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December 2024 showcased mixed price trends for C9 and C10 solvent in the global market, shaped by supply-demand dynamics and crude oil price movements. These factors played a pivotal role in influencing regional markets, leading to both surges and declines in prices throughout the month.
In Europe, the C9 and C10 solvent market experienced a downward trend during December. Weakening market sentiment, subdued consumption levels in the downstream paints and coatings sector—one of the largest consumers of C9 and C10 solvents—and significant inventory levels drove the price decline. The paints and coatings sector faced reduced year-end activity, compelling local market players to offer discounts to clear stock.
In Germany, C10 solvent prices fell by 2.0% during the month despite rising global crude oil prices, reflecting regional economic challenges. The chronic weakness in the German economy, combined with poor manufacturing orders and a subdued trade outlook, further pressured the C9 and C10 solvent market. While the construction sector offered slight resilience, the broader sentiment remained pessimistic, with expectations of ongoing challenges into 2025.
In stark contrast, the APAC region witnessed a steady rise in C9 and C10 solvent prices in December. Increasing logistics freight charges and higher crude oil prices significantly supported the upward trend. According to EIA reports, crude oil prices experienced consecutive gains. West Texas Intermediate crude oil was priced at USD 71.54 per barrel on December 13, 2024, marking a USD 2.96 increase from the previous week and a USD 0.49 rise compared to the same period in 2023.
South Korea experienced a notable 3.0% price increase for C10 solvent, with C9 solvent showing a similar upward movement. Although domestic demand remained modest, strong overseas demand bolstered the market. The Ministry of Trade, Industry, and Energy (MOTIE) reported a 7.5% year-on-year increase in South Korea’s petrochemical export volumes for the first 11 months of 2024, further supporting the price surge of C9 and C10 solvent.
In India, C10 solvent prices rose by 1.3% during December. Positive momentum in C9 and C10 solvent demand was driven by heightened activity in the paints and coatings industry. Additionally, India’s electric vehicle (EV) market achieved a milestone, recording a 26.5% year-on-year increase in sales to 1.94 million units by December 29, according to Vahan data from the Ministry of Road Transport and Highways (MoRTH). This milestone indirectly supported the C9 and C10 solvent market through increased industrial activity, reinforcing the region’s rising price trend.
C9 Solvent Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Manufacturing Process, 2015-2032
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