ASEAN: Epoxide Resin Market 2024

Epoxide Resin Market Size in ASEAN

The ASEAN epoxide resin market expanded markedly to $X in 2021, with an increase of 8.1% against the previous year. The market value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The level of consumption peaked in 2021 and is likely to see steady growth in the immediate term.

Epoxide Resin Production in ASEAN

In value terms, epoxide resin production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 35% against the previous year. As a result, production attained the peak level of $X, and then shrank in the following year.

Epoxide Resin Exports

Exports in ASEAN

In 2021, exports of epoxide resins in ASEAN rose notably to X tons, growing by 8.7% compared with the previous year. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by 17%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, epoxide resin exports soared to $X in 2021. The total export value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Thailand was the major exporter of epoxide resins in ASEAN, with the volume of exports recording X tons, which was approx. 58% of total exports in 2021. It was distantly followed by Singapore (X tons) and Malaysia (X tons), together mixing up a 36% share of total exports. The following exporters - the Philippines (X tons) and Indonesia (X tons) - each resulted at a 5.7% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to epoxide resin exports from Thailand stood at +1.1%. At the same time, the Philippines (+7.0%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +7.0% from 2012-2021. By contrast, Malaysia (-2.1%), Singapore (-3.4%) and Indonesia (-7.2%) illustrated a downward trend over the same period. Thailand (+8.6 p.p.) and the Philippines (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia, Indonesia and Singapore saw its share reduced by -2%, -2.2% and -6.1% from 2012 to 2021, respectively.

In value terms, the largest epoxide resin supplying countries in ASEAN were Thailand ($X), Singapore ($X) and Malaysia ($X), together comprising 97% of total exports.

Thailand, with a CAGR of +3.9%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, jumping by 30% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+4.0%), while the other leaders experienced more modest paces of growth.

Epoxide Resin Imports

Imports in ASEAN

In 2021, supplies from abroad of epoxide resins was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 9.2%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, epoxide resin imports soared to $X in 2021. The total import value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand (X tons), Indonesia (X tons) and Malaysia (X tons) represented roughly 60% of total imports in 2021. It was distantly followed by Vietnam (X tons), the Philippines (X tons) and Singapore (X tons), together achieving a 36% share of total imports. Cambodia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Cambodia (with a CAGR of +54.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest epoxide resin importing markets in ASEAN were Thailand ($X), Malaysia ($X) and Indonesia ($X), together accounting for 62% of total imports. The Philippines, Singapore, Vietnam and Cambodia lagged somewhat behind, together comprising a further 38%.

Among the main importing countries, Cambodia, with a CAGR of +46.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, growing by 29% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.8%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform