Bisphenol A Market 2030: The Importance of Research and Development
The global bisphenol A market size is expected to reach USD 27.27 billion by 2030, growing at a CAGR of 5.2% from 2024 to 2030, according to a new study by Grand View Research, Inc. Bisphenol A (BPA) is largely used for the production of polycarbonates and growing demand of polycarbonates in consumer goods and medical devices is expected to be a key driver for the market. In addition, the growing construction industry and growing BPA demand in automobile industry are expected to further augment market growth. However, health hazards associated with the use of BPA resulting in regulatory pressure is expected to be a key challenge for the industry over the next six years.
Polycarbonate was the largest application segment accounting for 5,083.5 kilo tons of BPA demand in 2013; followed by epoxy resin applications, with market volume estimated at 1,414.7 kilo tons in 2013. Superior performance of epoxy resins, in terms of thermal stability, corrosion protection and mechanical strength for industrial applications is expected to reflect in BPA demand; as a key monomer for these resins.
Gather more insights about the market drivers, restrains and growth of the Bisphenol A Market
The demand for bisphenol A is increasing due to the rise in demand for polycarbonate plastics. It has been widely used in the automotive sector. Polycarbonate material is strong, lightweight, and can be mass produced. As automakers are manufacturing lighter and more fuel-efficient vehicles, they are increasingly opting for polycarbonate plastics over traditional materials such as glass and metal. Therefore, attributing to the upward market growth of the bisphenol A market.
Furthermore, the electronic sector has certainly played a significant role in the rising need for bisphenol A as it is used in manufacturing epoxy resin. The electronics industry uses epoxy resins due to their electrical insulation characteristics, strong mechanical properties, and resistance to heat and chemicals. Epoxy resins are used in various electronic applications, such as printed circuit boards, semiconductor packaging, and electronic encapsulation. Therefore, this increased demand for epoxy resins has resulted in the upward growth of this market.
Bisphenol A Market Report Highlights
- Polycarbonate resins dominated the market and accounted for a market share of 49.7% in 2023, as they have a wide range of applications.
- Asia pacific dominated the bisphenol A market with a share of 59.6% in the year 2023 primarily due to the strong presence of end user industries and their requirement of bisphenol A.
- North America bisphenol A market had a market share of 17.6%. This attributed to the rise in the need for polycarbonate plastics and epoxy resins in established industries such as paints and coatings, electronics, and medical sectors.
- Europe bisphenol A market was identified as a lucrative region in this industry due to the strong presence of key industry players and a well-developed infrastructure.
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List of Key Players of Bisphenol A Market
- Covestro AG
- SABIC
- Chang Chun Group
- Mitsui Chemical Inc.
- Nan Ya Plastics Corporation
- Altivia
- China National Bluestar (Group) Co. Ltd
- Mitsubishi Chemical Corporation
- HEXION INC
- LG Chem
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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