The propylene glycol price trends across the global market showed a consistent downward trajectory throughout the final quarter of 2024, driven by weakened feedstock costs, cautious downstream purchasing behavior, and balanced yet moderated supply conditions. As a key industrial chemical used across pharmaceuticals, cosmetics, resins, food-grade applications, and antifreeze formulations, the pricing of propylene glycol remains highly sensitive to both crude oil fluctuations and broader macroeconomic shifts influencing end-user industries.According to the latest market assessments, Ex-Works China propylene glycol prices registered substantial year-over-year declines across October, November, and December 2024. In October 2024, prices were recorded at 1005 USD/MT, reflecting a 10.9% YoY decrease from 1128 USD/MT in the same month of 2023. This decline was primarily attributed to moderate demand from downstream polyester resins and coating industries, combined with steady operating rates at manufacturing facilities, which helped maintain consistent product availability.
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The downward pressure intensified in November 2024, with propylene glycol prices dropping to 985 USD/MT, marking an 11.7% YoY decline compared with 1115 USD/MT in November 2023. Market participants noted that although some sectors such as pharmaceuticals and personal care maintained stable consumption levels, overall industrial demand failed to show significant improvement. Additionally, reduced feedstock propylene oxide prices further contributed to lower cost support for producers, allowing prices to stabilize at a softer level.
A sharper decline emerged in December 2024, when prices fell to 920 USD/MT, signaling a significant 19.7% YoY drop from 1145 USD/MT in December of the previous year. This steep fall was influenced by slowing export activity, cautious stock-building by buyers, and subdued economic sentiment in key Asian markets. The combination of these factors resulted in an oversupplied environment, pushing prices to one of their lowest points in the yearly cycle.
Looking ahead, Expert Market Research anticipates that propylene glycol prices may experience regionally varied recovery in 2025. While some regions are expected to benefit from steady demand from pharmaceuticals, food additives, and specialty chemical industries, the recovery is likely to remain measured due to cautious supply management by producers and the possibility of global economic uncertainties.
Market players are closely monitoring feedstock dynamics, energy prices, and downstream sector performance to determine future pricing strategies. Strategic procurement and careful inventory planning will be essential for businesses navigating the evolving propylene glycol price landscape in the coming year.