AFPM ’25: Summary of Americas market stories

SAN ANTONIO (ICIS)–Here is a summary of chemical market stories, heading into this year’s International Petrochemical Conference (IPC). Hosted by the American Fuel & Petrochemical Manufacturers (AFPM), the IPC takes place on 23-25 March in San Antonio, Texas.

AFPM ‘25: US tariffs, retaliation risk heightens uncertainty for chemicals, economies
The threat of additional US tariffs, retaliatory tariffs from trading partners, and their potential impact is fostering a heightened level of uncertainty, dampening consumer, business and investor sentiment, along with clouding the 2025 outlook for chemicals and economies.

AFPM ’25: New US president brings chems regulatory relief, tariffs
The new administration of US President Donald Trump is giving chemical companies a break on regulations and proposing tariffs on the nation’s biggest trade partners and on the world.

AFPM ’25: Shippers weigh tariffs, port charges on global supply chains
Whether it is dealing with on-again, off-again tariffs, new charges at US ports for carriers with China-flagged vessels in their fleets, or booking passage through the Panama Canal, participants at this year’s IPC have plenty to talk about.

AFPM ’25: LatAm chemicals face uncertain outlook amid oversupply, trade policy woes
Latin American petrochemicals face ongoing challenges from oversupplied markets and poor demand, with survival increasingly dependent on government protectionist measures.

AFPM ’25: US propane supply long; ethane prices rising
The US petrochemical industry is seeing a glut of upstream propane supply and rising prices for key feedstock ethane.

AFPM ’25: Weak demand takes toll on US ethylene as supply concerns ease
Persistently poor demand, underpinned by worries over global tariff policies and a sluggish US economy are putting downward pressure on US ethylene prices.

AFPM ’25: US propylene demand weak despite recent supply disruptions
Weak demand in the US propylene market has counterbalanced recent supply disruptions, pushing spot prices and sentiment lower.

AFPM ’25: US BD supply lengthening; rubber demand optimistic
US butadiene (BD) has been rather balanced in Q1 despite a couple of planned turnarounds and cracker outages limiting crude C4 deliveries, but supply is expected to lengthen, and demand is cautiously optimistic.

AFPM ’25: US aromatics supply ample amid low demand
Domestic supply of aromatics is ample and demand is relatively poor.

AFPM ’25: US methanol exports, bunker fuel demand to grow, but domestic demand sentiment low
US methanol participants’ outlook on the key downstream construction and automotive sectors has dimmed, but optimism continues for export growth and bunker fuel demand.

AFPM ’25: Tariffs, weak demand weigh on US base oils
Uncertain US trade policy paired with already weak finished lubricant demand weighs on base oil market sentiment.

AFPM ’25: Trade policies dampening outlook for Americas PE
The US polyethylene (PE) industry started 2025 with some early successes amid the backdrop of lower year-on-year GDP growth. Now, with the impact of volatile tariff policy on top of the aforementioned lower GDP forecast, the outlook for PE has fallen.

AFPM ’25: Tariffs to shape the trajectory of caustic soda in US and beyond
The North American caustic soda market is facing continued headwinds coming via potential tariffs, a challenged PVC market and planned and unplanned outages. US President Donald Trump has threatened to implement tariffs on Mexico, Canada and the EU as well as on products that are directly tied to caustic soda but has delayed enactment on multiple occasions. These delays have bred uncertainty in the near-term outlook, impacting markets in the US and beyond.

AFPM ’25: US PVC to face headwinds from tariffs, economy
The US polyvinyl chloride (PVC) market is facing continued headwinds as tariff-related uncertainties persist. The domestic PVC market is expected to grow between 1-3% in 2025 but continues to face challenges in housing and construction. Meanwhile, export markets continue to wrestle with the threat of protectionist policies and tariffs at home and abroad.

AFPM ’25: US spot EG supply balanced-to-tight on heavy turnaround season; EO balanced
Supply in the US ethylene glycols (EG) market is balanced-to-tight as the market is undergoing a heavy turnaround season. The US ethylene oxide (EO) market is balanced as demand from derivatives including surfactants is flat.

AFPM ’25: US PET prices facing upward price pressure on tariffs, China’s antimony exports ban, peak seasonUS polyethylene terephthalate (PET) prices continue to face volatility as the market assesses the impacts of potential tariffs on imports from Canada and Mexico.

AFPM ’25: US PP volatility persists amid weak demand
The US polypropylene (PP) market is facing weak demand, raw material volatility and tariff uncertainty.

AFPM ’25: US ACN rationalization inevitable amid declining demand
Production of acrylonitrile (ACN) in the US is being reduced or shuttered as already weak demand continues to fall and as downstream plants are shutting down. Changes to the supply/demand balance, trade flows and tariff uncertainties are weighing on market participants.

AFPM ’25: US nylon trade flows shifting amid global capacity changes, tariff uncertainties
US nylon imports and exports are changing as capacity becomes regionalized and geographically realigned. The subsequent changes to trade flows, price increase initiatives and tariff uncertainties are weighing on market participants.

AFPM ’25: US ABS, PC face headwinds from closure and oversupply
The US acrylonitrile butadiene styrene (ABS) and polycarbonate (PC) markets are lackluster and oversupplied. Demand remains soft kicking off the year, and the closure of INEOS’s Addyston, Ohio, ABS facility and tariff uncertainties continue to pressure ABS and PC markets.

