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.
For the Quarter Ending December 2024
North America
In Q4 2024, the Heavy Aromatic Naphtha Solvent market in the USA faced significant challenges amid fluctuating demand and economic pressures. Initially, strong demand from the coatings and adhesives sectors was driven by seasonal projects and infrastructure investments. However, as the quarter progressed, demand weakened due to rising production costs and inflationary pressures affecting overall industrial activity. Manufacturers struggled with high inventory levels as production continued despite declining consumption, leading to an oversupply situation that intensified competition among suppliers.
This resulted in price adjustments as companies sought to maintain market share. Additionally, stricter environmental regulations regarding VOC emissions influenced production strategies, prompting manufacturers to invest in cleaner technologies and adapt formulations to comply with new standards. By the end of Q4, market sentiment was cautious, with stakeholders closely monitoring economic indicators for signs of recovery.
Despite these challenges, there remained optimism for early 2025, as anticipated increases in construction and manufacturing activities could drive renewed demand for Heavy Aromatic Naphtha Solvent as economic conditions began to stabilize.
APAC
In Q4 2024, the Heavy Aromatic Naphtha Solvent market in the APAC region experienced notable shifts influenced by demand and regulatory changes. The coatings and adhesives industries were primary consumers, benefiting from increased construction activities and infrastructure projects, particularly in Southeast Asia. However, as the quarter progressed, demand began to soften due to rising costs of raw materials and logistical challenges rising from ongoing supply chain disruptions.
Key producers in countries like India and China faced pressure to optimize production amid fluctuating demand. Many manufacturers adopted strategies to reduce output temporarily to manage high inventory levels, which had built up due to earlier overproduction. Stricter environmental regulations, particularly concerning VOC emissions, prompted manufacturers to explore alternative formulations and invest in cleaner technologies. This shift aimed to align with sustainability goals while maintaining product performance. As Q4 concluded, industry stakeholders remained cautiously optimistic about early 2025, anticipating a potential rebound in demand driven by renewed economic activity and ongoing infrastructure investments across the region.
Europe
In Q4 2024, the Heavy Aromatic Naphtha Solvent market in Europe experienced a complex landscape influenced by shifting demand and regulatory pressures. The coatings industry, particularly in Germany and France, initially drove demand due to a surge in construction projects and renovations fuelled by government infrastructure spending. However, as the quarter progressed, rising energy costs and inflation began to weigh on manufacturers, leading to reduced production capacities and a slowdown in new projects.
Supply chain disruptions persisted, exacerbated by logistical challenges stemming from strikes in key transportation sectors, which hindered timely deliveries. This situation resulted in elevated inventory levels for many producers, prompting them to implement strategic price adjustments to remain competitive.
Furthermore, the European Union's stringent regulations on VOC emissions forced manufacturers to innovate and adopt greener production methods. By late December, market sentiment was cautious but hopeful, with industry players anticipating a rebound in early 2025 as economic conditions stabilized and demand from the automotive and construction sectors was expected to rise.
