Synthetic resins are a viscous liquid that has properties similar to natural resins with an ability to harden permanently. They are also a lot stronger, stable, and more homogenous than natural resins. Such properties make them a suitable alternative in the automotive industry to manufacture lightweight and sturdy components, and in food packaging sector to produce containers with excellent barrier properties. The Dow Chemical Company, Exxon Mobil, BASF SE, and DuPont are some of the key vendors in the synthetic resins market. Pricing models used by suppliers is one of the most critical factors in the supplier evaluation process. The recent procurement market intelligence report by SpendEdge reports that production costs account for 51% of their total costs.
Supplier Selection Criteria for Synthetic Resins
Supplier’s that Understand Buyer’s Requirements
Buyers prefer to engage with suppliers who have a clear understanding of their requirements as it enables the suppliers to help them procure synthetic resins meeting their requirements. It is essential that suppliers gather details regarding specific needs of the buyer and desired characteristics such as enhanced chemical resistance or low viscosity.
Expertise in Assessing Resin Morphology
Suppliers are depicting expertise in assessing resin morphology boost the buyer’s material selection process by determining the suitability of each form to choose the best materials. While assessing resin morphology, i.e., the arrangement of molecules, suppliers assess different aspects such as shrinkage levels, resistance to molecular disentanglement, opacity levels, and melting characteristics.
Ability to Provide Comprehensive Cost-Benefit Analysis
A wide variety of synthetic resins including epoxy resins, solvent impregnated resins, and fiberglass resin are available at the market at different price range. Each variety offers distinct benefits and properties. Buyers usually perform a cost-benefit analysis to optimize their category spend. As a result, buyers seek out suppliers that can help them in evaluating if specific resin properties are economically viable or low-cost alternative exists.
Product Compatibility with End-Use Application
A wide variety of factors should be taken into consideration while procuring or sourcing synthetic resins. Some of it includes the type of polymer (thermoset or thermoplastic), level of mechanical strength, use of recycled materials, along with its chemical and environmental compatibility. Buyers should ensure that the selected synthetic resin is compatible with the operating environment of its end-use applications. Suppliers thereby need to ensure that their product can withstand the heat, pressure, and temperature range in which the synthetic resins would be used.
Read more about the vendor evaluation criteria in synthetic resins market along with competitive landscape analysis, pricing insights, cost modeling, procurement challenges, and procurement market intelligence in SpendEdge’s upcoming report on the global synthetic resins market.