Market Overview:
Bisphenol A (BPA) is an important basic chemical product that is mainly used to produce polycarbonate plastics and epoxy resins. Polycarbonate plastics exhibit superior properties like high impact resistance and tremendous heat resistance. They find applications in various industries such as food and beverage packaging, medical devices, CDs, and eyeglass lenses among others. Epoxy resins derived from BPA are used in wide range of sectors like electrical and electronic equipment, industrial coatings, and automotive components owing to its adhesive strength and chemical resistance. The growing demand from end-use industries is projected to drive the global Bisphenol A market during the forecast period.
Market key trends:
Increasing demand for polycarbonate resins from food and beverage packaging industry is one of the key trends fueling the market growth. Polycarbonate plastics offer shatter resistance and are light in weight which makes them suitable for various types of food and beverages packaging. Moreover, these plastics can withstand high temperatures encountered during sterilization of packaged foods. Growing consumption of packaged foods and drinks globally is augmenting the consumption of polycarbonate resins which in turn is positively impacting the bisphenol A market. Another major trend is rising application of epoxy resins in electrical and electronic components. Epoxy resins allow winding of coils uniformly in electric motors and ensure reliability and longevity of electronic appliances by providing protection against moisture, dust, and corrosion. These benefits are driving their usage in various electrical items and electronics which is propelling the bisphenol A market.
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.
Porter’s Analysis
Threat of new entrants: The Bisphenol A market requires high initial investments for manufacturing facilities limiting the threat of new entrants.
Bargaining power of buyers: There exist a large number of established buyers in various end-use industries lowering their bargaining power.
Bargaining power of suppliers: The presence of numerous raw material suppliers diminishes their bargaining power against the manufacturers.
Threat of new substitutes: Limited product substitutes provide less threat from substitutes.
Competitive rivalry: Intense competition exists among the major players.
Key Takeaways
The global Bisphenol A market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period 2023 to 2030, due to increasing use in polycarbonate plastics and epoxy resins industries. The market size is estimated to reach US$ 7.03 Bn in 2023.
The Asia Pacific region dominated the global market in 2023 and is expected to maintain its leading position during the forecast period. This can be attributed to rapid industrialization and growing end-use industries in countries such as China and India.
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
