Global Polypropylene Quarterly Price Forecast, 2024 (Q1, Q2, Q3, Q4)

Industry Overview

The global polypropylene market is majorly influenced by fluctuations across crude oil prices, hence creating volatility across the prices of polypropylene. For instance, according to the U.S. Energy Information Administration (USEIA), crude oil prices are anticipated to increase through 2024 as demand is anticipated to rise in comparison to supply. Hence, PP prices are anticipated to increase gradually during the quarters of 2024 across the Chinese market.

Additionally, the demand from downstream industries across China, especially the construction and automotive industries, remained sluggish during the second quarter of 2023 since producers refrained from stocking up ahead of Labor Day, which for the time being, propelled the prices of PP across the Chinese market. The trend is anticipated to be followed in the upcoming years, creating price volatility for PP across the country.

Furthermore, with rising demand for PP, Nizhnekamskneftekhim (NKNK), a plastic resins manufacturer, announced its plans to increase the production of PP by 2.5 times in 2024 to boost market competitiveness, the profitability of production, and counter the increasing demand, which is further expected to reduce price fluctuations across the country.

The demand for polypropylene (PP) remained oversupplied during the fiscal year of 2023-2024 due to the stagnation in demand from the downstream industries, especially the construction and automotive industries. Hence, the first quarter of 2024 is anticipated to witness a reduction in prices.

Automotive is another industry influencing the prices of PP across Europe. According to the Association des Constructeurs Européens d’Automobiles (ACEA), the sales of vehicles, including passenger vehicles and commercial vehicles, are anticipated to propel during the period of 2024, which, in turn, is expected to increase volatility in the prices of PP across Europe. 

Deliverable Overview

The deliverable consists of a quarterly price trend analysis of Polypropylene (PP) for 2024 (Q1, Q2, Q3, Q4) at global and regional levels.  

Scope Details