Polycarbonate is a high-performance thermoplastic polymer that is tough, transparent, and amorphous. It exhibits excellent properties such as moisture-resistance, chemical, and electrical resistance and also offers 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$ 151.75 Bn in terms of value by the end of 2022 and is expected to grow at a CAGR of 6.8% during the forecast period.
Increasing demand for the product from packaging applications is propelling the market growth of polycarbonate. Shifting preferences for polymers in the packaging of food and beverages due to their durability is again expected to foster the market growth of 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 polycarbonate over the forecast timeframe.
Growing disposable income coupled with the increasing population around the globe is expected to foster the market growth of polycarbonate. The rise in the end-user industries across the developing region is also contributing to the market growth of 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 polycarbonate among manufacturers is further creating demand thereby fueling the market growth.
Figure 1. Global Polycarbonate Market, Revenue Share (%), By Region, 2022
Asia Pacific region dominated the global Polycarbonate market in 2022, accounting for 58% share in terms of revenue, followed by Europe and North America, respectively.
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 polycarbonate.
The fluctuating price of the raw materials used in the production of polycarbonate is projected to restrict 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 polycarbonate.
Growing demand for bio-based polycarbonate due to growing environmental concerns is projected to offer lucrative opportunities in the near future. For instance, in August 2021, the first approved circular polycarbonate (PC) resin and blends made from post-consumer mixed plastic had officially been commercialized, according to SABIC. This cutting-edge recycling-based solution demonstrates SABIC’s ongoing dedication to promoting the circular economy for plastics by increasing the accessibility of more environmentally friendly products.
Increasing investment by key manufacturers in the development of 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 polycarbonate.
Polycarbonate Market Report Coverage:
|Base Year:||2022||Market Size in 2022:||US$ 151.75 Bn|
|Historical Data for:||2018 to 2021||Forecast Period:||20230 to 2030|
|Forecast Period 2023 to 2030 CAGR:||6.8%||2030 Value Projection:||US$ 256.09 Bn|
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
|Restraints & Challenges:||
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 polycarbonate over the forecast period.
Figure 2. Global Polycarbonate Market, Revenue Share (%), By Application in 2022
Based on application, electronics segment dominated the global polycarbonate market in 2022, accounting for a 29% 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.
Few Recent Developments
In March 2022, Covestro began production of two polycarbonate compounding lines at its Greater Noida factory in India, near New Delhi. The new factories are designed to fulfill the increasing demand for compounded plastics, notably in the automotive, electrical, and electronics industries. More than 25 new employees were generated in total.
In March 2022, at its Greater Noida location in India, close to New Delhi, Covestro started producing two polycarbonate compounding units. The new facilities were built to meet the rising demand for compounded plastics, particularly in the automotive, electrical, and electronics sectors. In total, there were more than 25 new hires.
Frequently Asked Questions