Bisphenol A and Epoxy resins

Epoxy resin is the second largest outlet for bisphenol A after polycarbonate: standard liquid epoxy is BPA reacted with epichlorohydrin, a chlorine and propylene derivative, so demand for coatings, laminates and wind blades pulls on BPA. Polycarbonate took nearly two-thirds of BPA demand in 2020, so epoxy makers usually take a BPA price that polycarbonate demand sets.

Bisphenol A (chemical) and Epoxy resins (chemical): 5 relationships.

How they are linked

1. Main epoxy building block

Physical flow · Strong · BPA into epoxy resin

Most epoxy resins are made by reacting BPA with epichlorohydrin and caustic soda, so BPA forms the backbone of the resin and is bought in large volumes by every resin plant.

• nearly two-thirds polycarbonate's share of world BPA demand, 2020
• about 25% share of EU BPA use going to epoxy resins, 2003

Polycarbonate took nearly two-thirds of world BPA demand in 2020 and epoxy resins are the second largest use; in the EU in 2003 about a quarter of the 685,000 t of BPA used went into epoxy. Olin lists cumene, propylene, chlorine and caustic soda among its epoxy raw materials: cumene for the phenol and acetone in BPA, propylene and chlorine for epichlorohydrin.

Sources: S&P Global Commodity Insights; Danish Environmental Protection Agency; Olin Corporation (US SEC filing); AmCham EU

2. Integrated BPA, ECH and resin sites

Joint production · Medium · BPA and epoxy made by the same groups

Large Western epoxy makers such as Olin and Westlake make BPA and epichlorohydrin within the same group as their resin, so they capture more of the chain margin and are less exposed to merchant BPA prices.

Westlake sells BPA and makes liquid epoxy resins at Pernis in the Netherlands, using propylene to make epichlorohydrin. Olin transfers chlorine and caustic soda to its epoxy business at cost. A standalone resin maker, by contrast, buys BPA and epichlorohydrin at market prices and carries both price risks.

Sources: Paint & Coatings Industry (PCI) magazine; Olin Corporation (US SEC filing)

3. Wind blades and coatings

Transition · Rising · Epoxy end uses lift BPA demand

Epoxy is the structural resin and adhesive in many wind turbine blades and a base for protective coatings and circuit-board laminates, so wind build-out and infrastructure work add to BPA demand.

• over 80% share of the wind structural adhesive market served by epoxy, 2023
• 27% share of European epoxy volume going to energy uses, including wind and electrical, 2013

In Europe in 2013, energy uses took 69,000 t of the 258,000 t of epoxy made by association members, construction 23% and transport 19%, while food and water uses such as can coatings took 11%. ChemQuest reported in 2023 that Chinese epoxy makers had announced a doubling of nameplate capacity over 2023 to 2026, so the extra demand meets plenty of capacity.

Sources: ChemQuest Group; Epoxy Europe (Epoxy Resin Committee); AmCham EU

4. Price link: main product

Cost and price · Strong · Both ways

BPA is a main input to liquid epoxy, so changes in BPA cost pass into resin prices over months, while resin demand feeds back into BPA run rates.

• 0.22 monthly change correlation
• 0.74 12-month change correlation
• 1.74 fitted elasticity

The site's series are broad proxies: a cyclic intermediates index for BPA and a thermosetting resins index for epoxy. Month to month the link is weak because resin prices also carry epichlorohydrin and formulation costs, but over a year the two move closely. An elasticity above 1 means the resin index has swung more than the BPA proxy in percentage terms.

Sources: Material Insights (World Bank, FRED, IMF data)

5. BPA rules and epoxy duties

Policy · Medium · Rules on one change demand for the other

Bans on BPA in food-contact materials remove epoxy can and container coatings as an outlet, and trade duties on epoxy resin change how much BPA domestic resin plants consume.

