For the Quarter Ending December 2024
North America
In Q4 2024, the North American Vinyl Ester Resin (VER) market experienced steady demand, characterized by marginal price fluctuations and a balanced supply-demand dynamic. Early in the quarter, the market remained stable, supported by adequate inventory levels, stable feedstock costs, and relatively weak downstream demand from sectors like coatings and adhesives. Despite logistical challenges and a muted consumer sentiment, steady domestic consumption and export inquiries helped maintain market equilibrium.
Throughout mid-Q4, manufacturers focused on strategic inventory management and production optimization to navigate subdued demand, especially from the paints, coatings, and construction sectors. Economic uncertainty and consistent feedstock costs contributed to minimal price movements.
By the end of Q4, seasonal slowdowns and external factors such as labor negotiations and tariff uncertainties further complicated procurement activities. While oversupply and moderate domestic demand persisted, proactive inventory management and limited disruptions in international trade provided stability. These factors, combined with a cautious market outlook, ensured that VER prices remained relatively stable throughout the quarter.
APAC
In Q4 2024, the Vinyl Ester Resin (VER) market in the APAC region experienced a decline in prices, with a 4% decrease compared to Q3. The market saw moderate demand, particularly from the automotive sector, driven by its corrosion resistance and mechanical properties, while the construction sector remained sluggish. The lackluster performance in construction, coupled with weak investment and slow infrastructure development, tempered the overall demand for VER. Although the manufacturing sector showed slight expansion, supported by government stimulus measures, logistical disruptions from port congestion in key Asian hubs, such as Shanghai, posed challenges. Meanwhile, the supply of VER remained balanced, as inventory levels were sufficient to meet regional demand despite logistical delays. The easing of feedstock Epoxy Resin costs provided some support for price stabilization, but overall market conditions reflected cautious optimism. Despite the challenges, demand from other Asian markets and a steady automotive sector helped maintain stability. By the end of Q4, the price of Vinyl Ester Resin Novolac-based FOB Taipei stood at USD 3633/MT, marking a decrease from the previous quarter. The market outlook remains mixed, with cautious demand and logistical constraints continuing to shape pricing trends.
Europe
In Q4 2024, the European Vinyl Ester Resin (VER) market experienced a notable 7% decrease in prices compared to Q3, driven by several challenging factors. Demand from key sectors, especially construction and automotive, remained weak due to broader economic uncertainties, inflation pressures, and the ongoing slowdown in housing activity. Seasonal factors and efforts to de-stock ahead of 2025 also played a role in the subdued demand. While feedstock costs for Epoxy Resin remained stable, logistical challenges, including severe flooding in Eastern Spain, disrupted supply chains, and further dampened market sentiment. These factors, combined with a cautious approach to purchasing and inventory management, contributed to price stabilization but limited any significant recovery. As the quarter ended, the price of Vinyl Ester Resin Novolac Based FOB Barcelona stood at USD 3047/MT, reflecting a consistent downward trend. Despite adequate supply levels, the market faced persistent challenges from weak industrial performance and geopolitical uncertainties, with only moderate recovery expected in the near term. Market participants continue to navigate a cautious environment, marked by economic pressures, limited demand growth, and logistical hurdles.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Vinyl Ester Resin (VER) market experienced a significant price surge, driven by several critical factors. A key contributor to the price increase was the rise in feedstock costs, particularly Epoxy Resin, which led to elevated production expenses and subsequently pushed up prices. Additionally, global freight rate hikes added further upward pressure, making transportation and logistics more costly, thus impacting overall pricing dynamics in the region.
The USA, in particular, saw the most pronounced price changes throughout the quarter. Steady demand from key sectors, including construction and automotive industries, played a crucial role in sustaining the price uptrend, as these industries required more composite materials. Seasonal fluctuations further influenced market behavior, with peak construction activities driving demand, while supply chain challenges, such as material shortages and transportation disruptions, compounded pricing volatility.
The combination of these factors resulted in an increase in prices compared to the previous quarter, highlighting the market's response to cost pressures and demand stability. However, there was also a substantial decrease when compared to the same period last year, indicating the market's sensitivity to evolving supply and demand dynamics. This overall trend underscores the complex interplay of production costs, logistics, and sectoral demand shaping Vinyl Ester Resin prices in North America during Q3 2024.
