Asia: Epoxide Resin Market 2024

Epoxide Resin Market Size in Asia

The Asian epoxide resin market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Epoxide Resin Production in Asia

In value terms, epoxide resin production rose modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 10%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Epoxide Resin Exports

Exports in Asia

In 2021, the amount of epoxide resins exported in Asia skyrocketed to X tons, rising by 16% compared with the previous year's figure. The total export volume increased at an average annual rate of +4.5% over the period from 2012 to 2021; however, 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.

In value terms, epoxide resin exports skyrocketed to $X in 2021. Total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, 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

South Korea (X tons) and Taiwan (Chinese) (X tons) were the key exporters of epoxide resins in 2021, amounting to near 37% and 26% of total exports, respectively. China (X tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (6.4%) and Japan (5%). India (X tons) and Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +17.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest epoxide resin supplying countries in Asia were South Korea ($X), Taiwan (Chinese) ($X) and Japan ($X), together comprising 71% of total exports. China, Thailand, Singapore and India lagged somewhat behind, together accounting for a further 22%.

India, with a CAGR of +19.9%, recorded the highest growth rate of the value of exports, among 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 Asia stood at $X per ton in 2021, growing by 46% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.8%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.4%), while the other leaders experienced more modest paces of growth.

Epoxide Resin Imports

Imports in Asia

After two years of growth, overseas purchases of epoxide resins decreased by -0.9% to X tons in 2021. The total import volume increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 14%. Over the period under review, imports reached the maximum at X tons in 2020, and then dropped modestly in the following year.

In value terms, epoxide resin imports soared to $X in 2021. The total import value increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China was the largest importer of epoxide resins in Asia, with the volume of imports resulting at X tons, which was approx. 38% of total imports in 2021. It was distantly followed by Turkey (X tons), India (X tons), the United Arab Emirates (X tons) and Japan (X tons), together constituting a 28% share of total imports. Thailand (X tons), South Korea (X tons), Indonesia (X tons), Malaysia (X tons), Vietnam (X tons), the Philippines (X tons), Singapore (X tons) and Saudi Arabia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to epoxide resin imports into China stood at +5.2%. At the same time, Turkey (+13.0%), Saudi Arabia (+7.7%), the Philippines (+6.8%), the United Arab Emirates (+6.0%), India (+5.0%), Vietnam (+4.8%), Thailand (+4.6%) and Japan (+2.9%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in Asia, with a CAGR of +13.0% from 2012-2021. South Korea experienced a relatively flat trend pattern. By contrast, Indonesia (-1.3%), Malaysia (-2.1%) and Singapore (-9.7%) illustrated a downward trend over the same period. While the share of China (+5.7 p.p.) and Turkey (+5.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Indonesia (-1.9 p.p.), Malaysia (-2.3 p.p.) and Singapore (-4.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported epoxide resins in Asia, comprising 36% of total imports. The second position in the ranking was taken by Turkey ($X), with an 8.9% share of total imports. It was followed by India, with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled +6.2%. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (+16.8% per year) and India (+6.8% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, growing by 39% against the previous year. Overall, the import price showed a slight increase. As a result, import 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 importing countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per ton), while the United Arab Emirates ($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

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