Quarter Ending September 2025
North America
• The Price Index for Unsaturated Polyester Resin in North America declined by approximately 1.8% during Q3 2025. This was driven by soft demand outlook from the construction and marine sectors, which faced project delays and reduced procurement activity.
• Prices reflected subdued demand and steady supply conditions.
• The Production Cost Trend remained stable throughout Q3, supported by consistent pricing of key raw materials like maleic anhydride and phthalic anhydride. Energy costs were manageable, and domestic producers maintained output without major disruptions.
• The Demand Outlook for Q4 2025 is cautiously optimistic. While construction activity may rebound post-summer, the composites and marine sectors are expected to remain conservative in procurement. Growth in automotive and electrical applications could offer partial support to Unsaturated Polyester Resin demand.
• The Price Forecast for Q4 suggests a flat-to-slightly-recovering trend, contingent on infrastructure stimulus and seasonal restocking. However, competitive pressure from Asian suppliers may cap any significant price gains.
Why did the price of unsaturated polyester resin change in September 2025 in North America?
• In September 2025, unsaturated polyester resin prices decreased further due to stable production cost trend, high inventory levels, and cautious buying behavior.
• Buyers delayed purchases amid macroeconomic uncertainty and competitive pressure from imported resins.
APAC
• In Malaysia, the Unsaturated Polyester Resin Price Index fell by 5.6% quarter-over-quarter, citing ample supply and exports.
• The average Unsaturated Polyester Resin price for the quarter was approximately USD 1709.33/MT, market estimate.
• Unsaturated Polyester Resin Spot Price softened as benzene and n-butane eased, reducing supplier cost pass-through.
• Unsaturated Polyester Resin Price Forecast expects limited upside, with seasonal restocking supporting marginal price improvement.
• Unsaturated Polyester Resin Production Cost Trend muted as maleic anhydride and phthalic prices stayed soft.
• Unsaturated Polyester Resin Demand Outlook stays weak with cautious procurement from construction, automotive, and marine.
• Unsaturated Polyester Resin Price Index pressured by competitive regional offers and elevated inventories across hubs.
• Export demand remained subdued, constraining offtake and weighing on spot liquidity, influencing Malaysian producers' decisions.
Why did the price of Unsaturated Polyester Resin change in September 2025 in APAC?
• Ample domestic production and comfortable inventories reduced supply tightness, pressuring September prices lower across Malaysia.
• Soft feedstock aromatics and n-butane costs eased production cost pressures, enabling sellers to lower offers.
• Cautious downstream procurement and weak regional inquiries constrained offtake, reducing price momentum during September 2025.
Europe
• The Price Index for unsaturated polyester resin in Europe declined by approximately 2–3% during Q3 2025. This was largely due to muted demand outlook from the construction and marine sectors, which faced project delays and reduced procurement activity.
• Prices were influenced by steady supply and subdued downstream consumption.
• The Production Cost Trend remained stable throughout Q3, supported by consistent pricing of key raw materials like maleic anhydride and phthalic anhydride. Energy costs were manageable, and European producers-maintained output levels without major disruptions.
• The Demand Outlook for Q4 2025 is cautiously optimistic. While construction activity may rebound post-summer, the composites and marine sectors are expected to remain conservative in procurement. Growth in electrical and automotive applications could offer partial support to unsaturated polyester resin demand
Why did the price of unsaturated polyester resin change in September 2025 in Europe?
• In September 2025, unsaturated polyester resin prices decreased further as seasonal demand softened, and inventories remained high.
• Buyers adopted cautious strategies amid macroeconomic uncertainty, and Spot Prices reflected limited upward pressure despite stable feedstock availability.
MEA
• In the United Arab Emirates, the Unsaturated Polyester Resin Price Index fell 3.30% QoQ, pressured.
• The average Unsaturated Polyester Resin price for the quarter was approximately USD 1484.00/MT delivered basis.
• Unsaturated Polyester Resin Spot Price softened amid competitive Chinese cargoes and elevated local inventories regionally.
• Unsaturated Polyester Resin Price Forecast signals muted rebound as feedstock costs soft and inventories high.
• Unsaturated Polyester Resin Production Cost Trend eased as maleic and phthalic anhydride weakened, reducing cost-push.
• Unsaturated Polyester Resin Demand Outlook remains subdued with cautious procurement from construction and composites sectors.
• Unsaturated Polyester Resin Price Index pressure persisted as restrained export inquiries and domestic inventory weighed.
• Producers maintained steady operating rates and offered competitive cargoes, keeping market liquidity and pressuring margins.
• Why did the price of Unsaturated Polyester Resin change in September 2025 in MEA?
• Soft feedstock costs reduced production costs, prompting exporters to lower offers to remain competitive.
• Elevated inventories and weak offtake from composites and fiberglass sectors constrained immediate buying activity.
• Competitive Chinese cargoes pressured UAE export pricing, limiting external demand and reducing export traction.
For the Quarter Ending June 2025
North America
• In April 2025, the Price Index for Unsaturated Polyester Resin (UPR) in North America remained largely stable, supported by steady feedstock costs and moderate downstream consumption from construction and marine sectors.
• In May 2025, UPR Spot Prices saw a mild downward trend, influenced by softening prices of maleic anhydride and phthalic anhydride, both key inputs in UPR manufacturing.
• In June 2025, market activity remained subdued with limited growth in the composites and building materials sector, contributing to stagnancy in the UPR Price Index.
Why did the UPR Price Index change in July 2025 in North America?
In July 2025, the Price Index for UPR in North America declined, mainly due to sluggish downstream demand and accumulated inventories, even as raw material prices held steady. Buyers adopted a cautious procurement stance amid uncertain macroeconomic indicators.
Asia
• In April 2025, the Unsaturated Polyester Resin Spot Price in Asia dropped as the demand outlook weakened, especially from the construction and automotive sectors in Southeast Asia and China.
• In May 2025, the Price Index continued to slide due to falling raw material costs and sluggish restocking from downstream industries, with no major recovery in export orders.
• In June 2025, the market sentiment remained pessimistic, with manufacturers facing inventory pressure while exports to key markets like Africa and the Middle East remained limited.
Why did the UPR Price Index change in July 2025 in Asia?
In July 2025, UPR prices in Asia declined further, owing to continued weak demand, declining feedstock costs, and intensified competition from Chinese exporters offering lower quotes, pulling the Price Index downward.
Europe
• In April 2025, the UPR Price Index in Europe began to soften due to restrained activity in the infrastructure and wind energy sectors, particularly in Germany and France.
• In May 2025, despite stable feedstock availability, the UPR Spot Price fell slightly amid limited demand recovery and price pressure from imported volumes.
• In June 2025, the UPR Production Cost Trend remained manageable, but the absence of significant restocking or seasonal buying kept the market largely subdued.
Why did the UPR Price Index change in July 2025 in Europe?
The Price Index for UPR in Europe fell modestly in July 2025, driven by tepid buyer interest and oversupply, even as operating rates stayed constant among regional producers.
Middle East Asia (MEA)
• In April 2025, UPR prices in the Middle East softened due to limited construction sector activity and cautious purchasing behavior across the Gulf region.
• In May 2025, the UPR Price Index dropped marginally, pressured by reduced demand from the fiberglass composites and pipes industries.
• In June 2025, steady raw material inflow kept UPR Production Cost Trends under control, though resin prices failed to rebound as buyers in Africa remained inactive.
Why did the UPR Price Index change in July 2025?
In July 2025, UPR prices in MEA declined slightly as sellers struggled to secure new contracts amid continued demand weakness, while low-cost imports from Asia further compressed the regional Price Index.
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.
