18%, showcasing a more stable pricing environment. Between the first and second halves of the quarter, a minor 1% increase was observed, indicative of gradual price stabilization. Concluding Q2 2024, the latest quarter-ending price for Novolac Phenolic Resin FOB Louisiana in the USA stood at USD 1611/MT.
APAC
During Q2 2024, the Phenolic Resin market in the APAC region witnessed a notable price upsurge primarily driven by several critical factors. Increased raw material costs, particularly for phenol and formaldehyde, played a significant role in escalating production expenses, compelling manufacturers to adjust prices upward. Additionally, a decline in inventory levels and limited import availability exacerbated the supply constraints, further inflating prices. The bullish market sentiment was also fueled by robust demand from downstream industries such as construction, automotive, and coatings, which maintained strong procurement rates amidst steady manufacturing activities. Focusing exclusively on South Korea, the country experienced the most significant price changes, reflecting an overall upward trend. Seasonal demand fluctuations, particularly higher consumption during peak manufacturing periods, significantly influenced the price trajectory. Despite a price decrease from the same quarter last year, an incremental 3% rise from the previous quarter in 2024 was recorded, underscoring a positive pricing environment for this period. The price comparison between the first and second halves of the quarter highlighted a 4% increase, showcasing continued momentum in price growth. As the quarter concluded, the price of Phenolic Resin (Powder) FOB Busan in South Korea stood at USD 1441/MT.
Europe
The second quarter of 2024 saw an increase in phenolic resin prices across Europe, driven by several crucial factors. Heightened demand from key downstream sectors such as automotive and construction, coupled with disruptions in the supply chain, led to tightened availability and upward price pressure. Additionally, consistent rises in the prices of key raw materials, including phenol and formaldehyde, amplified production costs for manufacturers, necessitating price increases to maintain profitability. Focusing on Germany, this market witnessed the most significant price changes. The overall trends indicated a persistent upward trajectory in phenolic resin prices, influenced by robust demand from the construction and automotive industries despite seasonal fluctuations. The correlation between increasing raw material costs and final product pricing was evident, with a notable percentage change from the same quarter last year at -65%, reflecting a recovery phase. The percentage change from the previous quarter in 2024 was recorded at -18%, indicating an upward adjustment in prices as the market stabilized. A price comparison between the first and second half of the quarter showed a slight increase of 1%, reinforcing the steady pricing environment. The latest quarter-ending price for Novolac Phenolic Resin in Germany was USD 1841/MT FOB Hamburg. This consistent increase in prices reflects a positive pricing environment, as manufacturers responded to supply chain constraints and rising input costs, ensuring stable profitability and market equilibrium.
