Global bisphenol A market is poised to exhibit significant growth over the period of 2022-2028 with the application of this organic synthetic compound in synthesizing epoxy resins and plastics. The derived plastics are transparent, clear, and tough in nature which finds usage in consumer goods such as plastic bottles, food storage, packaging, CDs, and DVDs.
The expansion of the commercial sector coupled with the rising demand from the construction and automobile industry is further contributing to the market growth. The industry statistics are being further strengthened by the increasing applications in manufacturing automobiles, adhesives, paints, food containers, composites, and electronic components.
With regards to application, bisphenol A market is anticipated to witness substantial gains from the polycarbonate segment. Polycarbonate is a high-performance lightweight thermoplastic that is majorly used in eyewear as plastic lenses, and in Digital Disks (DVDs, CDs, and Blu-ray). It is also used in automotive components, medical devices, protective gear, exterior lighting fixtures, and greenhouses. In addition, it can be used in bulletproof glass applications on account of its glass-like appearance and high impact resistance. Polycarbonate can also be easily molded and is light in weight which helps in manufacturing automobile components like windows, lighting components, windshield, and sunroof parts which will create ample growth opportunities for the industry in coming years.
Another important application segment is epoxy-based chemicals which are projected to grow significantly in the forthcoming years. This can be attributed to the increasing usage in aluminum, paints and coatings steel, and pipes and fitting industries due to excellent anti-corrosion properties. Epoxy resins are also used for coating food containers and floorings to prevent rust. The epoxy-derived adhesives are resistant to chemicals which makes them suitable to produce high-performance glues for wood, glass, and plastics.
In terms of regional outlook, Asia Pacific is expected to emerge as a prominent growth avenue for bisphenol A market over the upcoming years owing to increasing product application in the automobile industry. This can be largely ascribed to the shifting trend to replace metal and glass components to produce light-weight vehicles that essentially require polycarbonate derived from the product. The market growth is being further impelled by the presence of various other large end-user sectors along with low cost of labor, raw material, and operations.
The competitive space of bisphenol A market comprises major players such as Teijin, SABIC Innovative Plastics, Olin Corporation, Mitsubishi Chemical Corporation, Kingboard Holdings, Dow Chemical, Chang Chun Plastics Co Ltd, Kumho Vinmar International, Covestro AG, P&B Chemicals, Hexion Inc., Nippon Steel & Sumikin Chemical Co Ltd, LG Chemical, Formosa Plastics, Bayer Material Science (Covestro AG), Nan Ya Plastics Corporation, Samyang Innochem, Rhodia Brasil, and Mitsui Chemicals.
The emergence of the COVID-19 pandemic had severely impacted the market due to the lockdown restrictions during the crisis which disrupted the supply chains and operational activities in the chemical sector. This, in turn, has affected the business space.
However, with the gradual restoration of global supply chains, and governing bodies taking strategic initiatives to boost the economy, large scale investments in the industry are expected which will positively influence the outlook of bisphenol A market over the foreseeable future.