APAC
The third quarter of 2024 marked a notable decline in prices for Vinyl Ester Resin (VER) within the Asia-Pacific (APAC) region, with China experiencing the most pronounced fluctuations. This downturn in pricing can be attributed to several interconnected factors that negatively impacted the market. One of the primary contributors was the sluggish demand from key downstream sectors, particularly the construction and automotive industries, which significantly influenced purchasing behaviors and overall market activity. Despite stable costs for feedstock Epoxy Resin, the overall market sentiment remained subdued, hampered by a combination of lackluster purchasing activity and ongoing economic uncertainties. These factors collectively fostered an environment where prices continued to decline. When comparing the previous quarter in 2024, the downward trend in prices became increasingly evident, illustrating a sustained decline. Specifically, the price comparison between the first and second halves of the quarter revealed a 3% decrease, highlighting the persistent pricing pressure. By the end of the quarter, the price of VER Novolac CFR Qingdao in China had dropped by 4.4%, underscoring a negative pricing environment characterized by diminishing trends and overall weak market dynamics. This situation reflects the challenges faced by the industry amid fluctuating demand and economic pressures, suggesting a cautious outlook for the upcoming periods.
Europe
In the third quarter of 2024, the European Vinyl Ester Resin (VER) market faced a notable decline in prices, driven by several key factors that shaped market dynamics. A significant slowdown in demand from essential sectors such as construction and automotive two of the largest consumers of VER was instrumental in this price decrease. Although feedstock costs for Epoxy Resin remained stable, this stability was largely eclipsed by a prevailing subdued market sentiment, which led to a gradual dip in pricing. Further, tight supply conditions across Europe exacerbated the situation. Reduced production levels and limited imports of raw materials contributed to an environment where prices continued to slide. Economic uncertainties also played a role, with a projected inflation rate of 2.2% in the Euro area impacting consumer confidence and overall market outlooks. In Spain, the market exhibited the most significant price fluctuations during the quarter. A comparison between the first and second halves of the quarter revealed a 2% decrease in prices. By the end of the quarter, the price of Vinyl Ester Resin Novolac Based FOB Barcelona had declined by 2.6%, reflecting a consistent downward trend and ongoing negative sentiment within the pricing environment. This combination of demand pressures, supply constraints, and economic concerns underscores the challenges facing the VER market in Europe.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Vinyl Ester Resin market experienced significant price fluctuations, with multiple factors contributing to the overall landscape. This quarter was marked by an upward trend in Vinyl Ester Resin prices, primarily driven by increased production costs, heightened demand from the downstream construction industry, and global geopolitical tensions.
Further, rising feedstock Epoxy resin prices elevated production expenses, exerting upward pressure on market prices. The global freight industry also played a crucial role, with surging freight rates and shipping delays inflating the costs of importing raw materials and finished products, thus impacting the North American market.
Focusing on the USA, the market observed the maximum price changes. The overall trend remained bullish, supported by robust demand from the construction sector and other downstream industries. Despite concerns over summer gasoline demand and housing market fluctuations, the increasing costs of production due to raw material and freight price hikes maintained a positive pricing environment. Despite the complex interplay of rising production costs and fluctuating demand, the overall sentiment of the quarter remained positive, underpinning a stable yet cautiously optimistic pricing environment.
APAC
In Q2 2024, the Vinyl Ester Resin (VER) market in the APAC region experienced an overall positive pricing environment, largely influenced by several critical factors. Key drivers included robust demand from downstream sectors such as automotive and construction, coupled with supply chain disruptions that tightened market availability. Geopolitical tensions and ongoing plant maintenance in the Middle East further constrained supply, leading to price increases despite adequate raw material inventory levels. Additionally, heightened freight rates due to port congestions and rerouting exacerbated the cost pressures on VER pricing. Focusing on China, this quarter has seen the most significant price movements within the APAC region. The Chinese market exhibited an upward trend, driven by strong demand in the automotive sector and anticipation of US tariff hikes, which prompted accelerated shipments. Seasonal procurement activities and severe vessel congestion, particularly at the Singapore transshipment port, further contributed to supply chain delays and increased costs, fostering a bullish pricing sentiment. The quarter-ending price for Novalac-based Vinyl Ester Resin in Taiwan was quoted at USD 3808/MT FOB Taipei, encapsulating the quarter's cumulative trends. This period marked a notably positive pricing environment, characterized by sustained demand and supply constraints that maintained elevated price levels despite minor fluctuations.
