Bisphenol A is a widely used industrial chemical that is extensively used in the manufacturing of polycarbonate and epoxy resins. These materials are used in a variety of industries including electronics, construction, and automotive. Moreover, bisphenol A is also used in paints, coatings, and wind energy components.
The global bisphenol A market accounted for US$ 7.03 Bn in terms of value in 2022.
Global Bisphenol A Market: Drivers
Strong growth in the construction industry across developing countries is projected to fuel the growth of the Global bisphenol A (BPA) market. It is predicted that India’s construction industry is set to emerge as the third largest market in the world, with a value of almost US$ 1 trillion by the end of forecast period. In the residential segment, the government is planning huge projects in the next few years. The government’s Housing for All initiative aims to build more than 20 million affordable homes for the urban poor by 2022.
Global Bisphenol A Market: Opportunities
The growing demand for packaging materials, electrical and electronics components, and polycarbonate resins is expected to offer significant market growth opportunities over the forecast period. Moreover, the increasing use of this product in protective coatings and photocureable coatings is further expected to drive the market growth.
Global Bisphenol A Market: Restraints
Bisphenol A (BPA) has been linked to several health issues, including cancer, reproductive problems, and developmental disorders. As a result, there is growing concern among consumers and regulatory bodies about the use of BPA in various products, which could impact the demand for BPA. Also BPA is a non-biodegradable substance that can persist in the environment for a long time. Its release into the environment can have adverse effects on wildlife and ecosystems. As a result, there is increasing pressure on manufacturers to find alternative materials that are more environmentally friendly.
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Global Bisphenol A Market - Impact of Coronavirus (COVID-19) Pandemic
COVID-19 is an infectious disease caused by the coronavirus. As COVID-19 is extremely contagious, people with underlying medical conditions, such as diabetes, cardiovascular disease, chronic respiratory disease, and cancer, are more likely to develop serious illnesses. Along with this, the fatality rate among the population above the age of 40 is also high. The supply chain was disrupted and many offices and factories stayed closed, lowering consumer purchasing power and producing negative disruptions. This factor negatively impacted the applications of bisphenol A worldwide, including polycarbonates and epoxy resins. The impact of COVID-19 has been reducing the demand for the market studied.
The polycarbonate resins segment held the dominant position in the global bisphenol A market in 2022, accounting for 45% shares in terms of value. Increasing product approvals and launch of new products are expected to propel the growth of the segment during the forecast period.
Global Bisphenol A Market Trends:
Increasing focus of key players on expanding the production capacity of BPA in order to meet the growing demand across end-user industries is expected to be a major trend in the market. For instance, in July 2020, Lotte Chemical and GS Energy have joined forces to build new C4 fractionation and Bisphenol A (BPA) chain plants on the country's southern coast.
Polycarbonate is a lightweight thermoplastic with excellent performance and high strength. It is widely used in many applications including plastic lenses and digital disks. Moreover, due to its above mentioned properties it is gaining demand from medical devices and automotive components as well. Furthermore, it can even be used as bulletproof glass in some applications.
Global Bisphenol A Market: Competitive Landscape
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