It's common knowledge that epoxy resin is a great choice for coating due to its impressive chemical stability, corrosion resistance, electrical insulation, and excellent mechanical and physical properties. Its process operation performance is also noteworthy, making it a popular choice in manufacturing, machinery, electronics, transportation, construction, aerospace and other industries. Given its proven capabilities and versatility, the development space for epoxy resin in coatings is vast. With its many benefits, it's no surprise that epoxy resin is an integral component in many high-performance coatings, and is poised to continue its growth and expansion well into the future.
China is leading the way as the primary consumer of epoxy resin for coatings worldwide. Despite having a production capacity that falls short of meeting the demand, China's consumption and output of epoxy resin have shown impressive double-digit growth. This surge in demand has sparked intense competition, as the global production capacity for epoxy resin exceeds the actual demand. As a result, there has been a significant rise in trade globalization and import volumes for this product.
This fierce competition has not only stimulated the rapid expansion of the epoxy resin industry for coatings, but it has also led to various developments within the sector. Production has become more concentrated, with manufacturers aiming for larger scale operations. Additionally, there has been a strong emphasis on improving product quality and ensuring price transparency. These factors have collectively positioned China as the primary growth driver for the epoxy resin industry worldwide, fueling its remarkable growth and development.
Epoxy resin production for coating has been on the rise in the past decade. The figures show that from 2005 to 2007, there was a steady increase in the production of this material, with a significant leap from 447,900 tons to 720,000 tons. The global financial crisis of 2008 caused a minor setback, but the industry bounced back in 2009 and has continuously grown ever since. As of 2013, the annual production of epoxy resin for coatings exceeded 1 million tons with an average compound growth rate of 11.1% over the past nine years.
The trend is expected to continue, and by 2020, industry experts predict that production will reach over 2.2 million tons per year. The increasing demand for this material can be attributed to its numerous applications in various industries, including construction, automotive, aerospace, marine, and electrical. Epoxy resin is known for its strength, durability, and versatility, making it a popular choice for many manufacturers worldwide.
As the global economy started to improve, the demand for epoxy resin for coating experienced a steady growth. From 2005 to 2007, the consumption of epoxy resin for coating increased by 15%, reaching 782,700 tons in 2007 and accounting for 40% of the global consumption. This growth was driven by the development of downstream industries such as electronics and electrical, automobiles, and construction. Fast forward to 2016, and the consumption of epoxy resin for coating has reached 1.58 million tons, representing around 50% of the global consumption. Overall, the demand for epoxy resin for coating continues to rise, reflecting the ongoing expansion of numerous economic sectors.
