by Market Overview:
Bisphenol A (BPA) is an organic compound with two hydroxyphenyl groups. It is widely used in the production of polycarbonate plastics and epoxy resins which have applications in construction materials like paints, coatings etc due to properties like durability and strength.
Market key trends:
One of the key trends in the bisphenol A market is the rising applications of epoxy resins for construction materials like concrete, mortars and others. Epoxy resins provide excellent durability, adhesion and chemical resistance which make them suitable for use in construction materials that require longevity and protection from environmental elements.
Additionally, bisphenol A based epoxy resins also offer strength and thermal stability. Their ability to bind strongly with aggregates in concrete improves the material density. The growing construction industry worldwide is expected to drive the demand for epoxy resin enabled construction materials using bisphenol A over the forecast period.
Market Key Trends:
The major key trend in the Bisphenol A market is the growing demand for polycarbonate plastics from various end-use industries. Bisphenol A is a major raw material that is used for the production of polycarbonate plastics through polymerization. Polycarbonate plastics find wide applications in consumer goods such as food containers, water bottles, eyeglass lenses, and DVDs due to their properties such as durability, optical clarity and impact resistance. Thus, rising consumption of polycarbonate plastics is fueling the demand for Bisphenol A over the forecast period.
The global Bisphenol A Market Growth is estimated to be valued at US$ 7.03 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strengths: Bisphenol A has high tensile and impact strength. It can be easily molded into various shapes for different applications.
Weaknesses: Exposure to Bisphenol A may impact human health and environment. Stringent regulations are being introduced around the world regarding its use.
Opportunities: Growing demand for polycarbonate plastics from automotive and construction industries presents an opportunity.
Threats: Substitute products like bioplastics pose a threat to Bisphenol A. Rising environmental concerns also threaten the market.
Key Takeaways
The global Bisphenol A market size is expected to reach US$ 7.03 Bn in 2023 and is projected to grow at a CAGR of 8.3% during the forecast period of 2023 to 2030. The growth is attributed to the increasing demand for polycarbonate plastics from various end-use industries such as consumer goods, electrical & electronics and construction.
On a regional scale, Asia Pacific dominated the global market in 2023 and is expected to maintain its lead over 2023-2030 timeframe. China is the world’s largest producer and consumer of Bisphenol A currently. Rapid industrialization and growing polycarbonate plastic consumption in China, India and other Asian countries is fueling market growth in Asia Pacific.
Some of the prominent players operating in the Bisphenol A market are Chang Chun Group, Covestro AG, Dow, Hexion, Kumho P&B Chemicals Inc., LG Chem, Lihuayi Weiyuan Chemical Co. Ltd, Merck KGaA, Mitsubishi Chemical Corporation, Mitsui Chemicals Corporation., Nan Ya Plastics Industry Co. Ltd, Nantong Stars Synthetic Material Ltd, Nippon Steel Chemical & Material Co. Ltd, PTT Phenol Company Limited, SABIC, Samyang Holdings Corporation, Shanghai Sinopec Mitsui Chemicals Co. Ltd, and Sinopec Mitsubishi Chemical Polycarbonate (Beijing) Co., Ltd. Key players are focusing on capacity expansions and strategic partnerships to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
