Global Polycarbonate Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Sheets and Films, Blends, and Others), By End-user (Automotive and Transportation, Electrical and Electronics, Construction, Medical, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The Global Polycarbonate Market size was valued at USD 19.6 billion in 2021 and is expected to grow by USD 36.7 billion in 2030 at a CAGR of 6.2% during the forecast period. Polycarbonate is a transparent, durable, and amorphous thermoplastic polymer with great performance. It has high moisture resistance, electrical resistance, and chemical resistance, as well as thermal stability. Furthermore, injection molding and extrusion processes can be used to turn polycarbonate resins into components.
Polycarbonate is used in almost every end-use industry, including electronics, automotive, and construction. Polycarbonate materials are being driven by the increased demand for lightweight automobile components. This is clear since lightweight polycarbonate components contribute significantly to passenger vehicle fuel efficiency. Another factor helping to the growth of the polycarbonate market is the growing trend of downsizing in electronics. This tendency, together with the increasing growth of the e-Commerce industry and online shopping apps, is generating revenue for polycarbonate producers.
COVID-19 ANALYSIS
The pandemic has had a negative impact on new construction and aftermarket because construction operations were first fully shut down but began to reopen in Q3 with COVID-19 operational procedures. Furthermore, construction, automotive & transportation, electrical & electronics, and other end-use industries saw a drop in demand as a result of the Covid-19. Supply chain interruptions hindered the availability of labor and raw materials. Because the economies are now fully open and stable, there is traction in demand from end-use sectors, which is likely to drive demand for polycarbonate.
LATEST TREND
Growing Demand from the Medical Industry Boost Market Growth
During the continuing coronavirus pandemic, medical polycarbonates and other polycarbonate goods have become highly significant. The need for polycarbonate injections and intravenous (IV) equipment has increased. Therefore, the polycarbonate market's revenue for fluid supply and intravenous connection components is expected to expand rapidly. Moreover, innovative medical devices such as plastic face shields are being produced. Researchers at top universities are stepping up their attempts to build disposable face shields and asking polycarbonate manufacturers to mass make them. This development is especially noteworthy because healthcare institutions in the United Kingdom, China, and India have been affected owing to newly reported COVID-19 infections caused by novel variants.
DRIVING FACTORS
Growing Demand in Construction Industry Propel Market Growth
Polycarbonate sheets are used in a variety of sectors owing to their remarkable physical and chemical qualities. Due to the increased demand for high-performance, lightweight, and recyclable materials for external and interior parts, thermoplastic polymers are favored in the automotive industry.
Governments of several developing countries, such as India, and China are increasing infrastructure development investment, resulting in an increase in building activity in these countries. In the construction sectors, the number of construction projects is directly linked to the need for roofing solutions. The expansion of the polycarbonate market can be ascribed to the growing demand for transparent roofing products in the building and construction industry.
RESTRAINTS
Increasing environmental concerns about the difficulty of recycling these polymers, which can harm both terrestrial and aquatic species in the environment, are projected to stymie market expansion. Furthermore, the accumulation of plastic on land can pollute the soil and water, limiting the growth of the polycarbonate market.
SEGMENTATION
The Global Polycarbonate Market is segmented by Product Type, End-user, and Region. Based on the Product Type, the market is categorized into Sheets and Films, Blends, and Others. Based on End-user, the market is categorized into Automotive and Transportation, Electrical and Electronics, Construction, Medical, and Others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
REGIONAL INSIGHTS
The Global Polycarbonate Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Asia Pacific holds the largest polycarbonate market share, and it is expected to continue to dominate in the future years, with the highest compound annual growth rate. Some of the primary factors driving the market's growth are growing demand of passenger vehicles in developing nations, growing sales of polycarbonate in the automotive business, and rising disposable income of consumers in the region.
Europe holds second largest region with steady growth expected during the projection period. The market is expected to develop due to factors such as strict government regulations governing vehicle safety, growing need for fuel-efficient automobiles, and an increase in sales for passenger vehicles in the region.
North America is expected to hold a significant share of the market and to grow rapidly during the predicted period, due to the presence of key market manufacturers in the region, as well as improved aesthetic appeal and comfort of vehicles successful implementation of automotive polycarbonate glazing.
KEY INDUSTRY PLAYERS
There are a few major companies in the worldwide polycarbonate industry. In terms of production capacity, the top five firms controlled almost 70% of the global market. Covestro AG, SABIC, Mitsubishi Engineering-Plastics Corporation, AGC Inc., Peerless Plastics & Coatings., RTP Company, Entec Polymers., CHIMEI. LOTTE Chemical CORPORATION., and TEIJIN LIMITED are among the largest firms.
KEY INDUSTRY DEVELOPMENTS:
In January 2020, Covestro AG agreed to sell its European polycarbonate sheets division to Serafin Group. It consists of production plants in Belgium and Italy, as well as central management operations and European sales support.
In July 2019, Lotte Chemical and GS Energy agreed to spend approximately KRW 800 billion in a large-scale petrochemical industry. The agreement was made to assure a steady supply of polycarbonate materials and to help the C4 oil company flourish.
LIST OF KEY COMPANIES PROFILED:
- Covestro AG
- SABIC
- Mitsubishi Engineering-Plastics Corporation
- AGC Inc.
- Peerless Plastics & Coatings.
- RTP Company
- Entec Polymers.
- CHIMEI.
- LOTTE Chemical CORPORATION.
- TEIJIN LIMITED
SEGMENTATION
By Product Type
- Sheets and Films
- Blends
- Others
By End-user
- Automotive & Transportation
- Electrical & Electronics
- Construction
- Medical
- Others
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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Global Polycarbonate Market Size
- June-2022
- 148
- Global
- Chemicals-and-Advanced-Materials
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