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Procurement Market Intelligence Report

Synthetic Resins
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Synthetic Resins?

What is the average price of Synthetic Resins?

This procurement report includes pricing information to help you purchase Synthetic Resins. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Synthetic Resins been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Synthetic Resins yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Synthetic Resins?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Synthetic Resins with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase Synthetic Resins?

There are an estimated 2,800 suppliers of synthetic resins in the United States. Of this pool of suppliers, the top four vendors generate less than 30.0% of total market revenue, indicating a low level of market share concentration, which is beneficial to buyer power as it indicates no group of... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Supply Chain

Have fluctuations in input costs affected your operations? If so, how?

What types of agreements do you have with your upstream suppliers? What is the remaining time left on these contracts?

Do you have secondary suppliers that will provide your crucial inputs in the event that your primary supplier is unable to provide what is needed?

What steps do you take to help reduce the impact of sudden raw material price increases?

Inventory

What is your typical inventory level for the product that I will be ordering? What is your current inventory for said product?

Of which product do you maintain the largest stock? Of which product do you maintain the smallest stock?

How often does a product go on backorder? What is the typical length of time that a product will be on backorder?

How low do you allow your inventory to get before producing or ordering more of a product?

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Key elements for every RFP

What should my Synthetic Resins RFP include?

Project Budget

Buyers should inform suppliers of the maximum value of the contract, but set the expectation that lower bids will be favored.

Buyers should set expectations for how often suppliers can alter prices in response to fluctuating production costs.

Buyers should establish how they desire to handle any additional costs, such as shipping.

Selection Criteria

Buyers should evaluate suppliers based on the technical and performance merit of their products.

Buyers should evaluate suppliers based on their ability to provide any related products.

Buyers should evaluate suppliers based on their proven success with other contract awards.

For other selection criteria requirements, buyers should reference the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should inform suppliers of the RFP's issue date.

Buyers should inform suppliers of the RFP's due date.

Buyers should give suppliers the opportunity to ask questions and should provide a due date for questions, as well as a date for when they will issue an amended RFP with answers to the questions.

Evaluate major factors to mitigate risk

How risky is the Synthetic Resins supply chain?

In the three years to 2019, the supply chain associated with synthetic resins has posed a high level of risk, primarily due to the Trump administration's tariffs on thousands of Chinese imports, but also due to shortages in inputs that have tightened global supply levels for a variety of resins.... Subscribe to learn more.

HIGH

MEDIUM

LOW