Eastern Asia: Epoxide Resin Market 2024

Epoxide Resin Market Size in Eastern Asia

In 2021, the East Asian epoxide resin market increased by 3.8% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Epoxide Resin Production in Eastern Asia

In value terms, epoxide resin production rose 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 only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 9.1%. 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 Eastern Asia

For the third consecutive year, Eastern Asia recorded growth in overseas shipments of epoxide resins, which increased by 17% to X tons in 2021. The total export volume increased at an average annual rate of +5.6% over the period 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 17%. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, epoxide resin exports surged to $X in 2021. Overall, exports showed strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, South Korea (X tons) and Taiwan (Chinese) (X tons) represented the key exporters of epoxide resins in Eastern Asia, together recording near 77% of total exports. It was distantly followed by China (X tons) and Japan (X tons), together committing a 22% share of total exports.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +9.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest epoxide resin supplying countries in Eastern Asia were South Korea ($X), Taiwan (Chinese) ($X) and Japan ($X), together accounting for 87% of total exports.

In terms of the main exporting countries, South Korea, with a CAGR of +12.7%, recorded the highest growth rate of the value of exports, 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 Eastern Asia stood at $X per ton in 2021, rising by 50% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. As a result, the export price reached 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 Eastern Asia

In 2021, overseas purchases of epoxide resins decreased by -16.9% to X tons for the first time since 2018, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 with an increase of 28% against the previous year. As a result, imports reached the peak of X tons, and then shrank remarkably in the following year.

In value terms, epoxide resin imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China represented the major importing country with an import of about X tons, which resulted at 75% of total imports. Japan (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (7.7%). The following importers - Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons) - together made up 6% of total imports.

China was also the fastest-growing in terms of the epoxide resins imports, with a CAGR of +5.2% from 2012 to 2021. At the same time, Japan (+2.9%) displayed positive paces of growth. South Korea experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-3.8%) and Hong Kong SAR (-11.6%) illustrated a downward trend over the same period. While the share of China (+13 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of South Korea (-2.2 p.p.), Taiwan (Chinese) (-3.1 p.p.) and Hong Kong SAR (-7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported epoxide resins in Eastern Asia, comprising 71% of total imports. The second position in the ranking was taken by Japan ($X), with a 10% share of total imports. It was followed by South Korea, with an 8.6% share.

In China, epoxide resin imports increased at an average annual rate of +6.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (+3.7% per year) and South Korea (+2.5% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, rising by 47% against the previous year. Overall, the import price recorded a relatively flat trend pattern. 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 Hong Kong SAR ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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