For the Quarter Ending September 2024
North America
Throughout Q3 2024, the North American region experienced a notable increase in Epoxy Resin prices, driven by several significant factors. The market saw a surge in pricing due to a combination of rising feedstock costs, which elevated production expenses. Additionally, global freight rate hikes further impacted overall pricing dynamics.
In the USA specifically, the market witnessed the most significant price changes during this period. Demand from key sectors like construction and automotive industries remained steady, contributing to the price uptrend. Seasonal fluctuations and supply chain challenges also played a role in influencing prices. The correlation between these factors resulted in a 2.5% increase from the previous quarter.
However, it is important to note that the market faced a substantial -27% decrease compared to the same quarter last year. This decline highlights the volatility in pricing and the various pressures affecting the market over a longer timeframe. By the end of the quarter, the price of Epoxy Resin Semi-Solid (EEW 300-350) DEL Texas in the USA stood at USD 4,049/MT.
APAC
In Q3 2024, the APAC region saw a substantial upward trajectory in Epoxy Resin pricing, registering a 13% increase compared to the same quarter last year. This price surge was driven by a confluence of factors, including robust demand from key sectors such as automotive, construction, and electronics, as well as heightened overseas demand, particularly from North America and Europe. Additionally, rising crude oil prices contributed to the upward pressure on pricing, as feedstock costs for epoxy production increased. Notably, Japan experienced the most significant price changes, with a 5.5% quarter-on-quarter increase in 2024, showcasing strong market dynamics. The analysis revealed a 2% price differential between the first and second halves of the quarter, underscoring a consistent upward trend. By the end of the quarter, the price for Epoxy Resin Liquid (EEW 176-183) reached USD 4,135/MT FOB Osaka, reflecting a favorable pricing environment bolstered by sustained demand and supply chain stability. This overall positive trend highlights the resilience of the epoxy resin market amidst fluctuating economic conditions in the region.
Europe
In Q3 2024, the European Epoxy Resin market experienced a downward trend in prices, influenced by several key factors. A significant decline in demand from critical sectors such as automotive and construction resulted in oversupply and subsequent pricing pressure. Additionally, rising global freight rates exacerbated cost burdens, further negatively impacting market prices due to trade restrictions associated with higher shipping costs. Germany, a major market player, saw the most pronounced price changes during this period. Overall, Epoxy Resin prices plummeted by 16% compared to the same quarter last year, indicating a notable shift in market dynamics. However, there was a slight increase of 2% from the previous quarter in 2024, suggesting a temporary improvement amid ongoing challenges. A comparison between the first and second halves of the quarter revealed a modest decrease in prices, reflecting persistent downward pressure. As the quarter concluded, the price for Epoxy Resin Liquid FD Hamburg in Germany reached USD 3,021/MT, underscoring the prevailing negative sentiment in the pricing environment.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Epoxy Resin market saw notable price fluctuations driven by several key factors. Prices for Epoxy Resin trended upward this quarter, primarily due to rising production costs, strong demand from the construction sector, and global geopolitical tensions. Increased feedstock costs for Epichlorohydrin (ECH) and higher crude oil prices elevated production expenses, which in turn pushed up market prices. Additionally, the global freight industry’s challenges, including soaring freight rates and shipping delays, further inflated the costs of importing raw materials and finished products.
In the USA, the market experienced the most pronounced price changes, reflecting robust demand from both the construction industry and other sectors. Although Epoxy Resin prices decreased by 37% compared to the same quarter last year, they rose modestly by 3% from the previous quarter of 2024. This indicates a phase of recovery, with a slight 2% increase between the first and second halves of the quarter.
By the end of Q2 2024, the price of Epoxy Resin Liquid (EEW 176-183) DEL Texas in the USA was USD 3481/MT. Despite the rising production costs and variable demand, the overall market sentiment remained positive, supporting a stable and cautiously optimistic pricing environment.
