Rising Polymers Demand is Driving Growth of Bisphenol A Market
The global Bisphenol A Market is estimated to be valued at US$ 7.61 Mn or Million 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.
Market Overview:
Bisphenol A is an essential chemical used as a precursor in the manufacturing of polycarbonate plastics and epoxy resins. It provides products with effective thermal stability, durability and high mechanical strength. Bisphenol A based materials find extensive application in food packaging, water supply lines, and dental sealants due to their non-reactive nature.
Market key trends:
One of the key trends in the Bisphenol A market is the increasing demand for polycarbonate plastics from various end-use industries like construction and automotive. Polycarbonate plastics offer high impact resistance, toughness and dimensional stability which makes them suitable for numerous applications. The growing construction activities along with automotive production is propelling the consumption of polycarbonate plastics thereby driving the demand for Bisphenol A in the resins and plastics manufacturing industry. Moreover, Bisphenol A based epoxy resins continue to be widely used in industrial coatings, electronics and adhesives due to their excellent adhesive properties and corrosion resistance.
Market key trends:
One of the key trends in the Bisphenol A Market Size is the increasing demand for polycarbonate plastics from various end-use industries like consumer goods, electrical & electronics, automotive, construction, and others. Bisphenol A is a crucial raw material that is used in the production of polycarbonate plastics. Moreover, with the rapid urbanization and rising disposable income levels in developing economies, the demand for consumer goods and electronics is surging, which is driving the consumption of polycarbonate plastics and subsequently bisphenol A.
SWOT Analysis
Strength: Bisphenol A based polycarbonate plastics offers properties like clarity, heat resistance, durability, impact strength etc. which make it suitable for various applications.
Weakness: Potential health hazards associated with BPA exposure due to its endocrine-disrupting properties.
Opportunity: Growing demand for polycarbonate plastics from automotive and construction industries due to lightweighting and safety regulations.
Threats: stringent regulations around the use of BPA in food packaging and baby bottles in some regions. Development of BPA-free alternatives.
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 demand for polycarbonate plastics from various end-use industries.
Regional analysis: Asia Pacific dominated the global market and is expected to retain its position over the forecast period. Rising electronics and automotive production in China, India, Japan and other Southeast Asian countries is expected to drive the regional market.
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.
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