For the Quarter Ending September 2023



North America

The Polypropylene Glass-Filled Compound market in North America experienced a fluctuating trend during the third quarter of 2023. After a slow start in the first couple of months, the construction industry struggled to recover, leading to a decline in August output. Housing, commercial, and other construction activities also witnessed a decrease in European nations. Weak demand from downstream construction and other derivatives persisted, with a sluggish outlook for the remainder of the year. Although the Eurozone Construction PMI showed a marginal increase in September, it still indicated a significant contraction in the sector. Additionally, feedstock prices, including Polypropylene, declined during the quarter, providing limited cost support for the product. This resulted in the fastest decline in new business since May 2020, impacting all construction categories, particularly house building. Germany, in particular, experienced a sharp decline in overall construction activity.

Asia

In the Asian market, the price trend for Polypropylene Glass Fiber reinforced compounds displayed mixed sentiments throughout the quarter. Prices fell consistently during the first half due to decreased demand caused by the monsoon season in major Asian economies. However, as the monsoon season ended towards the end of the quarter, consumption gradually improved, leading to a recovery in prices. The rising cost of Polypropylene, driven by escalating global crude oil prices, also supported the upward trend in the second half of the quarter. The trajectory of upstream Crude Oil prices remained upward due to supply constraints and ongoing macroeconomic uncertainties. Key oil-producing nations, such as Saudi Arabia and Russia, extended their voluntary oil output reductions, leading to a 10-month high in global crude prices.

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Europe

The Polypropylene Glass-Filled Compound market in Europe showcased a robust performance during the third quarter of 2023, primarily driven by the US market. The surge in demand was fueled by the increased price of feedstock Polypropylene and growing demand from the downstream automobile industry. Despite disruptions in production caused by pandemic-related supply chain challenges, major global automakers experienced growth in new vehicle sales, reflecting improvements in supply and strong demand. Towards the end of the quarter, the price of Polypropylene Glass-Filled Compound rapidly increased by more than 3%, driven by the sharp uptick in upstream Crude Oil prices. This increase was influenced by ongoing macroeconomic uncertainties and concerns about supply constraints. The decision of key oil-producing nations, including Saudi Arabia and Russia, to extend their voluntary oil output reductions further boosted global crude prices, highlighting the interplay between the energy market and the Polypropylene Glass-Filled Compound industry in North America.