Track Naphthalene Price Trend Historical and Forecast

Executive Summary

The global Naphthalene market in 2024-2025 has exhibited a complex interplay of cost-driven movements, shifting downstream demand, and region-specific supply fundamentals. Across North America, APAC, and Europe, the market continues to be shaped by fluctuations in coal tar feedstock pricing, refinery operating patterns, logistics constraints, and evolving procurement behavior in key sectors such as Phthalic Anhydride (PA), plastics, dyes, and the construction industry.

For the quarter ending September 2025, North America and APAC recorded mild quarter-over-quarter declines in their respective price indices-1.16% and 1.29%-while Europe posted a modest 0.81% increase, reflecting balanced supply and slight seasonal upswings. These shifts stem from variations in coal tar availability, freight cost burdens, tariff adjustments, and intermittent operational disruptions among producers. At the same time, quarterly reviews of December 2024, March 2025, and June 2025 reveal a broader narrative of market recovery, feedstock volatility, and tightening inventories affecting price trajectories across major hubs.

As buyers navigate evolving cost trends and supply-chain conditions, Naphthalene continues to reflect both regional sensitivities and global macroeconomic pressures. Forecasts across all regions suggest mild-to-moderate upside movement tied to seasonal construction patterns, feedstock shifts, and demand stabilization in plasticizer, resin, and specialty chemicals sectors.

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Introduction

Naphthalene-derived primarily from coal tar and used extensively in the production of phthalic anhydride, dyes, resins, and plasticizers-remains a vital commodity across the global chemical and construction sectors. Its price dynamics are influenced by a broad spectrum of variables including crude oil behavior, refinery output, changes in coking operations, regulatory shifts, and downstream operating rates.

Given its significant industrial role, precise tracking of Naphthalene price trends is crucial for procurement teams, manufacturers, and supply-chain planners. Recent years have demonstrated heightened volatility across global markets, driven by macroeconomic shifts, energy price instability, evolving environmental regulations, and disruptions in international logistics.

Global Naphthalene Price Overview

The global Naphthalene market from late 2024 through Q3 2025 has shown a mixture of bullish, bearish, and range-bound behaviors across key markets:

North America observed alternating phases of firmness and softness-from the bullish Q2 2025 performance supported by strong PA procurement, to a moderate decline in Q3 2025 driven by weaker construction demand and shifting import pressures.

APAC saw more pronounced price volatility, particularly in China where Q2 2025 prices surged nearly 10% due to reduced coking operations and tighter coal tar supply. Meanwhile, Japan maintained relatively stable range-bound trading except for slight Q3 weakness driven by cautious downstream sectors.

Europe maintained mostly stable-to-mildly bullish pricing across multiple quarters, supported by balanced production rates, steady demand, upstream coal tar inflation, and recurring logistical delays at key ports.

Across all regions, three major global themes shaped the market:

Coal Tar Feedstock Volatility

Coal tar supply shifts-stemming from refinery throughput changes, environmental inspections, and coal-based steel operations-remained the core determinant of Naphthalene production cost trends.

Downstream Phthalic Anhydride Trends

Phthalic anhydride demand directly influences Naphthalene consumption. Periods of construction slowdown or shifts toward non-phthalate plasticizers moderated demand, especially in Europe.

Logistics and Trade Flow Disruptions

Port congestion, rising freight costs, and tariff changes disrupted trade flows between Europe, the U.S., and Asia, influencing spot price volatility and inventory strategies.

These factors collectively shaped a market that remains sensitive to both micro-level supply changes and broader macroeconomic shifts.

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Regional Analysis

Below is a detailed breakdown of the Naphthalene market across North America, APAC, and Europe, based on the content you provided.

North America Market Analysis

Q3 2025: Softening Demand and Tariff-Induced Volatility

During the quarter ending September 2025, the U.S. Naphthalene Price Index fell by 1.16%, with prices averaging USD 1797/MT CFR Houston.

Key Drivers

Soft downstream demand-particularly from plasticizers and construction-limited upward momentum.
Tariffs and reduced European imports temporarily tightened availability, leading to intermittent spot price spikes.
Stable-to-soft crude oil and shifting coal tar feedstock costs influenced production cost trends.
Elevated inventories and steady EU exports weakened seller pricing power.

Why did the price change in September 2025?

Tighter imports and tariffs increased import tightness.
Stronger coal tar and freight rates pushed production cost trends upward.
Seasonal construction uplift was too modest to offset subdued industrial activity.

Q2 2025: Bullish Momentum Driven by Strong PA Demand

In Q2 2025, prices rose 1.3% to USD 1830/MT CFR Houston by the end of June.

Market Dynamics

Consistent procurement from phthalic anhydride and plasticizer producers supported firm pricing.
Balanced supply with no major outages.
Coal tar costs contributed to a stable-to-firm production cost trend.
Inventory tightening bolstered July forecasts for continued firmness.

Q1 2025: Mixed Movement Driven by Seasonal and Supply Factors

Q1 showcased a stable-bullish-moderate trajectory:

January: Soft demand amid seasonal slowdown.
February: Sharp increases due to post-holiday demand and limited Japanese supply.
March: Stability as inventories accumulated in downstream PA plants.
Compared to the softer Q4 2024 trend, Q1 2025 demonstrated recovering fundamentals.

Q4 2024: Mixed Trend with Early-Quarter Strength

The market experienced:

Early-quarter bullishness driven by strong construction and PA demand.
Mid-quarter decline as demand waned in dyes and pigments.
Overall quarterly gain of 3.8% due to strong early performance.
APAC Market Analysis

Q3 2025: Japan Sees Mild Softness with Balanced Supply

In Japan, the Naphthalene Price Index declined by 1.29%, with average prices at USD 613.67/MT.

