LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Synthetic Resins Market - Procurement Intelligence Report.
The accelerating spend momentum of the synthetic resins market will be attributed to the exponential demand for epoxy resins which are used in manufacturing various construction materials, such as paints, solvents, coatings, adhesives, casting, additives, and composites. The synthetic resins market is expected to a value of nearly USD 150 billion between 2018-2023. Despite implications of growth, the synthetic resins spend analysis offered in this report reveals a substantial increase in the procurement expenditure incurred by buyers in this market.
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Synthetic Resins Spend Analysis Insights 1
Extreme volatilities of crude oil prices are expected to have a direct impact on the procurement price. According to the synthetic resins spend analysis, the upward trend of the global crude oil price will increase the production expenditure of suppliers as crude oil is used as a feedstock for the production of synthetic resins.
Insights into Synthetic Resins Procurement Strategies 1
In the context of the above-stated procurement challenge, suppliers will compensate for their recurring production expenditure by increasing the price of the end-product. To keep such a recurring procurement expenditure at bay, buyers are advised to optimize their procurement volume. One of the highly recommended synthetic resins procurement strategies is to partner with suppliers that can forecast demand volume and provide them with the necessary information to have a consistent supply. Buyers must invest in efficient forecasting and inventory control measures to predict probable surges.
Cost-benefit analysis of various market growth-promoting factors forms the podium of every procurement strategy. Stay a step ahead by requesting complimentary access to our procurement platform.
Synthetic Resins Spend Analysis Insights 2
“Increase in import duties and taxation norms across the globe will significantly increase supplier’s compliance costs during instances of cross-border trade,” says SpendEdge procurement expert Tridib Bora.
The synthetic resins spend analysis reveals an increasing compliance-related expenditure incurred by suppliers. In the synthetic resins market, the need to adhere to transportation laws will cast a direct impact on the logistics expenditure incurred by suppliers.
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Insights into Synthetic Resins Procurement Strategies 2
Based on the observation above, one of the best synthetic resins procurement strategies is to engage with suppliers based on their transportation networks and whether they possess own transportation or lease transportation from third-party providers. Synthetic resins procurement strategies should also entail the assessment of compliance of suppliers with the prevailing transportation laws. This includes complying with laws pertaining to the design of containers, logistics, and effective measures to handle any emergencies such as spills or leakages.
Get the full synthetic resins market procurement intelligence report to know more about the synthetic resins procurement strategies that will help you to optimize your procurement spend in this market.
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