For the Quarter Ending March 2025
North America
Throughout Q1 2025, the Bisphenol S (BPS) market in North America followed a mixed trend, influenced by feedstock phenol costs and variable downstream activity. In January, prices rose slightly as supply from Asian exporters tightened amid plant shutdowns and pre-holiday production slowdowns. However, gains were capped by high inventories and persistent weakness in downstream coatings and epoxy resin applications. Severe winter weather and project delays further softened demand from construction-linked segments, while manufacturers maintained cautious operating rates.
In February, prices began to ease as regional inventories stayed high and demand from polycarbonate and epoxy resin sectors remained muted. Although housing starts showed near-term growth, declining permits and completions signaled limited long-term momentum. By March, BPS prices declined again as production resumed at major facilities in Asia, increasing global supply.
Domestic demand stayed moderate at best, with buyers favoring short-term procurement amid economic uncertainty and subdued end-use consumption. The U.S. construction outlook remained mixed, and ongoing cost pressure from phenol created a narrow margin environment, keeping market sentiment subdued.
APAC
Throughout Q1 2025, the Bisphenol S (BPS) market in the Asia-Pacific (APAC) region witnessed a continuous decline, weighed down by persistent oversupply, weak cost support, and subdued demand from downstream epoxy, polycarbonate, and coating applications. In January, prices dropped due to sluggish demand from adhesives and resins sectors, while stable imports from China and South Korea maintained domestic availability. Though automotive sales offered mild support, limited construction activity and cautious procurement restrained any recovery. February saw another dip as production ramped up post-Lunar New Year, with rising supply outpacing modest demand gains. Improved real estate sentiment and infrastructure development under India’s Union Budget provided some support, yet high inventories and a soft global outlook capped any price upside. In March, prices continued to fall amid muted domestic and export trade, weak phenol feedstock costs, and reduced resin consumption linked to construction sector headwinds. Retail automotive sales rose month-on-month due to festival buying but remained lower on a year-over-year basis. Overall, consistent inventory pressure, restrained buying behavior, and uncertain end-user outlook kept market fundamentals bearish.
Europe
Throughout Q1 2025, the Bisphenol S (BPS) market in Europe exhibited a mixed trend, influenced by feedstock phenol costs, shifting supply dynamics, and subdued downstream demand. In January, BPS prices rose, supported by stronger phenol prices and tight availability from Asian exporters following plant disruptions and holiday-linked shutdowns. However, downstream demand from coatings and epoxy resin applications remained weak, constrained by cold weather and reduced construction activity across the region. February brought a marginal upward movement in prices, as maintenance-related supply constraints persisted in Asia and phenol prices stayed firm. Despite this, consumption in key sectors such as polycarbonate and epoxy resins stayed muted, with the European construction sector showing minimal recovery. Automotive-linked demand also remained soft amid low production rates. By March, BPS prices softened, weighed down by high inventories, weak industrial sentiment, and slower procurement across the Eurozone. Ongoing contraction in construction and uncertainty from potential U.S. tariffs added pressure to the market. With buyers focusing on short-term needs, the overall sentiment in Europe remained cautious, limiting any significant recovery in BPS demand.
For the Quarter Ending December 2024
North America
Throughout Q3 2024, the Bisphenol S (BPS) market in North America experienced a consistent decline, with the USA observing notable price changes. The downward trend was driven by oversupply, abundant global production, and weak demand from key downstream sectors such as polycarbonate (PC) and epoxy resins. Economic challenges and a seasonal slowdown in industrial activities further compounded the bearish sentiment. Low import prices and limited cost support from feedstocks like phenol and sulfuric acid, along with declining crude values, added to the pressure on market dynamics.
Compared to earlier quarters, prices continued to deteriorate steadily throughout the period, reflecting reduced consumption and cautious procurement by buyers. The second half of the quarter saw further weakening of market sentiment as oversupply persisted, and downstream industries, particularly in construction and automotive applications, faced headwinds. By the end of Q3 2024, BPS prices in the USA reflected the ongoing challenges of oversupply, limited demand recovery, and weak cost support, highlighting a market environment characterized by instability and sustained downward pressure.