Key Drivers

Subdued domestic and export demand.
Balanced coal tar supply maintained price range-bound behavior.
Yen depreciation increased production input pressures.
Export demand-mainly from Southeast Asia-tightened supply at quarter-end.

Why did the price change in September 2025?

Stronger Southeast Asian export orders lifted FOB values.
Stable feedstock moderated sharp cost escalation.
Weak PA and construction sectors kept demand muted.

Q2 2025: China Records a Sharp 9.8% Quarterly Increase

Prices in China rose to USD 846/MT CFR Qingdao in June 2025.

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Why did prices rise in July 2025?

Environmental inspections reduced coking unit operating rates.
Coal tar tightness increased production cost pressure.
Strong PA demand ahead of construction season supported bullishness.
Higher freight costs and limited South Korean exports tightened supply.
Spot levels hit USD 855/MT, reflecting risk premiums among traders.

Q1 2025: Stable-to-Bullish Movement in Japan

Key trends included:

Early-quarter demand weakness, followed by late-January stabilization.
Firm price increases in February (3.8% and 5.5% spikes).
Robust PA and specialty chemicals demand.
Balanced coal tar supply cushioned volatility.
Compared to Q4 2024's bearish tone, Q1 showed steady recovery.

Q4 2024: China Faces Significant 11.5% Price Decline

This decline was driven by:

Persistently weak PA and resin demand.
Oversupply and stockpiling ahead of Lunar New Year.
Subdued construction activity.
Currency fluctuations and bearish crude oil sentiment.

This quarter marked one of the steepest declines in recent years.

Europe Market Analysis

Q3 2025: Mild Quarterly Increase Supported by Balanced Supply

Germany recorded a 0.81% increase, with prices at USD 994/MT.

Key Drivers

Seasonal construction and paint demand.
Rising coal tar derivative and crude input costs.
Balanced inventories limiting sharp rises.
Some spot volatility tied to port congestion.
Why did the price change in September 2025?

Balanced supply from coal tar distillation.
Higher feedstock costs sustained firmer offers.
Export competition and congestion tightened spot availability.
Q2 2025: Stable-to-Firm Sentiment Driven by Upstream Costs

Prices rose 1.3% to USD 990/MT FOB Hamburg.

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Key Influences

Stronger coal tar costs.
Logistical delays at major ports (Hamburg, Bremerhaven).
Stable procurement by PA and dye manufacturers.
Global oil price inflation and importer caution.
Forecasts projected continued stability into early Q3.

Q1 2025: Highly Stable, Rangebound Market

Prices hovered at USD 972-975/MT due to:

Balanced supply-demand dynamics.
Moderate recovery in Germany's industrial sector.
Soft construction activity.
Shift toward non-phthalate plasticizers constraining PA demand.
Q1 was defined by tight operational control and minimal price fluctuation.

Q4 2024: A Strong 9.2% Quarterly Increase

This bullish quarter was driven by:

Tight supply chain conditions.
Stable demand from textiles and plastics.
Strong mid-quarter price momentum.
Late-quarter softening linked to continued weakness in construction.
Production and Cost Structure Insights

Across regions, Naphthalene production costs are heavily influenced by:

Coal Tar Availability

Primary feedstock for Naphthalene.
Sensitive to steel mill operations and refinery throughput.
Crude Oil Trends

Impacts transportation, energy costs, and derivative pricing.
Environmental Regulations

Tightening emissions and inspection protocols (especially in China) reduced coking operations.
Freight and Tariffs

Higher freight rates in 2025 increased landed costs.
Tariff changes influenced U.S.-EU trade flow dynamics.
Procurement Behavior and Supply Conditions

Across global markets, procurement teams adopted:

Just-in-Time Buying
Driven by volatility fears and inventory carrying costs.

Cautious Stocking
Especially during periods of uncertain downstream demand.

Cost-Push Acceptance
Buyers accepted higher offers during periods of feedstock tightness.

Export-Led Adjustments
Southeast Asian export pull influenced APAC availability.

Supply conditions remained variable due to:

Refinery output fluctuations
Maintenance shutdowns
Environmental inspections
Port congestion
Tariff realignments
Procurement Outlook

Looking ahead:

North America: Range-bound trends expected, influenced by weak construction but stable PA demand.
APAC: Mild upside tied to export demand and feedstock sensitivity.
Europe: Stable-to-firm outlook supported by upstream cost pressure and seasonal demand.

Key watchpoints include:

Coal tar production in China and Europe
Crude oil direction
Export competition from Southeast Asia
Phthalic anhydride operating rates

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Frequently Asked Questions (FAQ):-

What caused recent Naphthalene price fluctuations across regions?
Price changes stemmed from feedstock coal tar volatility, shifting downstream PA and construction demand, logistics constraints, and trade flow disruptions.

Why did Naphthalene prices fall in North America during Q3 2025?
Softer downstream demand, elevated inventories, and intermittent tariff impacts reduced pricing power.

Why did China see a sharp rise in Q2 2025 prices?
Environmental inspections reduced supply, and strong PA demand tightened availability.

What drove Europe's price stability in Q1 2025?
Balanced supply-demand, stable PA consumption, and cautious procurement kept prices range-bound.

How will prices trend in the coming months?
Mild upside potential exists across regions, influenced by feedstock trends and seasonal construction demand.

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