For the Quarter Ending March 2025
North America
In Q1 2025, the North American Unsaturated Polyester Resin (UPR) market experienced moderate price fluctuations driven by shifts in raw material costs, logistical dynamics, and varied demand across key downstream sectors. January witnessed a modest uptick in prices due to constrained feedstock availability, particularly for maleic anhydride and phthalic anhydride, as producers faced higher crude oil-linked input costs. Cold weather disruptions in parts of the U.S. also tightened logistics, marginally impacting resin distribution.
By February, UPR prices remained relatively steady, supported by balanced production and stable procurement from the construction and automotive sectors. However, margin compression limited aggressive pricing strategies, especially as freight bottlenecks eased and raw material costs stabilized. In March, market sentiment turned slightly bearish. Sluggish demand from the marine and electrical sectors, combined with higher inventory levels and competitive import offers, pressured domestic sellers to temper prices to maintain market share. Export opportunities remained limited due to stronger competition from Asian suppliers.
Overall, Q1 2025 concluded with a slight softening in average UPR prices across North America. Market fundamentals remained broadly stable, though ongoing economic caution and competitive pressures kept a cap on significant price growth.
APAC
During Q1 2025, Unsaturated Polyester Resin (UPR) prices in the Asian region exhibited a relatively stable trend, with an overall marginal average decline of 0.03% across the quarter. The pricing movement was marked by alternating pressure from both supply-side fluctuations and shifting downstream demand. In January, prices rose due to tight supply conditions caused by reduced operating rates at Lotte Chemical Titan and limited regional capacity expansions. This was followed by a moderate price gain in February, supported by higher feedstock costs and stable demand from the construction and electric vehicle sectors. However, the trend reversed in March, with a sharp price drop. This was driven by export oversupply, particularly from Chinese suppliers offering lower-cost alternatives, and weak domestic demand from key sectors like construction and automotive. Falling freight rates further encouraged aggressive pricing by exporters, amplifying the downward pressure. Despite the month-on-month volatility, the quarter ended with a broadly stable price movement, reflecting a dynamic balance between supply constraints and market softness, especially in export-oriented economies like Malaysia.
Europe
During the first quarter of 2025, the European Unsaturated Polyester Resin (UPR) market witnessed a gradual softening in prices, largely influenced by muted demand across key downstream sectors and relatively stable but high inventory levels. The start of the quarter in January was marked by subdued construction and marine activity, which limited procurement despite moderate feedstock cost pressures from maleic anhydride and phthalic anhydride. February saw a continuation of this trend as industrial sentiment remained weak amid macroeconomic uncertainty and slow infrastructure recovery across Western and Southern Europe. Producers maintained steady output levels, yet cautious restocking behavior and lackluster automotive and marine demand weighed on overall market dynamics. In March, a brief mid-month uptick in restocking offered temporary price support. However, the momentum was short-lived as end-of-quarter activity revealed persistent inventory overhang and limited downstream consumption, keeping the market under bearish pressure. By the end of Q1, European UPR prices trended downward overall, reflecting a cautious market environment characterized by oversupply, modest construction progress, and conservative purchasing behavior. The outlook for Q2 remains dependent on feedstock price stability and a potential rebound in infrastructure spending.
MEA
The Unsaturated Polyester Resin (UPR) market in the UAE exhibited an overall stable price trajectory during Q1 2025, despite month-to-month fluctuations. In January, prices rose by 2.3%, supported by tight supply amid higher import costs and strong demand from the construction and chemical sectors, bolstered by Dubai’s infrastructure momentum and Vision 2030 initiatives. This upward momentum continued into February with a modest 1.4% increase, largely driven by elevated feedstock costs, particularly diethylene glycol. Stable logistics and steady demand from the automotive and construction sectors helped maintain market balance. However, March saw a notable 3.5% price decline, driven by a surge in imports from Malaysia and China, weakening demand, and aggressive price competition amidst regional oversupply Despite the bearish tone in March, the overall Q1 price movement balanced out, reflecting a net stable quarterly trend. Strong early-quarter demand and tight supply were later offset by oversupply pressures and demand softening. The UAE market’s trajectory for Q2 will hinge on how quickly inventory levels normalize and whether downstream demand, especially from the construction and export sectors, regains strength.
