Powder coating is mainly composed of polyester resin, curing agent, pigment, filler, additives and other mixed solid powder, through electrostatic spraying, fluidized bed dip coating method and other ways to coat on the surface of the coated, and then after baking to melt leveling, curing film. Polyester resin needs to be mixed with the curing agent to react, in order to cure the film attached to the surface of the object to achieve the purpose of coating.

The upstream of the powder coating industry chain is raw materials, including resins, pigments, solvents and additives; the midstream is powder coating products, which are divided into thermoplastic powder coatings and thermosetting powder coatings according to the type of resin used. At present, the domestic thermosetting powder coatings occupy an absolute dominant position in the powder coating market, and the downstream is the application field of powder coatings, powder coatings are widely used in building materials, household appliances, furniture, 3C and automobiles because of their advantages such as no organic solvents, safe production and construction, recyclable at the end of over-spraying, easy automation of coating and excellent coating performance.

From the upstream point of view of powder coatings, the main raw materials of powder coatings are solid powder mixed with resin, curing agent, titanium dioxide, pigments, additives, etc. Under the background of the continuous growth of powder coating production, the consumption of epoxy resin for powder coatings in China is also growing. Epoxy resin is a kind of high molecular polymer, the molecular formula is (C11H12O3)n, which refers to the general name of a kind of polymer containing more than two epoxy groups in the molecule. From 2017 to 2020, the national output of epoxy resin will be between 110 and 1.3 million tons, with certain fluctuation. According to statistics, the output of epoxy resin in China will be 1.34 million tons in 2021, up 4.2 percent year on year.

China has a large demand for high-end epoxy resin and relies heavily on imports. Customs data show that China's import volume of epoxy resin will be 404800 tons in 2020, up 40.2 percent year-on-year. In 2021, China's import volume of epoxy resin will be 315800 tons, down 22% year-on-year. In 2021, the export volume will be 101400 tons, up 114.83 percent year-on-year. In terms of import and export amount, in 2021, the import value of epoxy resin was 1.461 billion US dollars, up 16.41 percent year-on-year, and the export value of epoxy resin in 2021 was 0.433 billion US dollars, up 230.53 percent year-on-year.