For the Quarter Ending September 2023


North America

In the third quarter of 2023, Neoprene Rubber prices in the North American market displayed a mixed trend. After witnessing a notable surge in July and August, prices experienced a subsequent decline in the following month. The initial increase in Neoprene Rubber prices in the US market during the early months of the quarter was driven by robust demand, propelled by a substantial uptick in vehicle sales. The US automotive industry, known for its consistent annual growth, benefited from factors such as enhanced availability, fleet shipments, and customer incentives. Although year-over-year growth persisted into August, there were faint indications of a slowdown in monthly growth, despite having two additional selling days. Globally, rising crude oil prices raised concerns about their impact on the world economy, particularly amid existing challenges with inflation. The decision of the US Federal Reserve to maintain interest rates to safeguard the US economy contributed to the surge in crude oil prices, subsequently elevating production costs for Neoprene Rubber. However, the latter part of the quarter witnessed a noticeable decrease in Neoprene Rubber prices, attributable to the continuous fall in raw material prices, impacting overall production costs and creating an oversupply in the market.

APAC

Throughout the third quarter of 2023, Neoprene Rubber prices in the Asia-Pacific region exhibited mixed market dynamics. Prices surged in July, only to retract in August and stabilize in September. The July surge in the Asian market resulted from increased downstream demand, fueled by strong performances in the automotive industries of Japan, South Korea, and India. Favorable conditions, including a 19.8% year-on-year increase in domestic new vehicle sales in Japan in June, contributed to heightened Neoprene Rubber consumption. The positive momentum extended to other Asian countries, driven by the gradual recovery from Covid-19 lockdowns and improved semiconductor availability, enabling increased automotive production. However, Neoprene Rubber prices experienced a significant decline in August due to the continuous fall in raw material prices throughout July, followed by a modest recovery in August. Despite sustained demand-supply dynamics in September, Neoprene Rubber prices remained stable.

Get Real Time Prices of Neoprene Rubber: https://www.chemanalyst.com/Pricing-data/neoprene-rubber-1309

Europe

In the third quarter of 2023, Neoprene Rubber prices in the European market demonstrated fluctuating trends. After a surge in July, prices consistently declined in August and September. The July increase in Neoprene Rubber prices in Europe was spurred by a notable surge in demand from the automotive sector, complemented by a 0.1% decline in inflation, further boosting demand. However, the subsequent months saw a marked downturn in the construction industry across the Eurozone, particularly in Germany, due to declining demand and rising raw material costs. This downturn was reflected in the Purchasing Managers' Index (PMI) for the Eurozone construction sector, which slightly dipped from 43.5 to 43.4 in August, indicating a slowdown in industry activity. The reduction in construction activities had a cascading effect, leading to decreased demand for Neoprene Rubber in the European market and impacting overall market demand for the product.





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