HS Code:
This category under HS Code 3907.30.00 includes specific chemical polymers and compounds such as Mixtures of ethanaminium, 2-hydroxy-N-(2-hydroxyethyl)-N,N-dimethyl-, methyl sulfate (1:1), polymer with 2-(chloromethyl)oxirane, 1,3-diisocyanatomethylbenzene, a-hydro-w-hydroxypoly[oxy(methyl-1,2-ethanediyl)] and 1,2,3-propanetriol (CAS No. 82294-81-3); Phenol, 4,4'-(1-methylethylidene)bis-, polymer with 2-(chloromethyl)oxirane (CAS No. 25068-38-6), commonly known as Bisphenol A Epoxy Resin; and Formamide, N,N-dimethyl- (CAS No. 68-12-2), known as DMF. These chemicals are primarily used in the production of epoxy resins, coatings, adhesives, and as solvents or intermediates in various industrial applications. The trade of these products is significant in industries like automotive, construction, electronics, and textiles due to their versatile chemical properties.
Total Trade Volume
Approximately $5.2 billion USD
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
$1.3 billion USD
25% of total trade of total trade
Increasing
$900 million USD
17% of total trade of total trade
Stable
$750 million USD
14% of total trade of total trade
Increasing
$600 million USD
12% of total trade of total trade
Stable
$450 million USD
9% of total trade of total trade
Increasing
Average Rate
5.5% ad valorem
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like USMCA and EU-Japan EPA)
Growing demand for epoxy resins in renewable energy sector
Increased trade volume due to use in wind turbine blade manufacturing
2021-2023
Shift towards bio-based alternatives for DMF and epoxy resins
Potential reduction in traditional product trade as sustainable options gain traction
2022-2024
Supply chain disruptions due to geopolitical tensions
Fluctuations in trade volumes and price volatility in key markets
2022
The European Union has imposed stricter limits on the use of N,N-Dimethylformamide (DMF) in industrial processes under REACH regulations due to its classification as a substance of very high concern (SVHC).
June 2023
Reduced imports into the EU and increased compliance costs for exporters
Negotiations in 2023 have led to a temporary reduction in tariffs on epoxy resins, benefiting exporters of Bisphenol A Epoxy Resin from China to the US.
March 2023
Boost in trade volume between the two countries for this category
Major chemical companies in South Korea and Japan announced investments in expanding production capacities for epoxy resins to meet growing regional demand.
September 2022
Expected increase in export volumes from Asia-Pacific in the near future