Bisphenol A, commonly known as BPA, is an organic synthetic compound with two hydroxyphenyl propane structural units. It is a major raw material used in the production of polycarbonate plastics and epoxy resins. Polycarbonate plastics find applications in products such as protective safety equipment, medical devices, food containers, water bottles, eyeglass lenses, and CDs/DVDs. Epoxy resins are used to coat metal products such as food cans, bottle tops, water supply pipes, and flooring material. They provide properties like chemical resistance, abrasion resistance, and heat insulation. With the growth of industries such as food & beverages, building & construction, automotive, and consumer goods, the demand for BPA-based polycarbonate plastics and epoxy resins is rising significantly.
The global Bisphenol A Market is estimated to be valued at US$ 21.7 billion in 2023 and is expected to exhibit a CAGR of 6.1 % over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Demand for Epoxy Resins: Epoxy resins find wide applications as paints, coatings, adhesives, and engineering materials in industries such as building & construction, marine, automotive, aerospace, and electronics. The rising demand from these industries is propelling the bisphenol A market growth. Furthermore, growing infrastructure development activities in Asia Pacific and Middle East countries are augmenting the consumption of epoxy resins. This is expected to boost the demand for bisphenol A over the forecast period.
Increased Use of Polycarbonate Plastics: Lightweight and high-impact resistant properties of polycarbonate plastics have increased their use in automotive components, medical devices, food packaging, and consumer electronics. Asia Pacific dominated the polycarbonate resins demand owing to strong growth in automotive and electronics industries. This growing use of polycarbonate plastics for varied applications is estimated to drive the bisphenol A market during the forecast period.
Segment Analysis
Bisphenol A market is segmented into Epoxy resins, Polycarbonate plastics, Unsaturated polyester resins. Epoxy resins dominates the market with more than 50% share, as Bisphenol A is the primary raw material used in the production of epoxy resins which finds applications in wide range of industries like paints & coatings, electronics & electrical components, wind power, aerospace, and others due to high strength, adhesive & bonding properties of epoxy resins.
PEST Analysis
Political: Stringent regulations regarding the usage of BPA in food packaging and children’s products in countries like US, Canada, and Europe is restricting the market growth.
Economic: Growth of end use industries like construction and automotive is driving the demand for epoxy resins and Polycarbonate plastics thereby positively impacting the Bisphenol A market.
Social: Rising awareness about the hazardous effects of BPA on human health has increased the demand for BPA free products.
Technological: Development of bio-based Bisphenol A and alternate polymers is expected to provide growth opportunities for market players over the forecast period.
Key Takeaways
The global Bisphenol A market share is expected to witness high growth. The global Bisphenol A Market is estimated to be valued at US$ 21.7 billion in 2023 and is expected to exhibit a CAGR of 6.1 % over the forecast period 2023-2033.
Asia Pacific dominates the market with China being the largest producer and consumer of Bisphenol A. This is attributed to presence of various manufacturing facilities in the region along with rapid industrialization.
Key players operating in the Bisphenol A market are Covestro AG, Asian Paints (India) Limited, Mitsui Chemicals, SABIC, and Kumho P&B Chemicals. However, imposition of regulations has compelled key players to invest in development of alternate feedstock and recyclable products
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
