LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Dyes and Pigments Market - Procurement Intelligence Report.
This spend growth will be attributed to the increasing demand for organic pigments that is a result of consumer’s preference for organic clothing. This is expected to drive the spend momentum of this market at a CAGR of over 4% between 2018-2023. Despite implications of growth, a substantial hike in raw material price will spike suppliers’ OPEX which will have a significant inflationary impact on buyer’s procurement spend in the dyes and pigments market.
Rising procurement expenditure in the dyes and pigments market is severely eschewing the buyer’s ROI. Various spend accelerators will further add to this expenditure. Download a free sample report of this dyes and pigments market procurement intelligence report to get instant access to the strategies to contain such an inflating expenditure.
Dyes and Pigments Spend Analysis Insight
Forecasts of price rise in the crude oil market will herald extreme volatilities in the global business scenario. One of such volatilities that will pose as a prominent spend accelerator in the dyes and pigments market is the raw material price. According to the dyes and pigments spend analysis, the upward trend of the global crude oil price will increase the prices of raw materials such as benzene, sulfuric acid that will have inflationary impacts on the production expenditure of suppliers.
While strategic supplier partnership is crucial to optimize procurement spend, lack of real-time insights into the current supply market scenario results in sub-optimal partnerships. Get complimentary access to our procurement platform to gain immediate access to supplier selection strategies.
Insight into Dyes and Pigments Procurement Strategy to Address Market Price Increase
- To compensate for the recurring production expenditure, suppliers are expected to increase prices of the end-products in the dyes and pigments market. This will have a consequent inflationary impact on the procurement expenditure incurred by buyers. To keep such a recurring procurement expenditure at bay, buyers are advised to partner with suppliers who take appropriate initiatives that will help the buyer to optimize their spend.
- Buyers are advised to evaluate the market dynamics of chemical commodities used by suppliers in the production of dyes and pigments. The prices of chemical commodities such as benzene, naphthalene that are also some of the key raw materials are based largely on market indices. Evaluation of the market dynamics of such commodities will aid the buyers to forecast price fluctuations and set benchmarks for contract re-negotiations and scheduling their purchases.
“Strategic selection of suppliers will be an intrinsic category management objective for buyers to address the increase in the raw material prices in the dyes and pigments market,” says SpendEdge procurement expert Sumit Yadav.
- It is recommended that buyers partner with suppliers who have strategic engagements with raw material vendors, adopt hedging practices, and exhibit effective intermodal transportation management to provide dyes and pigments at stable prices during the contract tenure.
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Other key topics covered in this report are:
- Dyes and pigments market spend segmentation by region
- Total cost of ownership analysis in the dyes and pigments market
- Regional spend opportunity for dyes and pigments suppliers
- Dyes and pigments suppliers cost structure
- Dyes and pigments suppliers selection criteria
- Dyes and pigments suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the dyes and pigments market
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