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.
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Further key findings from the study suggest:
- The global demand for BPA was 7,000.9 Kilo tons in 2013 and is expected to reach 9,618.7 Kilo tons by 2020, growing at a CAGR of 4.7% from 2014 to 2020.
- Asia Pacific was largest regional market for BPA with 54% of market share and revenue of USD 7.00 billion in 2013.
- This was owing to the presence of large number of end-user industries coupled with low labor, raw material and operating cost in the region.
- In addition, many conglomerates have shifted their base to Asia Pacific on account of the aforementioned reasons.
- North America and Europe are expected to witness below average growth, at an estimated CAGR of 4.5% and 4.3% respectively from 2014 to 2020.
- Governments of Canada and European Union have banned the use of polycarbonate's derived products resulting in decreased demand for BPA.
- The global BPA market is somewhat fragmented with top four companies accounting for less than 45% of the market in 2013.
- Key companies in the market include Bayer Material Sciences, Dow Chemicals, SABIC Innovative Plastics and Mitsui Chemicals among others.
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