APAC
In Q2 2024, the Epoxy Resin market in the APAC region saw notable price increases, driven by several key factors. Rising production costs, particularly due to a surge in feedstock prices like Epichlorohydrin (ECH) and upstream Crude Oil, significantly impacted market prices. Geopolitical tensions and supply chain disruptions further exacerbated these cost pressures, contributing to the overall bullish trend. Strong demand from the downstream construction and automobile industries also supported this upward momentum. In Japan, the market experienced the most pronounced price changes this quarter. Seasonal demand shifts and increased construction activity, spurred by earthquake recovery efforts, notably influenced Epoxy Resin prices. Prices in Japan increased by 9% compared to both the same quarter last year and the previous quarter of 2024, reflecting consistent upward momentum. Additionally, a 1% increase was observed between the first and second halves of the quarter, indicating steady growth. By the end of Q2 2024, the price of Epoxy Resin Liquid (EEW 176-183) FOB Osaka was USD 3953 per metric ton. This reflects a significantly positive pricing environment, driven by strong demand, heightened production costs, and seasonal trends, with the overall market sentiment remaining notably bullish.
Europe
In Q2 2024, the European Epoxy Resin market experienced a dynamic and upward pricing trend. This increase was primarily driven by higher feedstock costs and escalating freight rates. The cost of feedstock Epichlorohydrin (ECH) rose, directly impacting production expenses, while the global container freight index surged by over 30%, inflating logistical costs. Additionally, geopolitical tensions in the Middle East heightened concerns over potential crude oil supply disruptions, further boosting upstream costs. Strong demand from the downstream construction and automobile sectors supported the market, despite concerns about gasoline demand and overall production expenses. In Germany, significant price changes were noted, largely influenced by rising feedstock costs and robust demand from key industries. Prices remained stable compared to the previous quarter but fell by 30% from the same period last year due to lower baseline figures. A 3% price increase was observed between the first and second halves of the quarter, indicating a steady climb. By the end of Q2 2024, the price of Epoxy Resin Liquid FD Hamburg reached USD 3040/MT, reflecting a positive pricing environment amid complex influencing factors.
For the Quarter Ending March 2024
North America
In Q1 2024, the North American market for Epoxy Resin experienced a mixed pricing environment, with significant factors influencing market prices. The overall trend for Epoxy Resin prices in the region was stable, with some fluctuations in specific countries.
In the USA, which saw the most price changes, the market experienced a bearish trend. Prices decreased by 9% in December 2023, primarily due to diminished demand from the downstream construction industry. The low purchasing activity during the winter holiday period further contributed to the decline in demand. However, there was a slight recovery in January 2024, with prices decreasing by 4% compared to the previous month. This stabilization was driven by improved supply conditions and a balance between demand and supply dynamics. Looking at the quarterly comparison, there was an overall decrease in prices compared to the same quarter last year.
Additionally, there was a decrease in prices from the previous quarter in 2024, recorded at an unknown percentage. Throughout the quarter, the market experienced seasonality, with lower demand during the winter holiday period. However, the market showed signs of stability and recovery as the quarter progressed. The latest quarter-ending price in the USA was USD 3344/MT of Epoxy Resin Liquid (EEW 176-183) DEL Texas. Overall, the pricing environment in the North American region for Epoxy Resin during Q1 2024 can be described as stable, with some fluctuations and a bearish trend in the USA.
Europe
In Q1 2024, the European market for Epoxy Resin experienced a challenging pricing environment, with significant factors influencing market prices. The market saw a bearish trend, characterized by low demand and ample product supply. The cost of feedstock Epichlorohydrin (ECH) and Bisphenol A, essential raw materials for Epoxy Resin production, experienced notable decreases during this period, contributing to lower production costs. Additionally, the influx of cheaper imports from overseas further increased the supply of the product in the market. Germany, in particular, witnessed the maximum price changes in the region. The market in Germany followed the overall European trend, with a bearish sentiment due to subdued demand and increased product supply. The low purchasing activity during the winter holiday period further impacted the demand for Epoxy Resin in the country. However, there were signs of improvement in manufacturing activities, although the sector remained in contraction. Overall, the pricing environment for Epoxy Resin in Q1 2024 was negative, with prices experiencing a significant decline compared to the same quarter last year. The price changes from the previous quarter in 2024 were also negative, reflecting the ongoing bearish market conditions. As of the end of the quarter, the price of Epoxy Resin Liquid FD Hamburg in Germany was recorded at USD 2822/MT.
