Epoxide Resin Market

The article discusses the projected growth of the global epoxide resin market, with consumption and value expected to increase over the next eight years. Key countries driving production and imports are highlighted, showcasing the trends in the market. From 2012 to 2022, various countries experienced different rates of growth in terms of consumption, production, imports, and exports, with notable fluctuations recorded throughout the period. Overall, the market is expected to see gradual growth in the immediate term, with significant differences in average prices among major importing and exporting countries.

Market Forecast

Driven by increasing demand for epoxide resins worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.8% for the period from 2022 to 2030, which is projected to bring the market volume to 3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market value to $15.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Epoxide Resins in Primary Forms

In 2022, the amount of epoxide resins consumed worldwide declined modestly to 2.8M tons, shrinking by -3.9% compared with 2021 figures. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the consumption volume increased by 6.1% against the previous year. Global consumption peaked at 2.9M tons in 2021, and then contracted modestly in the following year.

The global epoxide resin market size expanded modestly to $12.5B in 2022, surging by 1.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market reached the maximum level in 2022 and is likely to see gradual growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (549K tons), China (546K tons) and India (283K tons), with a combined 49% share of global consumption. Japan, Brazil, Italy, the Netherlands, Germany, Russia, Turkey, Thailand, Mexico and the UK lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +12.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($2.2B), Japan ($1.8B) and China ($1.6B) were the countries with the highest levels of market value in 2022, with a combined 44% share of the global market. India, Italy, Thailand, the Netherlands, Brazil, Germany, the UK, Mexico, Turkey and Russia lagged somewhat behind, together comprising a further 28%.

The Netherlands, with a CAGR of +14.0%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of epoxide resin per capita consumption was registered in the Netherlands (4.7 kg per person), followed by Italy (1.7 kg per person), the United States (1.6 kg per person) and Japan (1.3 kg per person), while the world average per capita consumption of epoxide resin was estimated at 0.4 kg per person.

In the Netherlands, epoxide resin per capita consumption increased at an average annual rate of +12.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (+4.5% per year) and the United States (-0.3% per year).

Production

World Production of Epoxide Resins in Primary Forms

In 2022, approx. 2.8M tons of epoxide resins were produced worldwide; waning by -5.6% against the previous year's figure. In general, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 7.4% against the previous year. Over the period under review, global production attained the maximum volume at 3M tons in 2021, and then fell in the following year.

In value terms, epoxide resin production dropped modestly to $11.5B in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 8.2% against the previous year. Global production peaked at $11.5B in 2021, and then fell modestly in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (537K tons), China (450K tons) and South Korea (350K tons), together accounting for 47% of global production. India, Taiwan (Chinese), Japan, Germany, the Netherlands, Brazil, Italy, Thailand and the Czech Republic lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +8.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Epoxide Resins in Primary Forms

Global epoxide resin imports shrank to 1.6M tons in 2022, waning by -10.8% compared with 2021. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 8.3% against the previous year. As a result, imports reached the peak of 1.8M tons, and then shrank in the following year.

In value terms, epoxide resin imports shrank to $8.7B in 2022. In general, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +48.3% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 50%. As a result, imports reached the peak of $8.8B, and then contracted modestly in the following year.

Imports By Country

The countries with the highest levels of epoxide resin imports in 2022 were China (221K tons), the United States (148K tons) and Germany (128K tons), together recording 31% of total import. The following importers - India (67K tons), the Netherlands (65K tons), Italy (64K tons), Turkey (60K tons), Russia (50K tons), Mexico (50K tons), the UK (45K tons), Brazil (42K tons), Japan (42K tons) and the United Arab Emirates (38K tons) - together made up 32% of total imports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +8.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.1B), the United States ($920M) and Germany ($692M) appeared to be the countries with the highest levels of imports in 2022, with a combined 31% share of global imports. Italy, India, the UK, Turkey, the Netherlands, Mexico, Brazil, Russia, Japan and the United Arab Emirates lagged somewhat behind, together comprising a further 29%.

Among the main importing countries, Turkey, with a CAGR of +12.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average epoxide resin import price amounted to $5,422 per ton, with an increase of 11% against the previous year. In general, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, epoxide resin import price increased by +53.5% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 38% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the UK ($6,532 per ton), while Russia ($3,881 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+4.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Epoxide Resins in Primary Forms

In 2022, the amount of epoxide resins exported worldwide reduced to 1.6M tons, shrinking by -13.3% against the year before. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 11% against the previous year. As a result, the exports attained the peak of 1.9M tons, and then fell in the following year.

In value terms, epoxide resin exports shrank to $8.5B in 2022. Over the period under review, total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +43.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 52%. As a result, the exports attained the peak of $9.1B, and then dropped in the following year.

Exports By Country

The shipments of the three major exporters of epoxide resins, namely South Korea, Taiwan (Chinese) and Germany, represented more than third of total export. It was distantly followed by the United States (136K tons), China (126K tons) and the Netherlands (90K tons), together making up a 22% share of total exports. The Czech Republic (54K tons), Thailand (51K tons), Japan (47K tons), Switzerland (45K tons), Italy (42K tons) and India (30K tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by India (with a CAGR of +15.8%), while the other global leaders experienced more modest paces of growth.

In value terms, South Korea ($1.5B), Germany ($1.3B) and the United States ($918M) were the countries with the highest levels of exports in 2022, together comprising 43% of global exports. Taiwan (Chinese), Japan, China, the Netherlands, Switzerland, the Czech Republic, Italy, Thailand and India lagged somewhat behind, together accounting for a further 41%.

India, with a CAGR of +18.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average epoxide resin export price stood at $5,257 per ton in 2022, picking up by 8.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 37%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($11,703 per ton), while China ($3,619 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+4.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform