For the Quarter Ending December 2025
North America
• In the United States, the Vinyl Ester Resin Price Index registered a slight quarter-over-quarter decline in Q4 2025, largely influenced by moderated downstream procurement and stable supply flows in the region’s composites and corrosion-resistant materials markets.
• Vinyl ester resin Spot Price activity was generally subdued as major consuming sectors such as infrastructure rehabilitation, chemical processing, and marine composite manufacturing delayed large contract acquisitions pending clearer 2026 demand signals.
• Vinyl ester resin Price Forecast indicates a modest stabilization into early 2026 with potential upside supported by scheduled restart of infrastructure and wind energy projects, though broad pricing momentum is likely to remain constrained by conservative inventory strategies.
• Vinyl ester resin Production Cost Trend stayed relatively stable throughout Q4 2025 with feedstock inputs such as epoxy and monocarboxylic precursors showing limited volatility, which helped producers manage cost-push pressures effectively.
• Vinyl ester resin Demand Outlook in North America remained mixed, with continued absorption in corrosion-resistant tanks, pipelines, and marine sectors but weak short-cycle orders from automotive and certain construction segments due to macroeconomic caution.
• Elevated inventories built earlier in the year and ongoing stock management by fabricators limited urgency for spot procurement, mitigating upward price pressure despite pockets of application growth.
Why did the price of vinyl ester resin change in December 2025 in North America?
• In December 2025, the Vinyl Ester Resin Price Index decreased as continued cautious purchasing from downstream industries—particularly in infrastructure, water treatment, and composites—dampened immediate offtake and constrained pricing power.
• Stable feedstock costs kept the Vinyl ester resin Production Cost Trend largely flat, removing significant cost-push inflation and allowing suppliers to hold or slightly ease spot offers.
• Buyers delayed bulk orders anticipating clearer demand visibility for 2026 projects, and elevated distributor stocks reduced the immediacy of restocking, suppressing Vinyl ester resin Spot Price traction late in the quarter.
APAC
• In Taiwan, the Vinyl Ester Resin Price Index fell by 2.39% quarter-over-quarter, reflecting muted demand.
• The average Vinyl Ester Resin price for the quarter was approximately USD 3049.33/MT, reported value.
• Vinyl Ester Resin Spot Price remained rangebound as suppliers disciplined offers and inventories balanced locally.
• Vinyl Ester Resin Price Forecast anticipates minor volatility as holiday shutdowns and restarts influence procurement.
• Epoxy feedstock softness supported benign Vinyl Ester Resin Production Cost Trend, easing pressure on margins.
• Vinyl Ester Resin Demand Outlook remained cautious as converters restricted procurement, supporting only short-cycle buys.
• Inventory discipline and export variability kept the Vinyl Ester Resin Price Index neutral in December.
• Logistics delays lengthened delivery times, but balanced stocks prevented any Vinyl Ester Resin price escalation.
Why did the price of Vinyl Ester Resin change in December 2025 in APAC?
• Balanced domestic supply and restrained converter purchases reduced upward pressure, maintaining subdued December pricing.
• Flat epoxy feedstock costs eased production cost pressures, removing near-term catalysts for export offers.
• Logistical frictions prolonged deliveries, but inventories prevented supply shortages and kept spot activity muted.
Europe
• In Spain, the Vinyl Ester Resin Price Index fell by 2.93% quarter-over-quarter, reflecting muted demand.
• The average Vinyl Ester Resin price for the quarter was approximately USD 3150.00/MT, and stable.
• Recent Vinyl Ester Resin Spot Price movements were muted, weekly stability supporting neutral Price Index.
• Vinyl Ester Resin Production Cost Trend subdued; epoxy feedstock rose modestly, offset by inventory draws.
• Vinyl Ester Resin Price Forecast indicates minor declines into early Q1 as seasonal demand softens.
• Vinyl Ester Resin Demand Outlook shows steady automotive demand offsetting weak construction, limiting upside potential.
• Export softness and inventory management restrained spot activity, leaving Vinyl Ester Resin Price Index stable.
• Local producers maintained run rates December, ensuring supply continuity and tempering Vinyl Ester Resin rallies.