EUROPE
In the second quarter of 2024, the Vinyl Ester Resin (VER) market in Europe experienced notable price fluctuations, primarily driven by a myriad of significant factors. The persistent increase in feedstock Epoxy resin prices, compounded by a surge in ocean freight costs from Asia, exerted upward pressure on VER pricing. Additionally, macroeconomic conditions, such as projected Euro area inflation and geopolitical tensions, further strained supply chains and elevated raw material costs. These elements collectively fostered a moderately bullish pricing environment across the European region. Focusing on Spain, VER prices saw the most pronounced escalations. The Spanish market faced a delicate equilibrium, with moderate supply levels juxtaposed against tepid demand from key sectors like construction and automotive composite manufacturing. Despite sluggish downstream activities, consistent domestic supply and adequate inventories ensured a steady market. Seasonality played a role, with procurement activities fluctuating and influencing price dynamics. Concluding the quarter, the price for Novolac-based VER stood at USD 3323/MT FOB Barcelona. This quarter's pricing environment, particularly in Spain, reflects a moderately positive sentiment, bolstered by the resilience of supply chains amidst challenging economic conditions.
For the Quarter Ending March 2024
North America
In Q1 2024, the North American market for Vinyl Ester Resin experienced a mixed pricing environment, with significant factors influencing market prices. The overall trend for Epoxy Resin prices in the region was stable, with some fluctuations in specific countries.
In the USA, which saw the most price changes, the market experienced a bearish trend. The low purchasing activity during the winter holiday period further contributed to the decline in demand. However, there was a slight recovery in January 2024, with prices decreasing compared to the previous month. This stabilization was driven by improved supply conditions and a balance between demand and supply dynamics.
Looking at the quarterly comparison, there was an overall decrease in prices compared to the same quarter last year. Throughout the quarter, the market experienced seasonality, with lower demand during the winter holiday period. However, the market showed signs of stability and recovery as the quarter progressed. Overall, the pricing environment in the North American region for VER during Q1 2024 can be described as stable, with some fluctuations and a bearish trend in the USA.
APAC
The first quarter of 2024 has seen a significant increase in prices for Vinyl Ester Resin (VER) in the APAC region. This upward trend can be attributed to several factors that have influenced market prices. Overall, the market has experienced a positive pricing environment, with prices increasing steadily throughout the quarter. In China, the largest market for VER in the region, prices have seen the maximum price changes. The market has been driven by strong demand from various industries, including automotive and construction. The increased demand has led to a surge in prices, with the market experiencing a 30% increase compared to the previous quarter. Additionally, there has been no significant change in prices between the first and second half of the quarter, indicating stability in the market. Looking at the year-on-year comparison, prices have decreased by 13% in the first quarter of 2024. However, this decrease is overshadowed by the significant increase in prices compared to the previous quarter. The initial surge in January 2024 in China for VER Novalac-based CFR Qingdao was 2% followed by stability for the next two months, reflecting the positive pricing environment in the market. Overall, the pricing environment for VER in the APAC region during the first quarter of 2024 has been positive, with prices steadily increasing. The strong demand from various industries, particularly in China, has been the main driving force behind the price surge.
Europe
The Vinyl Ester Resin (VER) market in Europe during Q1 2024 experienced a fluctuating trend as the prices mostly declined but rebounded in March. Several significant factors influenced market prices during this period. Firstly, there was a lack of demand from both domestic and Asian markets, particularly from the downstream composite manufacturing sector, including the construction and automotive industries. This subdued demand was further exacerbated by an increase in supply, driven by lower feedstock costs and heightened domestic production levels. Additionally, the cost of feedstock Epoxy Resin decreased in the European market, reducing production expenses for VER. In Spain specifically, the market saw the maximum price changes during Q1 2024. Prices declined significantly, primarily due to weak demand from the domestic market and decreased buying activity from the downstream industries. The construction sector in Spain faced challenges, with declining new orders and residential construction activity. The overall market conditions remained firmly within a contraction phase. Comparing the first and second half of the quarter, there was no specific information provided regarding price differences. However, the price in Spain for VER Novolac-based FOB Barcelona saw a surge of 2% in March after a decline of 2% and 1% in January and February respectively. Overall, the pricing environment for Vinyl Ester Resin in Europe, particularly in Spain, was negative during Q1 2024. The bearish market conditions were driven by weak demand, increased supply, and lower feedstock costs.