• US$37 to 483 per tonne India's anti-dumping duty on liquid epoxy resin, from November 2025
• 20 July 2026 end of the main EU transition period for BPA in food-contact varnishes and coatings

The EU banned BPA in food-contact materials, including varnishes, coatings and adhesives, by Regulation (EU) 2024/3190, in force from 20 January 2025; most articles had until 20 July 2026 and some, such as cans for fruit, vegetables and fish, until January 2028. India's five-year duty covers liquid epoxy from China, Korea, Saudi Arabia, Taiwan and Thailand. Because India imports its BPA, protecting resin makers raises BPA imports until a domestic plant, such as Deepak's approved project of up to 240 kt a year, starts.

Sources: UL Solutions; Indian Chemical News; CSIR News (Government of India); Investywise

For investors

Key learnings

1. Epoxy is the smaller of BPA's two big outlets, so epoxy makers usually take a BPA price set by polycarbonate demand and capacity.
2. Integrated groups that make BPA, epichlorohydrin and resin on one site earn the chain margin; standalone resin makers carry both input price risks.
3. Wind, electrical laminates and protective coatings give epoxy steadier demand than consumer markets, but a doubling of Chinese capacity limits price recoveries.

What to track

• BPA price in Asia against phenol and acetone: A wider spread moves margin to BPA makers and squeezes non-integrated resin makers (Weekly · industry price reports)
• Liquid epoxy resin price and Chinese operating rates: Low rates signal oversupply and weak BPA pull from epoxy (Weekly · industry price reports)
• Wind turbine installations and blade orders: Drive structural epoxy demand and a part of BPA demand (Quarterly · GWEC, turbine makers)

For policymakers

Key learnings

1. India has imported all of its BPA, about 135,000 t a year in 2022, so duties on epoxy protect resin makers but leave the BPA import bill in place.
2. A domestic BPA plant, such as Deepak's approved project of up to 240 kt a year, would supply both epoxy resin makers and the planned polycarbonate plant.
3. The EU ban on BPA in food-contact coatings, with most transition periods ending in July 2026, closes the can coating outlet, which took about 11% of European epoxy volume in 2013; energy, construction and transport uses carry most demand.

What to track

• DGTR and customs notifications on epoxy and BPA: New duties change domestic resin prices and BPA import demand (As notified · DGTR, CBIC)
• India imports of BPA and liquid epoxy resin: Show dependence until domestic plants start (Monthly · DGCI&S, Ministry of Commerce)

India

India imported all of its BPA, an estimated 135,000 t a year in 2022, and in November 2025 put five-year anti-dumping duties of US$37 to 483 per tonne on liquid epoxy from five Asian suppliers. Deepak Nitrite approved a BPA project of up to 240 kt a year in 2026 that would feed epoxy makers as well as its own polycarbonate plant.

Sources

1. Price correlation, Material Insights, Material Insights (World Bank, FRED, IMF data)
2. Evaluation of alternatives for compounds under risk assessment in the EU: bisphenol A, chapter 1, Danish Environmental Protection Agency (2004)
3. Olin Corporation Form 10-K for fiscal year 2025, Olin Corporation (US SEC filing) (2026)
4. Westlake Epoxy confirms ISCC certification at Pernis, Netherlands site, Paint & Coatings Industry (PCI) magazine
5. Position paper on bisphenols restrictions, AmCham EU (2021)
6. Socio-economic study of epoxy resins in Europe: main findings, Epoxy Europe (Epoxy Resin Committee) (2015)
7. Adhesion article 4, 2023: structural adhesives in wind energy, ChemQuest Group (2023)
8. India imposes anti-dumping duty on import of liquid epoxy resins from China PR, Korea RP, Saudi Arabia, Taiwan and Thailand, Indian Chemical News (2025)
9. Dr Jitendra Singh inaugurates Bisphenol-A pilot plant at CSIR-NCL, CSIR News (Government of India) (2022)
10. Deepak Nitrite board approves Bisphenol A project, Investywise (2026)
11. Bisphenol A, Chemical Economics Handbook, S&P Global Commodity Insights
12. Bisphenol food contact materials regulation (EU) 2024/3190, UL Solutions (2025)