Sri Lanka: Epoxide Resin Market 2024

Epoxide Resin Market Size in Sri Lanka

The Sri Lankan epoxide resin market soared to $X in 2021, increasing by 40% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Epoxide Resin Exports

Exports from Sri Lanka

In 2021, the amount of epoxide resins exported from Sri Lanka surged to X tons, jumping by 360% against the year before. Overall, exports, however, recorded a relatively flat trend pattern. Over the period under review, the exports reached 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. In general, exports continue to indicate a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

India (X tons) was the main destination for epoxide resin exports from Sri Lanka, accounting for a 86% share of total exports. Moreover, epoxide resin exports to India exceeded the volume sent to the second major destination, Maldives (X kg), more than tenfold. Bahrain (X kg) ranked third in terms of total exports with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to India amounted to +1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (-11.6% per year) and Bahrain (+21.3% per year).

In value terms, India ($X) remains the key foreign market for epoxide resins exports from Sri Lanka, comprising 84% of total exports. The second position in the ranking was taken by Maldives ($X), with a 7.4% share of total exports. It was followed by the United Arab Emirates, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to India totaled +6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (-1.1% per year) and the United Arab Emirates (-2.5% per year).

Export Prices by Country

The average epoxide resin export price stood at $X per ton in 2021, reducing by -7.3% against the previous year. Overall, the export price, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by 72%. As a result, the export price attained the peak level of $X per ton, and then reduced in the following year.

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 Arab Emirates ($X per ton), while the average price for exports to Bahrain ($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 Switzerland (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.

Epoxide Resin Imports

Imports into Sri Lanka

In 2021, the amount of epoxide resins imported into Sri Lanka rose markedly to X tons, increasing by 7% compared with 2020 figures. Overall, imports saw buoyant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 47%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, epoxide resin imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +9.2% over the last nine years. The trend pattern, however, 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

Taiwan (Chinese) (X tons), China (X tons) and South Korea (X tons) were the main suppliers of epoxide resin imports to Sri Lanka, with a combined 62% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +30.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest epoxide resin suppliers to Sri Lanka were Taiwan (Chinese) ($X), India ($X) and South Korea ($X), together comprising 60% of total imports.

Taiwan (Chinese), with a CAGR of +31.5%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average epoxide resin import price amounted to $X per ton, picking up by 51% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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