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Press Release: Polycarbonate Market to Surpass US$ 29,600 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Polycarbonate is a high-performance thermoplastic polymer that is tough, transparent, and amorphous nature. It exhibits excellent properties such as moisture-resistance, chemical, and electrical resistance and also offer thermal stability. It is produced by a step-growth polymerization process. Moreover, polycarbonate resins produced can be transformed into components by using injection molding and extrusion techniques.
The global Polycarbonate market is was accounted for US$ 18,398.2 Mn in terms of value and by the end of 2019 and is expected to grow at a CAGR of 6.1% during the forecast period.
Drivers:
Increasing demand for the product from packaging applications is propelling the market growth of the polycarbonate. Shifting preferences for the polymers in the packaging of the food and beverages due to its durability is again expected to foster the market growth of the polycarbonate. Also, increasing demand for high strength and quality products for packaging consumer goods and food products is further projected to accelerate the market growth of the polycarbonate over the forecast timeframe.
Growing disposable income coupled with the increasing population around the globe is expected to foster the market growth of the polycarbonate. The rise in the end-user industries across the developing region is also contributing to the market growth of the polycarbonate. Also, a high GDP growth rate in the developing regions is again expected to propel the market growth. In addition to this, growing awareness regarding the benefits of the polycarbonate among manufacturers is further creating demand thereby fueling the market growth.
Figure 1. Global Polycarbonate Market, Revenue Share (%), By Region, 2019
Asia Pacific region dominated the global Polycarbonate market in 2019, accounting for 56.64% share in terms of revenue, followed by the Europe and North America, respectively.
Market Restraints
Growing environmental concerns as these polymers are difficult to recycle which can harm both terrestrials, as well as aquatic life in the environment, is expected to hinder the market growth. Also, the accumulation of plastic on land can cause soil as well as water pollution which is hampering the market growth of the polycarbonate.
The fluctuating price of the raw materials used in the production of the polycarbonate is projected to restrict the market growth. Bisphenol A is a key product used in the product and is derived from crude oil which is highly susceptible to volatility. Thus the volatile price of the raw materials is hindering the market growth of the polycarbonate.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 18,398.2 Mn |
| Historical Data for: | 2017 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 6.1% | 2027 Value Projection: | US$ 29,657.2 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
SABIC Innovative Plastics, Chi Mei Corporation, Teijin Limited, Mitsubishi Engineering-Plastics Corporation, Idemitsu Kosan Co., Ltd., Styron, Royal DSM, Centroplast Engineering Plastics GmbH, Asahi Kasei Chemical Corporation, and Bayer Material Science |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Opportunities
Growing demand for bio-based polycarbonate due to growing environmental concerns is projected to offer lucrative opportunities in the near future. For instance, in January 2020, Covestro launched its first partially bio-based polycarbonate film. The carbon footprint of the new film material is relatively smaller than that of conventional, petroleum-based polycarbonate and more than 50% of its carbon content is sourced from starch, derived from widely available plant feedstock.
Increasing investment by key manufacturers in the development of the public infrastructure is projected to offer potential market opportunities. Development of the metro-rail projects and airports is creating a huge demand for polycarbonate resins from the construction industry. Moreover, the expansion of the mass transit systems is also expected to foster the demand for the products. Thus, growth in the construction industry is projected to accelerate the market growth of the polycarbonate.
Figure 2. Global Polycarbonate Market – Opportunity Analysis
Market Trends/Key Takeaways
Continuous product innovation by the key manufacturer is one of the growing trends in the market. For instance, in February 2020, Trinseo a global materials solutions provider and manufacturer of plastics and synthetic rubber launched new wear-resistant, high lubricity polycarbonate (PC) at two major industry shows Pharmapack in Paris, France, and MD&M West in Anaheim, California. The wear-resistant, high lubricity PC has been designed for drug delivery devices and surgical tools.
Improving lifestyle of the consumers is driving demand for durable consumer goods produced from polymers. Also, increasing demand for polycarbonate from the healthcare segment where it is used in the manufacturing of medical devices is again expected to foster the market growth. Therefore, a growing number of hospitals are creating demand for medical devices. Moreover, the rise in the urban population coupled with the increased exports and imports of consumer goods is further projected to escalate the market growth of the polycarbonate over the forecast period.
Figure 3. Global Polycarbonate Market, Revenue Share (%), By Application in 2019
Based on application, electronics segment dominated the global polycarbonate market in 2019, accounting for 27.4% share in terms of revenue, followed by the automotive and construction segment, respectively.
Global Polycarbonate Market - Impact of Coronavirus (Covid-19) Pandemic
The novel Coronavirus (COVID-19) has impacted the global polycarbonate industry to some extent. But, surging demand for polycarbonate face shields as protective wear against the virus is anticipated to trigger the demand for polycarbonate.
Value Chain Analysis
Company Names
Few Recent Developments
In June 2017, Teijin officially unveils world’s first polycarbonate (PC) resin pillar-less automotive front window, installed in the Tommykaira ZZ electric vehicle (EV)
The Global Polycarbonate Market is accounted for US$ 18,398.2 Mn in terms of value by the end of 2019. Polycarbonates are thermoplastic polymers that are used as tough materials across several industrial applications. These polycarbonates can be easily processed, molded, and thermoformed.
The properties of polycarbonate such as higher temperature and impact resistance as well as optical transparency make them well suited for applications across the automotive, electronics, and packaging sectors.
Market Dynamics
The properties of polycarbonate such as higher temperature and impact resistance as well as optical transparency make them well suited for applications across the automotive, electronics, and packaging sectors.
The surging need towards adoption of lightweight, and fuel efficient vehicles is expected to augment the demand for polycarbonate. Moreover, rising adoption of polycarbonate as a substitute to various materials in other industrial and infrastructure applications is expected to augment the market growth in the upcoming years.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective
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