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[Market information]：PC, epoxy resin capacity continues to expand, the supply and demand of bisphenol A increase, the industry prospect is good

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domestic bisphenol A production capacity is relatively concentrated, the industrial chain integration degree is high. Bisphenol A upstream raw materials for phenol, acetone, phenol and acetone through the isobenzene propylene method device by pure benzene and propylene at the same time, downstream more PC or epoxy resin matching, with a high degree of industrial chain integration.

At present, there are 10 domestic bisphenol A production enterprises with a total production capacity of 2.215 million tons, CR5 is about 70%,CR3 is about 50%, of which Kostron and Changchun Chemical have the largest production capacity, accounting for the total production capacity of 20% and 18%.

The high degree of industrial chain integration also leads to China's bisphenol A industry commercialization rate is low.

provider

expects BPA production capacity to begin to grow rapidly in 2022. In 2021, new installations represented by China-Saudi Tianjin have been completed and put into operation, and major enterprises have continued to increase their production. It is expected that China's bisphenol A production will reach about 1.7 million tons in 2021, an increase of 150,000 tons compared to 2020, and the production will increase significantly. It is expected that from 2022, with the production of bisphenol A units under construction, the annual output is expected to gradually increase.

Requirement side

PC, epoxy resin capacity expansion will lead to bisphenol A demand growth. Bisphenol A downstream demand structure is concentrated, mainly used to make PC and epoxy resin, almost half of the proportion. In recent years, the PC industry is in a period of rapid development, and the future production capacity will continue to be released. It is estimated that nearly 1.4 million tons of production capacity will be put into operation by 2023, and the total production capacity of China's PC will be close to 3.6 million tons. With the vigorous development of domestic epoxy resin downstream, epoxy resin production capacity will also be steadily increased, it is expected that by 2023 there will be nearly 1.5 million tons of production capacity, the total domestic epoxy resin production capacity of nearly 3.8 million tons. In the long run, the market demand for bisphenol A will continue to improve and the industry prospects are good.

supply and demand have a clearer increase in the background, we expect bisphenol A will continue to be tight balance, high prices or will continue. Driven by downstream epoxy resin and PC demand, bisphenol A prices and profit levels are expected to remain high in the future.

Source: PC Polycarbonate Industry Chain

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