For the Quarter Ending June 2022
In the second quarter of 2022, the prices of Vinyl Ester Resin followed the stagnancy throughout the quarter in the North American region. Vinyl Ester Resin prices hiked by 1.5% compared with the previous quarter on the back of static growth of feedstock and epoxy resin prices in the regional market. The demand from downstream sectors such as automobiles, marine equipment, and kitchen appliances was observed to be slow throughout the quarter, governing the market sentiment of VER in the regional market. Major manufacturers had to stabilize the market prices on lower terms as less inquiry about the product occurred in the country. These facets became the driving force for the price stagnancy in the North American region.
Overall market sentiments of Vinyl Ester Resins remained in a positive position in the Asia-Pacific market. Stagnancy in the prices occurred till the mid-quarter as the production rate in major countries such as China and Taiwan remained static on the back of continuous demand from end-users. On the other hand, the prices dwindled in June as natural calamities in China disrupted the operational rate of Vinyl Ester Resins, consequently declining the prices in the regional market. Increment in feedstock prices in the market and high electricity charges led to spiked production costs of Vinyl Ester Resin. On average, the prices of Vinyl Ester Resins witnessed a slight increment of 1.2% during the Q2 of 2022.
During the second quarter, the market trend of Vinyl Ester Resin tailed off in the European market on the back of declining demand from downstream coating and furnishing sectors. Despite the rise in feedstock, epoxy resin prices declined as the demand was less. The quarter started positively, but the decline was witnessed later as major manufacturers had ample supply to cater to the demand. The sales volume growth was satisfying for the manufacturers, but market dullness in the European region governed the market dynamics of Vinyl Ester Resin in the European region. Approximately a decline of 2% in the prices of Vinyl Ester Resin occurred in Q2.
For the Quarter Ending March 2022
In the North American market, prices of Vinyl Ester Resins (VER) followed an uptrend throughput the first quarter of 2022. Market sentiments of VER were governed by the high feedstock epoxy resin values in the regional market. This hike in raw material prices forced manufacturers to increase the production cost of Vinyl Ester Resin (VER). Growth in construction activities in North America led to the increase in consumption of VERT in Q1 due to its anti-corrosive, durability, and waterproof properties. FOB prices of Vinyl Ester were quoted as USD 561/ton, in the month of January and USD 5549/ton, towards the quarter end.
In the first quarter of 2022, prices of Vinyl Ester Resin in the Asia Pacific market witnessed mixed amidst high volatility in the prices of feedstock. As China imposed lockdown after the Omicron infection, the production of Vinyl Ester Resin was halted. Port congestion also became the driving force of VER market leading to supply shortage across the region. In India, limited availability of VER reduced the profit margins for traders, despite of the firm demand from the downstream market. VER CFR prices in the first quarter were assessed at USD 4920/ton Novalac Based in the month of January and got assembled at USD 4840/ton, Novalac Based towards the quarter end.
In Q1 of 2022, Vinyl Ester Resin witnessed an uptrend in the European region owing to the high feedstock epoxy resin prices. Along with the supply shortage, feed disruption governed the market sentiments of Vinyl Ester Resin (VER). When compared with Q4 of 2021, prices of Vinyl Ester Resin witnessed a slight inclination of 1% in Q1 of 2022. The FD prices of Vinyl Ester Resin ranged from USD 4820/ton in January to USD 5050/ton, towards the quarter end. Supply disruption led to feedstock shortage which compelled manufacturers to reduce the output.
For the Quarter Ending December 2021
In North America, the costs of Vinyl Ester Resin stayed on the higher end when contrasted with Q2 and Q3 due with healthy interest in the midst of solid downstream businesses. Feedstock Methacrylic acid market was slipped in November but recovered towards the end of the quarter where its prices were observed to be $2860/ton FOB USGC. Styrene market was also surged with the succeeding months where its prices in last week of December were $1340/ton FOB Texas. Downstream Laminating and construction industries were also operated strongly with increase in consumption of VER. Shortage of raw material Styrene in the region was also one of the main reasons for this price trajectory.
In Asia Pacific region, the price of Vinyl Ester Resin remained tepid with little fluctuation in the prices. In India, the prices were maxed in October where the prices of Super Vinyl Ester were hovering around $5727/ton Ex-Mumbai-$5864/ton Ex-Mumbai. The increase in the price of Vinyl Ester Resin is attributed to rising demand in the marine industries because of the chemical resistance that it offers. Furthermore, throughout this timeframe, the increased production of electronic components and automotive parts fuelled demand for epoxy resin for fabrication of combination materials that are light in weight. Container shortages and increased freight charges since past few months have been also incorporated in the prices. However, at the end of the quarter the prices slipped to $5660/ton Ex-Mumbai.
In Q4, amassing of Vinyl Ester Resin inventories and oversupplies dropped down the costs in Europe. In Germany, sentiments highlighted be imbalanced with weak interest. Broad production edges have so far addressed the additional price of Vinyl Ester Resin production, drove by basic production breaks in the final quarter that left its inventories wobbly. Downstream Fibre and construction industries however gave the strong support to the product where its consumption for the end user consumers remained strong.