Polycarbonate is an ideal polymer and is widely used across electronics, automotive, and construction industries due to its excellent physical and mechanical properties. Moreover, it offers eco-friendly manufacturing and recyclability advantages which makes it suitable for engineering materials across end-use industries. Furthermore, polycarbonate is durable and offers excellent resistance to fracture and impact.
The global Polycarbonate market accounted for US$ 22.6 Billion in terms of value by the end of 2022 and is expected to grow at a CAGR of 6.8% during the forecast period.
Drivers:
The growing demand for lightweight vehicles is one of the prime factors augmenting the market growth of polycarbonate. Increasing preferences for fuel-efficient vehicles due to growing environmental concerns are creating demand for lightweight vehicles. Polycarbonate is rapidly replacing metal across automotive applications to develop the lightweight vehicle. Hence, the growing demand for lightweight vehicles is projected to foster the market growth of polycarbonate in the near future.
Market Opportunities
An emerging application of the product from the electronic application is expected to act as an opportunity over the forecast period. Growing demand for the product's electrical applications due to its lightweight and high-impact properties. This makes it a suitable material for producing sensor parts, LCD sections, computers, switching relays, connectors, mobile phones, batteries & chargers, electronic game consoles, DVDs, and LED. Thus, the growing demand for electronic products is augmenting the market growth.
Market Restraints
Factors such as low scratch resistance and the high cost of the product are expected to hamper the demand for polycarbonate. Due to its low scratch-resistance property, a coating material has to be used on the polycarbonate components in order to enhance the scratch resistance of components. This factor is expected to curb the market growth of polycarbonate over the forecast period.
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https://www.coherentmarketinsights.com/market-insight/polycarbonate-market-4505
Key Takeaways:
The electronics segment dominated the global polycarbonate market in 2022, accounting for a 29% share in terms of value, followed by the automotive and construction segment, respectively
The Asia Pacific region dominated the global Polycarbonate market in 2022, accounting for a 58% share in terms of value, followed by Europe and North America region, respectively
Market Trends
Increasing adoption of polymers across various manufacturing industries is one of the current trends in the market. Polymers are highly durable and offer excellent properties such as resistance to wear and tear. Also, the growing use of electric and hybrid vehicles across developed as well as developing countries is another major trend. Polycarbonate is widely used in the manufacturing of electric vehicles which is again propelling the market growth. Thus, all these factors are propelling the market growth of polycarbonate over the forecast timeframe.
Shifting focus of the manufacturers in increasing the production capacity of the polycarbonate to cater to rising demand around the globe is one of the current trends in the market.
Global Polycarbonate Market - Impact of Coronavirus (Covid-19) Pandemic
The sudden occurrence of the novel coronavirus has had a major impact on the global polycarbonate market owing to hindrances in the supply chain and international restrictions over the movement of cargo.
Competitive Section:
- SABIC Innovative Plastics
- Teijin Limited
- Chi Mei Corporation
- Idemitsu Kosan Co., Ltd.
- Mitsubishi Engineering-Plastics Corporation
- Styron
- Centroplast Engineering Plastics GmbH
- Bayer Material Science
- Royal DSM
- Asahi Kasei Chemical Corporation
Few Recent Developments
For instance, in January 2020, Shell Chemicals announced its plan to establish polycarbonate production units in China and Singapore in order to cater to the growing number of polycarbonate customers. The new unit is located at the Cnooc and Shell Petrochemical Company (CSPC) joint-venture chemicals complex in Huizhou, China.
