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[Industry Focus]：Analysis of epoxy resin market in May: production increased slightly, production capacity was stable, what was the trend in June?

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Overview of epoxy resin market in May 1.

In May, China epoxy resin the market presents a series of dynamic changes. According to the data of Longzhong Information, although the overall average price of raw materials bisphenol A and epichlorohydrin has declined compared with the previous period, resulting in a weakening of the cost support of epoxy resin manufacturers, the market still maintains a certain degree of toughness. Downstream terminals mainly maintain just need to fill the warehouse, demand follow-up slightly slow, some epoxy resin manufacturers in the shipping pressure to choose to stop maintenance. Nevertheless, the amount of equipment maintenance decreased compared with April, so the domestic epoxy resin market output reached 164400 tons in May, an increase of 3.85 from the previous month, and the capacity utilization rate also increased to 50.84, an increase of 1.89 percentage points from the previous month.

Figure 1 China epoxy resin production and capacity utilization in January-May 2024

2024年1-5月中国环氧树脂产量及产能利用率走势图.jpg

data source: Longzhong Information

dynamic Analysis of 2. Epoxy Resin Device Maintenance

in May, the equipment maintenance of domestic epoxy resin production enterprises showed a certain regularity. During the month, the epoxy resin plants of enterprises such as Changchun (Changshu) Chemical Industry and Baling Petrochemical Industry maintained normal operation. Nantong Xingchen, Yangnong and other enterprises maintained a 6-70% operating rate. However, Zhejiang Haobang, Shandong Deyuan, Shandong Sanmu, Shandong Minghoude and Shanghai Yuanbang and other enterprises stopped for maintenance at different times. These maintenance dynamics reflect the company's prediction of market trends and its own capacity adjustment strategy.

Table 1 Device Maintenance Dynamics of Some Domestic Epoxy Resin Manufacturers in May

5月份部分国内环氧树脂生产企业装置检修动态.jpg

data source: Longzhong Information

analysis on Influencing Factors of 3. Epoxy Resin Market

from the perspective of raw material cost, the price decline of bisphenol A and epichlorohydrin has put some pressure on epoxy resin manufacturers. However, considering the wide range of applications of epoxy resins and stable downstream demand, companies have not seen large-scale production cuts or shutdowns. In addition, the equipment maintenance of some enterprises also reflects the flexibility of market supply, which helps to alleviate the short-term contradiction between supply and demand.

Market outlook of epoxy resin in June 4.

Figure 2 Forecast of epoxy resin production and capacity utilization in June 2024

2024年6月环氧树脂产量及产能利用率走势预测图.jpg

data source: Longzhong Information

in June, it is expected that the capacity utilization rate and output of the domestic epoxy resin market will drop slightly from the previous month. This is mainly due to some of the major production enterprises plan to stop maintenance, such as Changchun Chemical (Changshu), Nantong Star, etc. In addition, although some enterprises will restart or stabilize production, the overall output may be difficult to make up for the loss caused by maintenance. Therefore, the start of domestic epoxy resin plant in June is expected to fall from May.

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