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Global synthetic resin consumption grows steadily in 2023

In 2023, global synthetic resin production capacity is expected to reach 0.36 billion tons per year, an increase of 5.5 per cent over the same period last year; production will reach 0.28 billion tons, an increase of 2.8 per cent over the same period last year; and consumption will reach 0.27 billion tons, an increase of 1.8 per cent over the same period last year, an increase of 3.1 percentage points higher than in 2022.

Application of Rosin Resin in Adhesive, Coating and Ink Industry

From the perspective of supply and demand in domestic and foreign markets, rosin resin is basically produced according to the specific technical requirements of downstream customers, and the production model is based on sales, so supply and demand are basically balanced. With the rapid development of downstream applications in recent years, the demand for rosin resins has maintained steady growth.

The main application of rosin resin in rubber industry

Rosin resins have many major applications in the rubber industry. First, it can be used as a rubber additive, which can increase the stickiness and adhesion of rubber. This contributes to improving the strength and durability of the rubber product. Secondly, rosin resin can also be used as a rubber preservative, which can effectively resist oxidation and corrosion and extend the service life of rubber products.

China's synthetic resin production capacity growth rate is still higher than the demand growth rate

In recent years, China's synthetic resin production capacity has grown rapidly, but the demand growth rate is relatively low, resulting in a prominent problem of overcapacity. Synthetic resins are widely used in plastics, rubber, coatings and other fields. With economic development and consumption upgrades, the demand for synthetic resins is also increasing.

Application of Rosin Resin in Rubber

Rosin resin, as a natural product, is widely used in rubber products. It can not only be used as a plasticizer, but also as a binder, filler, etc., which has a good effect on the performance of rubber products.

What role does rosin resin play in ink?

Rosin resin is a transparent brittle solid, color from light yellow to brown black, it is insoluble in water, but soluble in ketones, esters, alcohols, benzene, hydrocarbons and other solvents, can be heated with vegetable oil. Rosin has the characteristics of easy crystallization, easy oxidation and easy thermal decomposition, which has a great influence on the quality of synthetic resin and processed products. Rosin is widely used in the ink industry.

Trend Analysis of Synthetic Resin Industry

In recent years, my country has continuously developed and improved the synthetic resin industry chain, and the product self-sufficiency rate has been greatly improved. It has changed from partial dependence on imports to most domestic production, and some products have reached the international advanced level. Especially with the development of modern coal chemical industry, the diversification of synthetic resin raw materials has been realized, the products are gradually developing from low-end to high-end, and special resins are gradually replacing general-purpose resins.

In 2024, the growth rate of global synthetic resin consumption will return to normal track.

With the end of global monetary policy tightening and inflationary pressures easing, global GDP growth is expected to be 3% in 2024. Trade activity will bottom out when the risk of stagflation is lifted. In addition, the United States, India and other countries will hold elections, and those in power will introduce policies to stimulate economic growth. Affected by interest rate hikes and geopolitical conflicts, the euro zone economy will be in a deep downturn in 2023, but with the euro zone's rapid security of energy supply in the short term, superimposed on the end of the interest rate hike cycle, the euro zone economy is expected to usher in a small rebound in 2024, the euro zone GDP growth rate is expected to increase to 1.5 per cent in 2024. With the recovery of global trade, ASEAN's economic growth will recover slowly. Although the growth rate is limited, the growth rate is relatively resilient. ASEAN GDP growth is expected to be 4.5 in 2024.