APAC
In the APAC region, the pricing environment for Epoxy Resin in Q1 2024 has been characterized by various factors that have influenced market prices. Overall, the market has experienced stability, with moderate supply and demand dynamics. The construction industry has remained a key driver of demand for Epoxy Resin, with seasonal factors impacting the market. Meanwhile, the supply of the product has been influenced by factors such as the availability of raw materials and imports from overseas. Additionally, the price of feedstock ECH has played a significant role in shaping market prices, with fluctuations in this key input impacting the production cost of Epoxy Resin. Turning to Japan, the market has seen significant price changes during this quarter. The price of Epoxy Resin in Japan has witnessed a notable increase, driven by high demand from the construction industry. However, this increase in demand has been accompanied by low supply conditions, resulting in a bullish market sentiment. The cost of feedstock ECH and upstream Propylene has also contributed to the upward trajectory of prices. Moreover, challenges in the supply chain, such as elevated freight rates, have added further complexity to the market dynamics. Overall, the pricing environment for Epoxy Resin in Q1 2024 has been positive in Japan, with a notable increase in prices. This trend reflects the strong demand from the construction industry and the challenges in the supply chain.
For the Quarter Ending December 2023
North America
In the North American region, the Epoxy Resin market experienced a bearish trend in the fourth quarter of 2023, characterized by several factors impacting market dynamics and prices.
The foremost factor contributing to this trend was a decrease in demand, primarily attributable to challenges within the construction industry, leading to diminished buying interest among end-users. Furthermore, the supply of Epoxy Resin remained consistently high throughout the quarter, as manufacturers proactively produced the product in anticipation of future demand. However, the abundant availability of the product in the market exerted downward pressure on pricing. The United States, being the focal point of this analysis, witnessed a substantial downturn in Epoxy Resin prices during the quarter. Specifically, the price of Epoxy Resin in the USA recorded a noteworthy 16% decrease compared to the previous quarter. This decline was predominantly driven by the confluence of low demand and ample supply in the market. Additionally, the year-on-year comparison reflected a significant 28% decrease in prices for the same quarter of the previous year.
The latest prices of Epoxy Resin Liquid (EEW 176-183) DEL Texas in USA at the quarter ending December 2023 was USD 4217/MT. The prevailing pricing trend in the USA during this quarter was profoundly influenced by the aforementioned factors, collectively contributing to a bearish market sentiment. In summary, the market dynamics for Epoxy Resin in North America during the fourth quarter of 2023 were predominantly shaped by low demand, ample supply, and a discernible downward pricing trend in the USA.
APAC
In the Asia-Pacific (APAC) region during the fourth quarter of 2023, the Epoxy Resin market exhibited a bearish trend influenced by several significant factors impacting prices. Primarily, a noteworthy surplus in Epoxy Resin supply was observed, attributed to a concurrent reduction in the price of upstream Crude Oil. This surge in supply contributed to a bearish market scenario in both China and Japan. Secondly, contrasting this trend, demand for Epoxy Resin remained stable in India, fostering a bullish market situation. The stability in demand was linked to anticipated improvements in economic activities within the country. Zooming in on Japan, a country with substantial price variations, the pricing trend for Epoxy Resin solid (EEW 500-560) FOB Osaka portrayed a bearish market situation characterized by ample supply. The price experienced a 3% decrease compared to the previous quarter, exhibiting a negative correlation of 16% compared to the same quarter last year. In conclusion, the APAC region encountered fluctuations in Epoxy Resin prices in the fourth quarter of 2023, influenced by factors such as abundant supply, stable demand, and the absence of reported plant shutdowns. The latest recorded price for Epoxy Resin Liquid (EEW 176-183) FOB Osaka in Japan during this quarter stands at USD 3773/MT.
Europe
The Epoxy Resin market in Europe faced notable challenges during the last quarter of 2023, characterized by a bearish sentiment. The market contended with weakened overall demand from the downstream paints and coating industry, supply chain disruptions in countries like Germany and Belgium, and a bearish pricing strategy adopted by manufacturers. Germany, being the largest market in the region, saw destocking activities impacting prices. Despite ample product availability, the market found support in expected economic improvements and increased demand from the construction sector. The quarter ended with the latest price of USD 3367/MT for Epoxy Resin Liquid FD Hamburg in Germany. Comparing the quarter, there was a significant 31% decrease in prices compared to the same quarter of the previous year and a 15% decrease compared to the previous quarter. In summary, Europe's Epoxy Resin market grappled with challenges in Q4 2023, balancing low demand and supply chain disruptions with glimpses of optimism in economic activities and increased demand in specific sectors.