Why did the price of Vinyl Ester Resin change in December 2025 in Europe?
• Balanced production and reduced exports increased availability, limiting upward pressure on Vinyl Ester Resin prices.
• Epoxy feedstock costs rose modestly but were offset by previously contracted inventories, muting Production Cost Trend impacts.
• Seasonal demand slowdown, extended lead times and conservative buyer procurement constrained spot buying, stabilizing the Price Index.
For the Quarter Ending September 2025
North America
• In the North America, the Vinyl Ester Resin Price Index increased quarter-over-quarter in Q3 2025, supported by robust demand from infrastructure rehabilitation, marine coatings, and chemical storage applications.
• Vinyl Ester Resin Spot Price movements remained firm throughout the quarter, with limited week-to-week volatility as buyers secured volumes ahead of Q4 infrastructure and wind energy projects.
• The Vinyl Ester Resin Price Forecast for Q4 2025 suggests continued firmness, particularly in sectors like wind energy, marine composites, and chemical processing, where project-based demand is expected to remain elevated.
• The Vinyl Ester Resin Demand Outlook remains strong, with consistent consumption across marine, chemical processing, wind energy, transportation, and construction sectors. Infrastructure stimulus and corrosion-resistant composite adoption continue to drive demand growth.
• The Vinyl Ester Resin Price Index reflects seasonal procurement cycles and inventory normalization across North American distributors, particularly in the construction and OEM coatings industries.
• Inventory levels across the U.S. Gulf Coast and Midwest remained balanced, supporting disciplined pricing, and preventing excessive spot market volatility.
Why did the price of Vinyl Ester Resin change in September 2025 in North America?
• Demand from infrastructure and marine sectors surged ahead of Q4 project cycles, contributing to a firming Vinyl Ester Resin Price Index.
• Feedstock tightness in epoxy resin and methacrylic acid markets elevated production costs, supporting upward price momentum.
• Seasonal restocking and steady logistics further tightened supply, pushing spot prices higher in September.
APAC
• In Taiwan, the Vinyl Ester Resin Price Index fell by 6.02% quarter-over-quarter, driven by weaker demand.
• The average Vinyl Ester Resin price for the quarter was approximately USD 3124/MT, reflecting muted buying.
• Vinyl Ester Resin Spot Price softened as order volumes declined, compressing bids and dealer confidence.
• Vinyl Ester Resin Price Forecast is cautious given weak restocking and import competition restricting upside.
• Vinyl Ester Resin Production Cost Trend eased as epoxy resin costs moderated, widening margins.
• Vinyl Ester Resin Demand Outlook remains subdued for coatings and composites, limiting spot turnover, restocking.
• Inventories stayed elevated and softer exports capped rallies in the Vinyl Ester Resin Price Index.
• Major plants maintained stable operating rates, supporting derivative market activity while price recovery remains gradual.
Why did the price of Vinyl Ester Resin change in September 2025 in APAC?
• Reduced ordering from coatings makers lowered demand, pressuring spot prices and weakening the Price Index.
• Lower benzene and epoxy costs eased production pressures, narrowing producer margins while limiting price recovery.
• Logistics improved while exports softened, reducing tightness; buyers delayed purchases awaiting clearer Price Index signals.
Europe
• In Spain, the Vinyl Ester Resin Price Index increased by 4.12% quarter-over-quarter in Q3 2025, supported by robust demand from corrosion-resistant applications and infrastructure rehabilitation projects.
• Vinyl Ester Resin Spot Price movements remained firm, with converters restocking ahead of Q4 and composite manufacturers increasing procurement volumes for marine and wind energy applications.
• The Vinyl Ester Resin Price Forecast signals continued firmness in Q4 2025, especially in construction and renewable energy segments, as seasonal demand and project-based buying intensify.
• The Vinyl Ester Resin Production Cost Trend remained moderately elevated, with epoxy resin feedstocks showing tight availability. Energy and logistics costs across European facilities remained stable but contributed to overall cost pressure.
