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 advantage which makes it suitable for engineering materials across end-user industries. Furthermore, polycarbonate is durable and offers excellent resistance to fracture and impact.
The global Polycarbonate market 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.
The growing demand for lightweight vehicle is one of the prime factors augmenting the market growth of the 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 the lightweight vehicle is projected to foster the market growth of the polycarbonate in the near future.
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 electrical applications due to its light-weight and high-impact properties. This makes it suitable materials for producing sensor parts, LCD sections, computers, switching relays, connectors, mobile phones, batteries & chargers, electronic game consoles, DVDs, and LED’s. Thus, the growing demand for electronic products is augmenting the market growth.
Factors such as low scratch resistance and 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 the polycarbonate over the forecast period.
The electronics segment dominated the global polycarbonate market in 2019, accounting for 27.4% share in terms of value, followed by automotive and construction segment, respectively
The Asia Pacific region dominated the global Polycarbonate market in 2019, accounting for 56.6% share in terms of value, followed by Europe and North America region, respectively
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 the polycarbonate over the forecast timeframe.
Shifting focus of the manufacturer 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. For instance, in January 2020, Shell Chemicals has announced its plant to establish a 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.
Global Polycarbonate Market - Impact of Coronavirus (Covid-19) Pandemic
The sudden occurrence of the novel coronavirus has a major impact on the global polycarbonate market owing to hindrance in the supply chain and international restrictions over movement of cargo.
Few Recent Developments
In October 2019, SABIC launched polycarbonate based on certified renewable feedstock. This polycarbonate resin can be used on existing equipment, under identical process conditions.
In June 2019, Royal DSM has collaborated with Strait Access Technologies (SAT) to develop the durable and cost-effective transcatheter replacement heart valves with polymeric leaflets. The valves is based on DSM’s advanced and proven CarboSil Thermoplastic Silicone-Polycarbonate-urethane (TSPCU) biomedical polymers.
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