Renewed fighting between US and Iran has slowed shipping through the Gulf of Hormuz, disrupting supply routes. Benchmark crude prices have climbed sharply from pre-conflict levels, reflecting heightened geopolitical risk. The upward price pressure is likely to continue while tensions persist.
Intensified US-Iran military actions disrupt oil shipments through the Strait of Hormuz, causing a sharp spike in crude oil prices. The price jump leads to severe depreciation of the Indian rupee, raising import costs and inflationary concerns.
Asia
In Asia, the DOTP market experienced a downward trend, largely due to weak demand from key sectors such as construction and plastics. The market sentiment was largely cautious, with buyers refraining from large stockpiles and focusing only on spot purchases. This reduced trading activity and contributed to downward pressure on prices.
Additionally, the weaker performance of the construction sector and a sluggish plasticizer industry amplified the already slow market, which was compounded by a drop in crude oil prices and oversupply issues in neighbouring markets. The Asian DOTP market was particularly affected by these conditions, leading to consistent price reductions during the quarter.
Europe
In Europe, the DOTP market also saw a relatively stable pricing environment but with some fluctuations driven by regional supply and demand factors. The construction sector's weak performance, particularly in new housing projects, kept demand for DOTP subdued. Despite this, supply disruptions from ongoing port strikes and adverse weather conditions impacted the availability of materials, providing some support to prices. However, the overall weak demand from the downstream plasticizer sector kept prices from seeing any major increases. As a result, the European market reflected a balancing act between supply chain challenges and an overall lacklustre demand.
North America
In North America, DOTP prices remained relatively stable, despite facing challenges such as weaker demand in the downstream plasticizer industry and supply chain disruptions due to hurricanes and plant shutdowns. While the feedstock costs for phthalic anhydride saw an increase in the earlier part of the quarter, it did not lead to a significant uptick in DOTP prices. The market dynamics in the region were characterized by a balance between rising raw material costs and lower demand, with bio-based plasticizers continuing to pressure the traditional DOTP market.
Analyst Insight
According to Procurement Resource, the DOTP market is likely to face continued pressure from weak demand across major sectors. Supply chain disruptions may still affect pricing, but the overall market sentiment is expected to remain stable with a cautious outlook for the coming months. Prices are likely to remain flat or see minor adjustments as the market adjusts to prevailing economic conditions.
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Asia
The Asian market for dioctyl phthalate experienced a downward price trend, altered by the complex interplay of several factors. In the first quarter, the market faced declining prices due to a combination of factors, including lower demand for plasticizers amid a sluggish economic recovery and oversupply concerns. The demand from key downstream sectors, particularly the PVC market in the construction industry, remained weak, exacerbating the downward pressure on prices. Additionally, fluctuations in raw material costs and a slump in the polyamide market further contributed to the pricing decline. However, toward the end of the first quarter, there was a slight improvement driven by rising crude oil prices, potential inflation easing, and a gradual recovery in industrial activity.
In the second quarter, prices continued to fluctuate as downstream industries, including the plasticizers sector, displayed tepid procurement activity. Increased production post-holiday season led to higher stockpiles, prompting traders to implement stricter measures. The construction sector's slowdown persisted, and escalating freight costs, along with extended lead times, reduced overseas procurement interest. Meanwhile, towards June, the market regained some momentum, settling at a level slightly above the early-quarter average.
Europe
In Europe, the dioctyl phthalate market experienced mixed trends throughout the first half of 2024. During the first quarter, prices initially showed some bullish tendencies due to tight feedstock supply and higher crude oil prices. However, this was short-lived, as rising interest rates and inflation subdued consumer spending and interest from downstream industries.
Production disruptions, elevated energy costs, and adverse weather conditions further strained the supply-demand balance. The market also faced a supply shortage due to reduced imports from the US. In the second quarter, the market turned bearish due to a lack of momentum in the end-user plasticizer industry and increasing competition among manufacturers. The declining trend was accelerated by port congestion and weak economic conditions.
North America
In North America, the dioctyl phthalate market demonstrated a different trend compared to Asia and Europe, showing some price gains during the first half of 2024. In the first quarter, the market witnessed significant fluctuations, with an initial price increase driven by rising feedstock costs and positive economic growth projections. Increased production rates in response to strong demand from downstream industries, including the resilient automobile sector, supported this upward momentum.
However, by the end of the quarter, the market began to lose steam due to challenges such as export losses and disruptions caused by the closure of the Panama Canal. In the second quarter, prices continued to rise due to constrained supply and increased input costs. Despite these challenges, strong procurement rates from downstream players in both domestic and overseas markets provided support, leading to a steady price increase.
DOTP or Dioctyl Terephthalate is a transparent oily liquid, which is insoluble in water. It is used as a plasticizer for PVC plastics and is resistant to heat and cold. Due to its low volatility it is also used in wires and cables to meet the temperature resistance requirements.
C24H38O4
PVC plastic wire sheath, plasticizer for synthetic rubber, paint additives, lubricant additives, artificial leather, flooring, wallpaper
Di-(2-ethylhexyl) terephthalate, Bis(2-ethylhexyl) terephthalate
Nan Ya Plastics Corporation, De Well Group Korea Co., Ltd., Mexichem Compuestos S.A. De C.V.
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-degree analyst support after report delivery
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
DOTP is produced by the direct esterification of pure terephthalic acid and 2-ethylhexanol in the presence of a catalyst.
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