Current market situation, competition pattern and

2022-08-19
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Analysis of market status, competition pattern and development trend of epoxy resin industry

analysis of market status, competition pattern and development trend of epoxy resin industry

March 17, 2021

1. Global epoxy resin production capacity is mainly concentrated in China

epoxy resin refers to a class of high molecular compounds with two or more epoxy groups in their molecules, which can be mixed with amines, imidazoles, anhydrides Phenolic resin and other curing agents are used together to form a three-dimensional curing product. It is widely used in castables, solventless adhesives, coatings, composites and other fields

in 2019, the global epoxy resin production capacity was 4.69 million tons/year, the output was 3.313 million tons, and the overall operating rate was 66.8%. The world's major epoxy resin manufacturers and production capacity are shown in the figure below

2. China is also the largest consumer of epoxy resin in the world

in 2019, China's epoxy resin consumption reached 1.599 million tons, accounting for 51.0% of the global consumption, followed by Western Europe, the United States and South Korea, accounting for 10.3%, 8.2% and 5.7% of the total consumption respectively

in, the apparent consumption of epoxy resin in China is divided into 30 ~ 94hrg and 144 respectively, instead of the usual 4 hours 30000 tons, 1506000 tons, 1599000 tons. It is estimated that the domestic consumption of epoxy resin will reach 2.012 million tons in 2024

3. China's epoxy resin is in a saturated state

China is the largest epoxy resin manufacturer in the world, with about 50 epoxy resin manufacturers, and the total production capacity in 2019 was about 2.048 million tons/year, a year-on-year decrease of 4.3%; The output was 1.359 million tons, with a year-on-year increase of 7.9%; The average operating rate of the industry is 66.4%. In the first half of 2020, the output of epoxy resin in China was 636800 tons, with a year-on-year increase of 12.31%. The total output of the industry is expected to reach 1.399 million tons in 2020

the production of liquid epoxy resin in China is mainly concentrated in Jiangsu, and the production capacity accounts for about 50% of the country; The production of solid epoxy resin is mainly concentrated in Huangshan area. In 2019, the epoxy resin production capacity of Jiangsu Sanmu Group Co., Ltd. reached 270000 tons per year, ranking first in China, followed by 240000 tons per year of South Asia electronic materials (Kunshan) Co., Ltd

under the condition that the existing production capacity is saturated, China's epoxy resin production enterprises are also planning the construction of new production lines. Shandong Sanmu Chemical Co., Ltd., a subsidiary of Jiangsu Sanmu Group Co., Ltd., a leading enterprise, has been building a new production line of 200000 tons per year. According to the statistics of China chemical information, the capacity of epoxy resin proposed/under construction in China will reach 1188000 tons per year in 2020

4. China's epoxy resin import trade deficit is large

according to the data of China Federation of petroleum and chemical industry, in 2020, China imported 287900 tons of epoxy resin, exported 34500 tons of epoxy resin, and the import and export volume deficit reached 253400 tons

5. The price of epoxy resin in China fluctuates significantly

according to the data of China Federation of petroleum and chemical industry, the market price of epoxy resin in China has fluctuated up and down. By the end of October 2020, the market price of epoxy resin in China was 20400 yuan/ton. From the end of July 2018 to the end of October 2020, the average price of epoxy resin in China is 18700 yuan/ton

6. China's epoxy resin is mainly used in coatings, electronics and electrical industry at the end of 2013

the main application fields of domestic epoxy resin are coatings, electronics and electrical, composite materials and adhesives. In recent years, the application proportion of each part has basically remained stable, and the proportion of the four major fields in 2019 is 42 The proportion of exports to emerging countries will also increase significantly by 3%, 30.2%, 19.8% and 7.6%

in 2019, the demand for epoxy resin in the coating field reached 677000 tons, with a year-on-year increase of 9%. It is estimated that by 2024, the demand for epoxy resin for coatings will reach 852000 tons. The powder coating in the coating mainly uses solid epoxy resin, which is mainly used in building materials (30%), general industry (22%), household appliances (18%), furniture (11%) and other industries

in recent years, the market share of powder coatings for building materials, functional (anti-corrosion), agricultural engineering machinery and automotive powder coatings has continued to grow, while the 3C and furniture fields have been in a downward trend, and the household appliance field has reversed, while the market share of general industrial fields has begun to decline after years of continuous growth

in 2019, the demand for epoxy resin in the electronic and electrical field reached 483000 tons, with a year-on-year increase of 8.3%. It is estimated that by 2024, the demand for epoxy resin for electronic and electrical applications will reach 608000 tons

pcb industry is the main downstream application of epoxy resin in the electronic and electrical field. The core material of PCB is copper clad laminate, and epoxy resin accounts for about 15% of the cost of copper clad laminate

with the rapid evolution of new generation information technology such as big data, IOT, artificial intelligence, 5g, etc., as the basic material of the electronic industry, it is expected that the demand and growth rate of copper clad laminate will expand year by year

it is estimated that in the next five years, among the numerous downstream application fields of epoxy resin, composite materials and epoxy resin for capital construction will become the main fields supporting the growth of epoxy resin production. With the increasing demand for wind power, the development of epoxy resin will be promoted by the construction and maintenance of high-speed railways, highways, subways and airports in the development and construction of urbanization. Especially with the promotion of the "the Belt and Road", the demand for epoxy resin will be greatly increased

7. It is imperative to cultivate leading enterprises and improve the quality of the industry

from the above import and export analysis, it can be seen that although the output of epoxy resin in China has been close to half of that in the world, domestic products are mainly concentrated in the middle and low end, and there is still a large gap between product quality and stability and advanced enterprises. The import volume of high-end epoxy resin in China is in great demand. In the future, China's epoxy resin will enter the stage of quality improvement by cultivating leading enterprises

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