For the Quarter Ending December 2024
North America
In Q4 2024, the Unsaturated Polyester Resin (UPR) market in the Americas experienced a marginal downward price trend, influenced by sluggish demand, stable raw material costs, and macroeconomic headwinds. Early in the quarter, UPR prices remained stable due to steady consumption in key end-use sectors such as construction and automotive. However, weak economic growth and cautious purchasing strategies limited significant price movement. Inventory management by manufacturers and stable costs of upstream materials, including maleic anhydride, provided some stability.
In November, prices faced downward pressure as demand softened, particularly in the construction sector, which accounts for a substantial share of UPR consumption. Seasonal slowdowns and holiday-related disruptions further constrained procurement activities. While lightweight composites in the automotive sector showed some resilience, it was insufficient to offset the broader demand contraction.
By December, UPR prices declined further, driven by economic uncertainties and cautious downstream procurement. High inventory levels across the supply chain added pressure, despite consistent production rates and steady raw material costs. Export activity provided some relief, but global economic challenges and limited demand growth curbed price recovery. Overall, Q4 2024 marked a bearish phase for UPR prices in the Americas, characterized by subdued demand, seasonal factors, and persistent economic uncertainties.
APAC
In Q4 2024, the Unsaturated Polyester Resin (UPR) market in the APAC region, particularly China, experienced a gradual downward price trend due to high inventory levels, subdued demand, and fluctuating upstream costs. In October, UPR prices stabilized month-on-month as market fundamentals balanced increased production with limited downstream demand. Elevated inventories and weak purchasing activity, particularly in the construction and coatings sectors, kept prices steady. Manufacturers maintained cautious production strategies amid declining maleic anhydride prices, reflecting subdued market sentiment. In November, UPR prices saw a brief increase, driven by improved demand from the automotive and marine sectors. Rising lightweight composite production in automotive manufacturing and government-led infrastructure projects bolstered demand. However, construction activity remained weak, and producers faced tight margins due to higher production costs. By December, UPR prices declined sharply by 7.9% month-on-month, pressured by surplus supply and reduced input costs, with phthalic anhydride prices falling 4.4%. Despite some demand recovery from household appliance subsidies and export shipments, broader market weaknesses in the construction and automotive sectors overshadowed these gains, forcing manufacturers to lower prices. Overall, Q4 2024 was marked by a downward trajectory in UPR prices, reflecting a challenging supply-demand balance and persistent market uncertainties.
Europe
In Q4 2024, the Unsaturated Polyester Resin (UPR) market in Europe experienced a mixed price trend, shaped by supply-side constraints, subdued construction demand, and broader economic pressures. Early in the quarter, UPR prices in Germany and neighboring markets increased slightly, supported by logistical challenges and limited production capacity. Disruptions at key manufacturing facilities and port congestion constrained supply, creating a temporary upward push in prices. However, demand from the construction sector, a major consumer of UPR, remained weak due to ongoing economic uncertainty and high material costs. In November, supply-demand dynamics stabilized. Domestic production aligned with market needs, while rising logistics costs, particularly for imports, pressured supply chains. Despite these factors, demand from downstream industries, especially in housing and commercial construction, remained tepid. Weak economic sentiment across the region was reflected in declining project orders and a contracting construction PMI. By December, UPR prices plateaued as stable raw material costs and controlled production rates helped maintain equilibrium. Thin margins and cautious procurement by downstream industries limited price growth, particularly in coatings and composite applications. Overall, Q4 2024 highlighted persistent challenges for the European UPR market, with supply-side constraints offset by weak construction demand and economic headwinds, leading to marginal price fluctuations.
MEA
In Q4 2024, the Unsaturated Polyester Resin (UPR) market in the UAE exhibited a marginal downward price trend, driven by a mix of supply surpluses, fluctuating raw material costs, and subdued demand in key sectors. In October, UPR prices remained stable amid steady demand and sufficient supply. Lower maleic anhydride costs provided some relief to manufacturers, but logistical disruptions in the Red Sea, including port delays and equipment shortages, elevated transportation expenses. Stable consumption from ongoing construction projects sustained the market, but inflation and economic uncertainties posed long-term risks. In November, UPR prices increased modestly due to steady regional construction activity and robust export demand, particularly in Asia and Europe. Automotive and industrial applications supported growth while declining maleic anhydride prices moderated production costs. However, rising freight rates and logistical inefficiencies pressured profitability, prompting manufacturers to adopt strategic inventory management. In December, UPR prices dropped by 3.2% month-on-month, reflecting weak demand from the construction and automotive sectors amid rising inflation and project delays. High inventory levels and a 1.63% decline in maleic anhydride prices further pressured the market, despite stable supply chains supported by efficient port operations.
