The global demand for epoxy resin for the composites industry grew by 1.5% in Q2 2021, compared to Q1 2021, while it increased by 21.4% when compared to Q2 2020. The growth in second quarter 2021 in the epoxy resin market is due to the recovery in economic conditions and increase in demand across principal consumers. Epoxy resin prices on average grew by more than 50% in Q2 2021, compared to Q1 2021 due to the supply chain disruptions accompanied by increase in raw material prices. Epoxy is used in adhesives, paints and coatings, composites and other applications. In this section, we are covering the demand and price trends of epoxy in the composites industry only. The figure below depicts the change in demand and the price of epoxy in the past five quarters.
Figure 1: Global Quarterly Change in Epoxy Resin Shipment and Price Trends
The North American epoxy industry witnessed growth in Q2 2021 as compared to Q1 2021 as major end use industries including, automotive, construction, paint and coatings generated demand for epoxy resin. Supply chain disruptions caused demand supply imbalance and increase in price during Q2 2021 in the epoxy market.
The European epoxy resin market witnessed growth in Q2 2021, due to growth across the primary markets like automotive, aerospace, and elevated construction activities. The supply tightened significantly during Q1 2021, which continued during Q2 2021 resulting in increased price of Epoxy resin. Hexion’s force majeure at its Pernis site also impacted this market in Q2 2021.
The Asian epoxy resin market increased during Q2 2021, as Asian countries witnessed a growth in trade and production activities. Furthermore, the demand from different end use industries, such as automotive, electrical & electronics, and pipe & tank also increased, which created opportunities in the epoxy resin market. Supply outage of LER (Liquid Epoxy Resin) across the globe caused tension and anxiety in players, creating a demand-supply gap, while driving price increases.Enable GingerCannot connect to Ginger Check your internet connection
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The price and demand analysis on above is published monthly for various regions. Lucintel analysts collect supply, demand and price data from various suppliers and consumers on a monthly basis and also analyzes news on supply and demand issues, production, and price trends. This allows Lucintel to publish unbiased assessments on price and demand movements to help you make confident business decisions on your negotiation or business issues.
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