• The Vinyl Ester Resin Demand Outlook remains bullish, with steady consumption in marine, chemical processing, wind energy, automotive, and infrastructure sectors. Composite adoption in corrosion-critical environments continues to drive demand.
• The Vinyl Ester Resin Price Index reflects seasonal procurement cycles and inventory normalization across European distributors, particularly in the construction and industrial coatings industries.
• Inventory levels across Western Europe remained balanced, supporting disciplined pricing and preventing bulk-buying spikes.
Why did the price of Vinyl Ester Resin change in September 2025 in Europe?
• Seasonal restocking by composite and infrastructure manufacturers ahead of Q4 boosted demand, lifting the Vinyl Ester Resin Price Index.
• Feedstock tightness in epoxy precursors and unsaturated acids contributed to elevated production costs, supporting price firmness.
• Logistics normalization and steady energy inputs-maintained supply continuity, but rising demand outpaced inventory replenishment, driving spot prices higher.
For the Quarter Ending March 2025
North America
When compared to Q4 2024, Vinyl Ester Resin prices in North American region recorded a quarter-on-quarter decline in Q1 2025. At the start of the quarter, prices rose as upstream epoxy resin costs climbed on firmer benzene fundamentals. Domestic supply tightened due to maintenance at key resin plants, while federal infrastructure and automotive projects supported construction and OEM demand.
Mid-quarter, pricing pressures eased as crude-linked feedstocks softened and import volumes resumed. Lower freight rates and improved plant run rates restored supply balance, capping further gains. Although construction and coatings orders remained solid, cautious restocking amid economic uncertainty restrained upside. Buyers favoured short-term purchases, rebuilding inventories to buffer against input cost swings.
Towards quarter-end, prices stabilized on balanced supply-demand dynamics. Epoxy resin costs moderated, limiting input-driven volatility. Incremental recovery in construction and automotive sectors did little to overhaul overall demand, which remained measured. A steady flow of imports and ongoing manufacturing efficiencies kept markets well-supplied. The market closed with balanced fundamentals, reflecting cautious sentiment, and subdued downstream momentum.
APAC
In Q1 2025, Vinyl Ester Resin (VER) prices in the APAC region recorded a quarter-on-quarter decline of 1% compared to Q4 2024. At the start of the quarter, prices rose slightly due to supply tightness driven by production constraints ahead of the Spring Festival holidays. Despite muted demand from construction and automotive sectors, limited availability and stable production costs supported the price increase. Mid-quarter, prices began to decline as downstream demand weakened further. The construction sector faced reduced infrastructure activity and tight liquidity, while the automotive industry focused on restocking rather than new orders. Although feedstock epoxy resin prices remained stable, improving supply conditions outweighed the modest recovery in demand, pushing prices lower. By the end of the quarter, prices continued to decrease amid persistent demand sluggishness. Falling feedstock costs reduced production expenses, but buyers remained cautious, procuring only as needed. Limited spot transactions and weak end-user activity weighed on market sentiment. Taiwan registered the most significant decline, with the quarter-end price settling at USD 3620/MT FOB Taipei.
Europe
In Q1 2025, Vinyl Ester Resin (VER) prices in the European region recorded a quarter-on-quarter incline of 0.6% compared to Q4 2024. At the start of the quarter, prices increased as rising epoxy resin feedstock costs and tightened domestic supply created upward pressure. Steady demand from construction and industrial coating sectors supported this trend, despite economic uncertainties prompting cautious procurement behaviour. The market showed resilience as end-users absorbed higher costs to maintain production schedules. By mid-quarter, prices continued their gradual ascent, though at a slower pace. While feedstock epoxy resin costs stabilized and natural gas prices declined, easing some production pressures, supply chain challenges persisted with extended lead times. Downstream demand remained mixed - the automotive sector showed weakness due to global competition, while construction activity provided modest support. Towards the quarter's end, prices saw marginal increases as the market stabilized. The modest QoQ increase reflected the cumulative effect of early-quarter cost pushes and sustained industrial demand, particularly from construction applications, outweighing mid-quarter automotive sector softness. Spain registered the most significant incline, with the quarter-end price settling at USD 3102/MT FOB Barcelona.
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.
