Production and consumption status and market forecast of epoxy resin
Bisphenol A type liquid epoxy resin is a type of oligomer containing two or more epoxy groups in the molecule. It can be used with various curing agents such as amines, imidazoles, anhydrides, phenolic resins, etc. to form a three-dimensional network curing material. According to the molecular structure, epoxy resins can be roughly divided into five categories: glycidyl ethers, glycidyl esters, glycidyl amines, linear aliphatic and alicyclic epoxy resins.
The most widely used epoxy resin variety is glycidyl ethers, among which bisphenol A epoxy resin is the main one, accounting for about 83% of the total output. Bisphenol-A Liquid Epoxy Resin has excellent properties such as bonding, corrosion resistance, electrical insulation and mechanical strength. It is widely used in the bonding of various metals and non-metals, the manufacture of corrosion-resistant coatings, electrical insulation materials, fiberglass/composite materials, etc. It plays an important role in electronics and electrical engineering, machinery manufacturing, chemical corrosion protection, aerospace, shipbuilding and many other industrial fields, and has become an indispensable basic material in the industrial field.
At present, global Bisphenol-A Liquid Epoxy Resin consumption is mainly concentrated in Asia, Europe and the United States. Among them, China (including Taiwan Province) consumes 2.265 million tons, accounting for about 61% of the global total consumption, ranking first in the world, followed by Western Europe and the United States, each accounting for about 10%. From the perspective of consumption structure, coatings are still the most important downstream consumption area of epoxy resins in the world, accounting for 62%.
At present, the global supply and demand of epoxy resins is relatively stable, and consumption growth is slow. According to forecasts, the average annual growth rate of global epoxy resin market demand from 2022 to 2026 will be 3.8%. Asia will be the region with the fastest capacity growth, among which the domestic new capacity is expected to increase by more than 3 million t/a, the Busan plant of Kukdo Chemical in South Korea will increase by 200,000 t/a, Taihua International in Thailand will increase by 20,000 t/a, and Mitsubishi Chemical in Japan will increase by 12,000 t/a. With the gradual release of new production capacity, there will be a serious overcapacity and market competition will be extremely fierce.
In the next five years, the consumption of epoxy resin will show a polarized trend: first, the market demand of traditional industries such as infrastructure construction, automobiles, ships, and electricity will maintain a medium-to-low growth rate. Second, the demand of emerging manufacturing and consumption upgrades will become the main engine. According to the forecast, the areas that drive the growth of downstream demand consumption will be concentrated in the sub-markets of wind turbine blades, copper clad laminates, seam beautifiers, and new energy vehicles.