For the Quarter Ending September 2024
North America
In the quarter ending September 2024, the North American Unsaturated Polyester Resin market experienced a significant price increase, influenced by several key factors. Stable demand in the construction sector, constrained supply levels, and rising production costs were the primary drivers behind this upward trend. Throughout the quarter, both demand and supply dynamics remained stable, supporting a steady climb in prices.
The U.S. market saw the most pronounced price changes, with an overall increase compared to the previous quarter. However, a price comparison between the first and second halves of the quarter revealed a decline, indicating a consistent downward trend as the third quarter came to a close.
By the end of the quarter, Unsaturated Polyester Resin supplies in the U.S. were sufficient, with ample stock availability. Additionally, rising Maleic Anhydride prices further impacted pricing dynamics for Unsaturated Polyester Resins. Overall, the market maintained a stable sentiment, with prices steadily increasing due to robust demand, supply constraints, and elevated production costs.
APAC
In the quarter ending September 2024, the APAC region witnessed a challenging period for Unsaturated Polyester Resin (UPR) pricing, marked by a consistent decline in prices. Several factors contributed to this downward trend, including weakened demand in the construction sector, oversupply issues, and increased operational costs during the third quarter of 2024. These challenges led to a bearish market sentiment, with prices experiencing a significant decrease of 10% from the previous quarter. China, in particular, experienced substantial price fluctuations, with the UPR market showing the most significant changes. The overall trend in China reflected a downward trajectory, influenced by economic uncertainties and muted demand. The quarter-ending price of USD 1775/MT of UPR FOB Shanghai highlighted the prevailing negative pricing environment.
Supply chain-related disruptions, such as plant shutdowns at key facilities, further impacted the market dynamics, exacerbating supply constraints and adding to the pricing pressures. Despite some seasonal fluctuations, the correlation in price changes across the region indicated a consistent decrease throughout Q3 2024.
Europe
Throughout the quarter ending September 2024, the Unsaturated Polyester Resin (UPR) market in Europe experienced a period of declining prices. This trend was primarily influenced by a combination of factors such as weak demand in the downstream construction sector, ample supply, and competitive pricing strategies in the region. The Eurozone construction PMI indicated a sharp decline in construction activity, with new orders decreasing significantly in September 2024. This led to a notable reduction in construction jobs, alongside declines in household consumption, business investment, and housing investment, reflecting weakened regional demand. The ongoing economic challenges and rising energy costs further added to the downward pressure on prices. European market witnessed the most significant price changes during this period, reflecting the broader market trends seen across Europe. The correlation between the first and second half of the quarter revealed a significant price drop, emphasizing the consistent downward trend in UPR pricing. In the third quarter of 2024, European UPR experienced tightening conditions driven by both planned and unplanned outages, although demand remained sluggish due to weak manufacturing activity.
MEA
The third quarter of 2024 witnessed a challenging period for the Unsaturated Polyester Resin (UPR) market in the MEA region, characterized by a notable decrease in prices. Several factors contributed to this downward trend, including weakened demand in the construction sector, increased supply levels, and global economic uncertainties impacting market sentiment. The market grappled with excess inventory levels, leading to pricing pressures as manufacturers sought to balance supply and demand dynamics. Additionally, disruptions in the supply chain, such as longer shipping routes and capacity constraints, added further complexity to the pricing environment. In the United Arab Emirates specifically, the UPR market experienced the most significant price changes, with a notable 9% decline from the previous quarter. The first half of the quarter saw prices decreasing by 10.6% compared to the second half, reflecting ongoing price adjustments in response to market conditions. The quarter-ending price stood at USD 1658/MT of UPR FOB Jebel Ali, underscoring the prevailing negative sentiment in the pricing landscape. Despite some seasonal variations, the overall trend indicated a challenging period for UPR pricing in the UAE, marked by a consistent decline in prices.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American market for Unsaturated Polyester Resin (UPR) experienced a notable increase in prices, driven by constrained supply and heightened input costs, particularly due to limited inventories and rising crude oil prices, which reached a two-month high. Additionally, severe weather conditions, including the hurricane season and floods, disrupted industrial demand and production rates, further tightening supply chains.
