Spain: Epoxide Resin Market 2024

Epoxide Resin Market Size in Spain

In 2021, the Spanish epoxide resin market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, posted a resilient increase. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the immediate term.

Epoxide Resin Production in Spain

In value terms, epoxide resin production rose markedly to $X in 2021 estimated in export price. Overall, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +8.4% against 2019 indices. The growth pace was the most rapid in 2017 when the production volume increased by 31%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Epoxide Resin Exports

Exports from Spain

In 2021, overseas shipments of epoxide resins were finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, saw a pronounced descent. The pace of growth was the most pronounced in 2015 when exports increased by 23% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, epoxide resin exports soared to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Italy (X tons), Germany (X tons) and France (X tons) were the main destinations of epoxide resin exports from Spain, together comprising 31% of total exports. Poland, the United States, India, Finland, Brazil, Norway, Russia, the Netherlands, China and the UK lagged somewhat behind, together comprising a further 45%.

From 2012 to 2021, the biggest increases were recorded for Norway (with a CAGR of +37.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Germany ($X) and the United States ($X) constituted the largest markets for epoxide resin exported from Spain worldwide, with a combined 31% share of total exports. These countries were followed by France, Poland, Finland, India, the Netherlands, Norway, the UK, Russia, China and Brazil, which together accounted for a further 42%.

In terms of the main countries of destination, Norway, with a CAGR of +43.3%, saw 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, picking up by 23% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.7%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Brazil ($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 the UK (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Epoxide Resin Imports

Imports into Spain

For the third year in a row, Spain recorded decline in overseas purchases of epoxide resins, which decreased by -1.8% to X tons in 2021. The total import volume increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 45% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, epoxide resin imports skyrocketed to $X in 2021. Overall, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.3% 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, Germany (X tons) constituted the largest epoxide resin supplier to Spain, with a 34% share of total imports. Moreover, epoxide resin imports from Germany exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. The third position in this ranking was taken by South Korea (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from Germany stood at +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-1.5% per year) and South Korea (+6.4% per year).

In value terms, Germany ($X) constituted the largest supplier of epoxide resins to Spain, comprising 38% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 14% share of total imports. It was followed by South Korea, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+1.8% per year) and South Korea (+10.6% per year).

Import Prices by Country

The average epoxide resin import price stood at $X per ton in 2021, increasing by 53% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for China ($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) (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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