In Q1 2024, the global Bisphenol A (BPA) market experienced a mixed trend. In South Korea, prices of epoxy resin grade BPA were reported at USD 1187/MT, marking a decrease of 3% compared to the previous quarter, Q4 2023. This downward trend was driven by lower demand from the electronics and automotive sectors, as well as reduced production activities in the region, which eased market pressures. Additionally, the completion of maintenance activities at several plants led to increased availability, causing prices to soften.
Moving into Q2 2024, the BPA market in South Korea saw a recovery, with prices for epoxy resin grade BPA rising to USD 1252/MT, reflecting a 5.5% increase from Q1 2024. This uptick was largely supported by a revival in the construction sector, which boosted the demand for epoxy resins. Furthermore, increased industrial activities and rising raw material costs, particularly for phenol and acetone, contributed to the higher prices. The packaging sector’s consistent demand also played a role in maintaining the upward momentum.
By Q3 2024, the BPA epoxy resin grade market continued to show strength, with prices in August 2024 reaching USD 1320/MT, a 4.7% increase from July. The global market witnessed strong demand from the automotive and electronics sectors, especially in regions like Taiwan and Thailand. Additionally, tightening freight availability, rising transportation costs, and increased feedstock prices, particularly from Europe, put further pressure on the market, leading to the price hike.
Looking ahead to Q4 2024, the Bisphenol A (BPA) market is expected to face more fluctuations, with seasonal demand likely to intensify. The festive season in many regions may push up demand for packaging and consumer goods, leading to heightened demand for BPA-based products. Moreover, continued economic growth in key regions such as the Netherlands and Thailand, combined with high raw material costs, could keep prices on an upward trajectory through the final quarter of the year.