APAC
In Q4 2024, Bisphenol S (BPS) prices in the APAC region exhibited mixed trends influenced by varying demand dynamics, feedstock costs, and downstream activity. In October, prices in India experienced a slight decline due to subdued demand from polycarbonate (PC) and epoxy resin sectors and weak cost support from benzene. Ample supply across the region further pressured the market, while India’s struggling construction sector compounded challenges, with reduced infrastructure investments limiting BPS consumption in PC and epoxy resin applications. By November, BPS prices in India saw a marginal increase, supported by seasonal procurement and rising sulfuric acid prices, despite weak phenol costs. However, high inventory levels and conservative purchasing among downstream players restrained broader recovery. The construction sector in India showed limited momentum, with downstream consumption primarily focused on fulfilling essential requirements. In December, BPS prices in India declined sharply due to weak downstream demand, persistent oversupply, and seasonal slowdowns in the construction industry. Reduced project activity and low-cost imports from APAC producers added to bearish market sentiment. Across the quarter, the APAC BPS market remained constrained by weak demand fundamentals, high inventories, and competitive pricing dynamics.
Europe
Throughout the third quarter of 2024, the Bisphenol S (BPS) market in Europe faced a consistent decline in prices due to weak demand from key downstream sectors such as polycarbonate (PC) and epoxy resins, coupled with low import prices from exporting nations. The market imbalance was further exacerbated by limited cost support from feedstocks like sulfuric acid and phenol, alongside an oversupply resulting from increased production activity in the APAC region as several facilities resumed operations. In Germany, the market saw notable price fluctuations throughout the quarter, reflecting subdued demand and reduced procurement activity. Prices trended downward steadily across both halves of the quarter as demand from construction and other end-use industries remained lackluster. Oversupply conditions persisted, with manufacturers focusing on managing inventories amid weak downstream activity. By the end of Q3 2024, BPS prices in Germany highlighted ongoing challenges in the market, characterized by a combination of oversupply, limited demand recovery, and minimal cost support from upstream feedstocks like phenol.
For the Quarter Ending September 2024
North America
In Q3 2024, the Bisphenol S market in North America saw a significant decline in prices, with the USA experiencing the most pronounced changes. Several factors contributed to this downward trend, including oversupply due to abundant global production and weak demand from key sectors such as polycarbonate and epoxy resins. Economic challenges and a seasonal slowdown further pressured the market, while low import prices and reduced cost support from key feedstock phenol, coupled with falling crude oil values, intensified the bearish pricing environment.
The market also faced difficulties stemming from decreased manufacturing activity and cautious buying behavior due to an uncertain demand outlook. Overall, the trend reflected negative sentiment, with a slight decrease in prices compared to the same quarter last year and a marginal drop from Q2 2024.
The most notable price difference occurred between the first and second halves of the quarter. Q3 2024 was marked by a steady downward trajectory in Bisphenol S prices, highlighting the ongoing challenges in the market.
APAC
Throughout Q3 2024, the Bisphenol S market in the APAC region experienced stable pricing, maintaining a consistent sentiment throughout the quarter. This stability was driven by steady demand from key downstream industries, particularly polycarbonate and epoxy resin sectors. Despite challenges in the end-use construction sector due to seasonal factors such as heavy rainfall, this impact was offset by strong demand from the automotive industry, which played a crucial role in sustaining market prices. Supply constraints also contributed to the stable pricing environment, with limited availability of Bisphenol S supporting price levels. Additionally, global procurement activities and seasonal trends influenced market conditions, helping to maintain a balance in supply and demand. In India, the market saw the most significant price changes, driven by high import costs, rising feedstock prices, and strong demand from sectors like automotive. Overall, the regional trends indicated a balanced dynamic, where seasonality impacted construction, but other sectors ensured stable demand. By the end of Q3 2024, Bisphenol S prices in India stood at USD 3613/MT CFR JNPT, reflecting a 4% increase from the previous quarter, signaling a stable market environment.