The combined effects of these disruptions, along with a shortage of containers and logistical challenges, fueled an upward trajectory in the UPR prices. Focusing on the USA, the country experienced the most significant price fluctuations within the region. Seasonal factors, such as the hurricane season, exacerbated supply constraints, leading to an increase in the cost pressure during this quarter.
From the supply chain perspective, supplies from the US Gulf to Asia have seen a sharp decline at the end of June 2024, as plant shutdowns and delays in the aftermath of Hurricane Beryl have created significant gaps in shipping capacity, according to shipping brokers. In anticipation of the storm, some UPR-producing plants took precautionary measures and shut down, while others sustained damage or lost power, leading to further shutdowns and declarations of force majeure.
APAC
In Q2 2024, the Unsaturated Polyester Resin (UPR) market in the APAC region experienced a notable downturn, influenced predominantly by moderate demand and ample inventory levels. This quarter has been marked by a confluence of factors that have collectively driven prices downward. A significant decline in upstream crude oil prices, exacerbated by OPEC's extended output cuts, played a crucial role in alleviating cost pressures on UPR production at the start of the quarter. Additionally, logistical disruptions resulting from the Red Sea crisis further compounded the bearish market sentiment by impeding smooth trade flows. Manufacturing activities in the region recorded a sluggish pace, with firms adopting a cautious approach towards inventory holdings and purchasing activities, contributing to the oversupply scenario. In China, the epicenter of price changes, UPR prices manifested substantial declines amidst subdued downstream demand, particularly from the weakened real estate sector. The quarter witnessed an overall bearish trend, with seasonality factors failing to invigorate substantial industry demand. The correlation between decreasing input costs and conservative purchasing behavior amidst economic uncertainties propelled the downward trajectory. The quarter-ending price for UPR stood at USD 2030/MT FOB Shanghai, underscoring a persistently negative pricing environment throughout this period. The overall trend highlighted a market grappling with challenges, where declines in demand and cost reductions dictated a predominantly negative pricing landscape.
Europe
In Q2 2024, the Unsaturated Polyester Resin (UPR) market in Europe experienced a marginal decrease in prices. This decline was driven by several key factors, including subdued domestic demand within the construction sector, and intensified competition among regional sellers. Additionally, the economic outlook remained uncertain, exacerbating the bearish market sentiments. Shipping disruptions and logistical challenges further compounded the market's instability, causing many producers to reduce output rates. Focusing on Germany, where the most significant price changes occurred, the market dynamics closely mirrored the broader regional trends. German UPR prices fell sharply, influenced by a combination of high production costs and weak downstream demand, particularly from the construction industry. Overall, the pricing environment for UPR in Germany during Q2 2024 has been marginal negative, driven by structural market weaknesses and supply-related disruptions. Additionally, port operations were affected by a workers’ strike impacting ports such as Hamburg, Bremen, Bremerhaven, Brake, and Emden in June 2024. The dispute over the collective agreement has led to strikes at German container ports, halting activities at the Port of Hamburg for two days before a fourth round of negotiations began. The strikes later affected Wilhelmshaven, Bremen, and Emden, causing operational disruptions at container terminals. A prolonged strike could delay operations at Hamburg and Bremerhaven ports in August, severely impacting German exports, particularly in the automotive and machinery sectors.
MEA
In Q2 2024, the pricing of Unsaturated Polyester Resin (UPR) in the MEA region experienced a decline, driven by several key factors. The primary reasons for the downward trend include moderate demand, sufficient inventory levels, and significant reductions in input costs. The overall market sentiment has been bearish as upstream crude oil prices have continued to fall, alleviating cost pressures on UPR production. Additionally, the Red Sea crisis has disrupted logistics, particularly affecting overseas demand due to shipment delays and congestion at major ports in the region. Focusing on the United Arab Emirates, which has witnessed the most significant price changes, the overall trend for UPR pricing has been negative. The market saw fluctuations influenced by seasonality, with demand remaining subdued and downstream companies adopting a cautious approach. The reduction in purchasing activity and rising production levels led to declining stock levels of finished goods. Major disruptions, such as the shutdown of the Laffan Resin Production Factory in Qatar due to floods in April, further strained the supply chain, impacting regional supply levels and contributing to the bearish market sentiment. The quarter concluded with the UPR price at USD 1855/MT FOB Jebel Ali in the United Arab Emirates, reflecting a consistently decreasing pricing environment throughout Q2. This negative trend underscores the challenging market conditions faced by the UPR sector in the MEA region during this period.
