EP (epoxy resin)

# Market Intelligence on Hydrogenated Bisphenol A Epoxy Resin

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## I. Price Overview

| Indicator | Data |
|------|------|
| Current Quote | **CNY 43,000/ton** (Ex-works, tax-inclusive) |
| Quoting Enterprise | Jiangsu Xinsu New Materials Co., Ltd. (Brand: Senfida) |
| Delivery Location | Suzhou, Jiangsu Province |
| Purity Specification | 99% |
| Packaging Specification | 25 kg/drum |
| Quote Period | November 4, 2026 – November 12, 2026 |
| Price Trend | **Flat for 7 consecutive days, zero volatility** |

**Core Assessment: The price of hydrogenated bisphenol A epoxy resin has been anchored at CNY 43,000/ton over the past month, exhibiting a typical \"high-level consolidation\" trend with no movement.**

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## II. Market Supply and Demand Landscape

**2.1 Supply Side: Capacity Expansion but Small Overall Volume**

- In 2022, domestic production capacity for hydrogenated bisphenol A epoxy resin was only approximately **1,200 tons/year**, while actual consumption reached **1,300–1,500 tons**, indicating a clear supply-demand gap.
- Under-construction projects total **3,000 tons/year**. Baling Petrochemical successfully achieved the first startup of its 1,000-ton-class unit in October 2023.
- Current major domestic producers include Baling Petrochemical, Jiangsu Taiteer, and Wanhua Chemical, with high production capacity concentration.

**2.2 Demand Side: Multi-Sector Driven, Notable Growth**

- Core downstream applications cover four major sectors: **electrical and electronic insulation materials, automotive lightweight composite materials, new energy battery separators, and high-performance composite materials**.
- Annual industry demand maintains a **growth rate of over 20%**. Strict requirements for electronic-grade products (total chlorine ≤500 mg/kg, saponifiable chlorine ≤0.2%) are driving technological upgrades.
- Domestic demand was only 840 tons in 2019; it is estimated to have exceeded 1,600 tons in recent years, with accelerated import substitution.

**2.3 Cost Side: Dual Raw Material Pressure Downward**

- The October average price of standard epoxy resin (E-51) liquid in East China was CNY 15,072/ton, down 0.86% month-on-month.
- On November 10, E-51 further dropped to CNY 15,300–15,400/ton, with a single-day decline of CNY 100–200/ton.
- Upstream raw materials, bisphenol A and epichlorohydrin, are simultaneously weakening. However, due to its **specialty attributes and high added value**, hydrogenated bisphenol A epoxy resin has not followed the price cuts of standard epoxy resin, demonstrating significant price resilience.

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## III. Key Influencing Factors Analysis

| Factor | Impact Direction | Intensity |
|------|----------|------|
| Price decline in standard epoxy resin | Indirect suppression (substitution effect) | ★★☆ |
| Technical barriers for electronic-grade low-chlorine products | Support for high prices (scarcity) | ★★★★ |
| Capacity expansion (3,000 tons/year under construction) | Medium-to-long-term supply increase | ★★★ |
| Surge in demand for new energy vehicles/5G electronics | Demand pull | ★★★★ |
| Fluctuations in raw material bisphenol A prices | Limited cost transmission | ★★☆ |

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## IV. Analytical Judgments

**1. Short Term (1–3 Months): Price Firm, Narrow Range Oscillation**

The quote of CNY 43,000/ton has remained unchanged for one consecutive week, indicating that the current market is in a state of tight supply-demand balance. The downward trend in standard epoxy resin has not yet transmitted to the hydrogenated bisphenol A specialty resin sector. In the short term, prices are likely to remain in the range of CNY 42,000–44,000/ton.

**2. Medium Term (3–6 Months): Capacity Release May Trigger Price Easing**

If the under-construction projects totaling 3,000 tons/year are gradually put into operation, supply will significantly increase. Combined with the impact of the continued slump in standard epoxy resin on downstream procurement sentiment, hydrogenated bisphenol A epoxy resin prices face **downward pressure of 5%–10%**.

**3. Long Term (6–12 Months): Structural Upside Logic Remains Intact**

Rigid demand for low-chlorine, high-purity products in high-end applications such as electronic and new energy sectors, coupled with accelerated domestic substitution, makes an annual industry demand growth rate of over 20% feasible. Companies with high technical barriers (such as Jiangsu Taiteer) will enjoy pricing power, and **the price center for high-end products is expected to shift upward to above CNY 45,000/ton**.

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## V. Operational Recommendations

| Role | Recommendation |
|------|------|
| Buyers | Lock in long-term contracts at lower prices; monitor supply stability for electronic-grade low-chlorine products |
| Traders | Primarily wait and see in the short term; wait for signals of capacity release before positioning |
| Producers | Accelerate certification for electronic-grade products to seize high-margin niche segments |

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## VI. Risk Warnings

- A significant rebound in raw material bisphenol A prices would directly push up the cost of hydrogenated bisphenol A.
- Fluctuations in the prosperity of the downstream electronics industry could lead to demand falling short of expectations.
- If the progress of new capacity production exceeds expectations, it will disrupt the current tight supply-demand balance.