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.
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.