AFPM ’25: US styrene market facing oversupply amid weak demand, trade uncertainty
The US styrene market is transitioning from a period of supply tightness to one of potential oversupply, driven by weak derivative demand and the recent restart of Styrolution’s Bayport, Texas, unit. This return to full operation, coupled with subdued demand, suggests ample supply in the short term.

AFPM ’25: US PS faces slow start to 2025 amid weak demand
Domestic polystyrene (PS) demand started the year off weaker than expected, with limited restocking and slower markets.

AFPM ’25: US phenol/acetone face challenging outlook heading into Q2
US phenol and acetone are grappling with a lot of moving pieces.

AFPM ’25: US MMA facing new supply amid volatile demand heading into Q2
US methyl methacrylate (MMA) is facing evolving supply-and-demand dynamics. Roehm’s new plant in Bay City, Texas, is in the final stage of start-up, but is not in operation yet. There is anticipation of sample product being available in Q2 for qualification purposes.

AFPM ’25: US epoxy resins in flux amid duties, tariffs heading into Q2
US epoxy resins is grappling with changes in duties and trade policies.

AFPM ’25: Acetic acid, VAM eyes impact of tariffs on demand, outages on supply
The US acetic acid and vinyl acetate monomer (VAM) markets are waiting to see what impact shifting trade and tariff policy will have on domestic and export demand, while disruptions are beginning to tighten VAM supply.

AFPM ’25: US etac, butac, glycol ethers markets focus on upcoming paints, coatings demand
US ethyl acetate (etac), butyl acetate (butac) and glycol ethers market participants are waiting to see if the upcoming paints and coatings season will reinvigorate demand that has been in a long-term slump.

AFPM ’25: Low demand for US oxos, acrylates, plasticizers countering feedstock cost spikes
US propylene derivatives oxo alcohols, acrylic acid, acrylate esters and plasticizers have been partly insulated from upstream costs spikes by low demand, focusing outlooks on volatile supply and uncertain demand.

AFPM ’25: N Am expectations for H2 TiO2 demand rebound paused amid tariff implementations
After initial expectations of stronger demand for titanium dioxide (TiO2) in the latter half of 2025, the North American market is now in flux following escalating tariff talks.

AFPM ’25: US IPA, MEK markets look to supplies, upstream costs
US isopropanol (IPA) market has an eye on costs as upstream propylene supplies are volatile, while the US methyl ethyl ketone (MEK) market is evaluating the impact of global capacity reductions.

AFPM ’25: US melamine prices continue to face upward pressure on duties, tight supply
US melamine is experiencing upward pricing pressure, thanks in large part to antidumping and countervailing duty sanctions and tight domestic supply.

AFPM ’25: US polyurethane industry braces for cascade effect of tariffs
US polyurethane prices for toluene diisocyanate (TDI), methylene diphenyl diisocyanate (MDI) and a variety of polyether and polyester polyols continue to see increase pressure as the market assesses the impacts of potential tariffs on imports from Canada and Mexico.

AFPM ’25: US BDO market eyes costs, demand outlook uncertain
US 1,4 butanediol (BDO) production costs have been mounting, and margins have been crunched. Supply is ample and demand has been lackluster.

AFPM ’25: US propylene glycol demand begins softening after prior feedstock-driven uptick
After a cold winter with strong demand for seasonal propylene glycol (PG) end-uses in antifreeze and de-icers in many parts of the US, demand is starting to cool.

AFPM ’25: US MA sentiment cautious ahead of potentially volatile Q2
US maleic anhydride (MA) is facing a volatile economic backdrop. Spot feedstock normal butane has fallen below $1/gal in March due to the end of peak blending season and strong production.

AFPM ’25: US PA, OX face trade uncertainty, production constraints
US phthalic anhydride (PA) and orthoxylene (OX) demand remains relatively weak. Prices have been remaining flat and are expected to settle lower this month after losing mixed xylene (MX) price support and underlying crude oil price declines.

AFPM ’25: Tight feedstock availability to keep US fatty acids, alcohols firm despite demand woes
Tight supplies and high prices for oleochemical feedstocks are expected to keep US oleochemicals prices relatively firm, as continued macroeconomic headwinds, including escalating trade tensions between the US and other countries, only further weigh on consumer sentiment and discourage players from taking long-term positions.

AFPM ’25: Historic drop in biodiesel production to keep US glycerine relatively firm
A drop in US biodiesel production to levels not seen since Q1 2017 is likely to keep the floor on US glycerine prices relatively firm through at least H1 as imports of both crude and refined material fail to fully offset the short-term shortfalls in domestic supply.

PRC ’25: US R-PET demand to fall short of 2025 expectations, but still see slow growth
As the landmark year, 2025, swiftly passes, many within the US recycled polyethylene terephthalate (R-PET) industry doubt the demand and market growth promised by voluntary brand goals and regulatory post-consumer recycled (PCR) content minimums will come to fruition.

PRC ’25: US pyrolysis recycling players churning through regulatory, economic uncertainty
As both regulatory and economic landscapes continue to change, production and commercialization progress among pyrolysis based plastic recyclers continues to be mixed. Pyrolysis, a thermal depolymerization/conversion technology which targets polyolefin-heavy mixed plastic waste, or tires, is expected to become the dominant form of chemical recycling over the next decade.

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