India: Epoxide Resin Market 2024

Epoxide Resin Market Size in India

In 2021, the Indian epoxide resin market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Epoxide Resin Production in India

In value terms, epoxide resin production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.2% 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 2018 with an increase of 28% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Epoxide Resin Exports

Exports from India

In 2021, shipments abroad of epoxide resins was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2015 when exports increased by 124% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

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

Exports by Country

Italy (X tons), the United Arab Emirates (X tons) and Germany (X tons) were the main destinations of epoxide resin exports from India, with a combined 52% share of total exports. These countries were followed by the Netherlands, Saudi Arabia, Egypt, the United States, Bangladesh, Spain, Nepal, Turkey, Qatar and Canada, which together accounted for a further 33%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +90.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Italy ($X) and Germany ($X) constituted the largest markets for epoxide resin exported from India worldwide, together accounting for 49% of total exports. These countries were followed by the Netherlands, the United States, Egypt, Saudi Arabia, Turkey, Bangladesh, Spain, Qatar, Canada and Nepal, which together accounted for a further 35%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +100.0%, recorded the highest rates of growth with regard to 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 average epoxide resin export price stood at $X per ton in 2021, growing by 62% against the previous year. Overall, export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Nepal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+7.8%), while the prices for the other major destinations experienced more modest paces of growth.

Epoxide Resin Imports

Imports into India

Epoxide resin imports into India soared to X tons in 2021, picking up by 36% on the year before. The total import volume increased at an average annual rate of +5.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, epoxide resin imports soared to $X in 2021. In general, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of epoxide resin to India, accounting for a 45% share of total imports. Moreover, epoxide resin imports from South Korea exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. Germany (X tons) ranked third in terms of total imports with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea amounted to +21.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-4.2% per year) and Germany (+5.4% per year).

In value terms, South Korea ($X) constituted the largest supplier of epoxide resins to India, comprising 38% of total imports. The second position in the ranking was held by Thailand ($X), with a 12% share of total imports. It was followed by Germany, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea amounted to +25.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-0.1% per year) and Germany (+7.7% per year).

Import Prices by Country

In 2021, the average epoxide resin import price amounted to $X per ton, picking up by 42% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. As a result, import 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 importers, the country with the highest price was the United States ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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