The global demand for epoxy resins in the composites industry increased by 2.5% in Q3 2022 as compared to Q3 2022. The increase in the epoxy resin market in Q3 2022 is mainly due to the increased demand in the aerospace, pipe & tank, automotive, and other industries. Epoxy resin price decreased by 13.0% in Q3 2022 as compared to Q3 2021. The epoxy resin price decreased in response to the steep fall in raw material prices. In this section, we are covering the demand and price trends of epoxy only in the composites industry.
In Q4 2022, the global demand for epoxy is forecast to decline by 3.5% as compared to Q4 2021 due to the softening demand from major end use industries, and tightening financial condition will also affect the epoxy demand. The epoxy resin price is forecast to decline by 22.2% in Q4 2022 as compared to Q4 2021. The figure below depicts the changes in demand and price of epoxy over the past five quarters. The data also provides forecast for Q4 2022 as shown below.
Figure: Changes in the Global Epoxy Resin Shipment and Price Trends
The North American epoxy resin industry witnessed increased demand in Q3 2022 as compared to Q3 2021 due to increase in epoxy resin demand in the major end use markets, including paint & coatings and aerospace. In Q4 2022, the demand and price of epoxy resin are expected to decline. The prices for epoxy resins declined in Q3 2022 as compared to Q3 2021 due to declining raw material prices.
The European epoxy resin market witnessed increased demand in Q3 2022 as compared to Q3 2021, driven by increase demand in end use markets, such as paint & coatings and pipes & tanks. In Q4 2022, it is expected that the epoxy business will experience weaker demand due to expected slowdown because of the holiday season. The price of epoxy resin is expected to decline in Q4 2022 as compared to Q4 2021 due to low market demand and relaxation in the prices of raw materials, like epichlorohydrin, a critical feedstock in the production of epoxy resin.
The demand for epoxy resin in Asia Pacific increased during Q3 2022 as compared to Q3 2021, driven by an increase in demand from end use industries, such as aerospace, automotive, paints & coatings, and others. Furthermore, the demand for epoxy resin is expected to decline further in Q4 2022 due to low demand from end use industries, such as wind and construction. In Q4 2022, epoxy price is expected to decrease due to the decrease in raw material cost.
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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