Europe
Throughout Q3 2024, the Bisphenol S market in Europe experienced a consistent decline in prices, influenced by several critical factors. Weak demand from key downstream sectors, such as epoxy resin and polycarbonate, was a primary driver of the downward trend. The slowdown in construction and automotive industries further exacerbated this decline. Additionally, the market faced an oversupply, with ample stock of finished Bisphenol S contributing to price stability despite the weak demand. Lower prices of the main feedstock, Phenol, played a role in the price reduction, while rising sulphuric acid costs had a limited impact on overall pricing pressures. The decline in crude oil prices, following the resumption of production in the U.S. Gulf of Mexico post-Hurricane Francine, also contributed to the decrease in Bisphenol S prices. In Germany, the market witnessed the most significant price changes, with a modest decrease from the same quarter last year and a notable drop from the previous quarter in 2024. Overall, Q3 2024 marked a challenging period for the Bisphenol S market in Europe, with a clear downward pricing trajectory amidst sluggish market conditions.
For the Quarter Ending June 2024
North America
In Q2 2024, the pricing environment for Bisphenol S in North America was notably positive, characterized by a consistent upward trend. This quarter saw steady price hikes primarily driven by sustained demand growth in key downstream industries PC and epoxy resin. Increased costs of fundamental feedstocks like phenol and sulfuric acid, coupled with elevated crude oil prices, significantly compounded production expenses.
Plant shutdowns in exporting Asian nations, including Zhejiang Petrochemical, and disruptions in Guangdong province due to adverse weather conditions further exacerbated scarcity, pushing prices higher. Additionally, container shortages and delays in empty container returns disrupted global supply chains, affecting BPS transportation and pricing.
In the USA, which experienced the most significant price changes, the market reflected robust demand coupled with constrained supply, intensifying the upward pricing pressure. The second quarter saw a significant increase in prices compared to the previous quarter, underscoring a vibrant market sentiment. The correlation between seasonal demand spikes, particularly in the construction and electrical sectors, with the supply chain disruptions, exacerbated the price surge.
APAC
In Q2 2024, the pricing environment for Bisphenol S in the APAC region was marked positive, characterized by a consistent upward trend. This quarter has witnessed steady price hikes primarily driven by sustained demand growth in key downstream epoxy resin and PC industries due to growing in the construction and automobile sector. Increased costs of fundamental feedstocks such as phenol and sulfuric acid have also played a crucial role, coupled with elevated crude oil prices, which have compounded production expenses. Supply-side constraints, including maintenance activities and unexpected plant shutdowns, such as those at Zhejiang Petrochemical and disruptions in Guangdong province due to adverse weather conditions, have further tightened market conditions, reducing overall industry capacity utilization rates.
Focusing on India, which experienced the most significant price changes, the market reflected robust demand coupled with constrained supply, intensifying the upward pricing pressure. The second quarter saw a 17% increase in prices compared to the previous quarter, underscoring a vibrant market sentiment. Additionally, a slight price increase between the first and second halves of the quarter highlights ongoing bullish trends. The correlation between seasonal demand spikes, particularly in the construction and electrical sectors, with the supply chain disruptions, has exacerbated the price surge.
Europe
In Q2 2024, the European Bisphenol S market saw a consistent upward price trend driven by several factors. Sustained demand growth in key downstream industries like polycarbonate (PC) and epoxy resin, coupled with increased costs of feedstocks such as phenol and sulfuric acid, played a crucial role. Elevated crude oil prices further compounded production expenses. Supply-side constraints, including maintenance activities and unexpected plant shutdowns at facilities like Zhejiang Petrochemical and disruptions in Guangdong province due to adverse weather conditions, tightened market conditions and reduced industry capacity utilization rates.
In the Netherlands, robust demand coupled with constrained supply led to significant price increases, underscoring a vibrant market sentiment. The second quarter saw a marked rise in prices compared to the previous quarter. Furthermore, the EU's ban on Bisphenol A in food packaging has significantly increased the demand for Bisphenol S as a preferred alternative. Seasonal demand spikes in the construction and electrical sectors, combined with supply chain disruptions, further exacerbated the price surge.
Overall, Q2 2024 saw Bisphenol S prices driven higher by strong demand, supply constraints, and rising feedstock costs. This positive pricing environment is expected to continue, with sustained demand and ongoing supply challenges keeping the market bullish.
