by Market Overview:
Bisphenol A, commonly known as BPA, is an organic synthetic compound which belongs to the group of diphenylmethane derivatives. It is a colorless solid that is soluble in organic solvents. BPA is used in the manufacture of polycarbonate plastics and epoxy resins. Polycarbonate plastics made from BPA are clear, tough materials and used as a substitute for glass in products such as eyeglass lenses, protective gear, and CDs. Epoxy resins containing BPA are used as linings for food cans, dental sealants, and solid surface materials.
Market Dynamics:
The Global Bisphenol A Market is primarily driven by the increasing demand from the construction industry. Polycarbonate materials made using BPA offer high strength and heat resistance and find widespread application in construction components such as windows, doors and roofs. Moreover, growing infrastructure development activities across both developed and developing regions are anticipated to boost consumption of materials like polycarbonate in the construction sector. Furthermore, BPA based epoxy resins are extensively utilized to protect the interiors of food cans and bottles. The expanding food packaging industry, driven by changing consumer lifestyles and increasing disposable income, is projected to propel the demand for BPA over the forecast period. However, stringent regulations restricting the usage of BPA in some consumer products due to health hazards may hamper market growth to some extent.
Segment Analysis
The bisphenol A market is dominated by polycarbonate sub segment which holds around 80% of the total market share. Polycarbonate finds wide application in manufacturing of bottles, healthcare devices, electrical & electronics and automotive components due to its superior strength and durability properties.
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.
PEST Analysis
Political: Regulations regarding usage of BPA in food packaging and bottles in countries like Canada, USA and European Union can impact the market.
Economic: Growth in end use industries like consumer goods, automotive and healthcare will drive the demand for BPA in the forecast period.
Social: Increasing health awareness has led to replacement of BPA by safer alternatives in few applications which can hamper the market.
Technological: Advancements in material science has enabled development of alternatives to BPA with equivalent properties which can pose a challenge.
Key Takeaways
The global Bisphenol A market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing demand from polycarbonate and epoxy resin applications in industries like consumer goods, automotive and healthcare.
Regional analysis: North America dominates the global BPA market with a share of over 35% led by increasing polycarbonate demand from vast automotive and healthcare industries. Asia Pacific is the fastest growing market for BPA led by countries like China and India where polycarbonate finds wide usage in water bottles and consumer goods manufacturing.
Key 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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
