Global Polycarbonate Market is anticipated to reach USD 25.37 billion by 2024 owing to the regulation policies that encourage the use of plastics by automotive OEMs for improving fuel efficiency and reducing vehicle’s weight. Polycarbonate are naturally translucent amorphous thermoplastic plastics. Owing to this feature, polycarbonates can internally transmit light as effectively as glass to sustain greater impacts as compared to other commonly used plastics.
Moreover, the flexibility of polycarbonates enables the manufacturing process at the room temperature with no cracks or breaks to convert without heat application. Despite the material known for its flexibility and strength, the transparency makes them ideal for use for a variety of applications that similar materials cannot offer.
Focusing on the low emissions by the environmental authorities, the automobile manufacturers are emphasizing on developing light weight automobiles. The extensive use of polycarbonate in manufacturing light weight automobiles is one of the major driving factors of the market. Also, the speedy expansion of consumer electronics segment is playing major role in the growth of polycarbonate industry.
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Currently, polycarbonate holds considerable share of plastic market and the dominance is predicted to increase in the forecast period. This can be attributed to the growing demand from key end use industries like electronics, consumer goods and automotive. Polycarbonate is widely used for applications across verticals such as packaging, construction, medical devices, which is propelling the growth of polycarbonate market.
On a global scale, polycarbonate material is also used in several structural, safety and aesthetic applications, especially in the automobile industry. The material is used in automotive components and other internal parts like front-end body panels, glazing, and bumper fascia.
Polycarbonate holdsdi-electric and retardance property that makes it ideal to be used in applications like electronics and electrical industries, which induces the growth of polycarbonate industry in the forecast period. Nevertheless, the unstable prices of raw materials like bisphenol A (BPA) is negatively impacting market growth. Additionally, significant cost of polycarbonate and low scratch resistant property of the material is predicted to hamper the growth of the market in the coming years.
Owing to the increase in demand for polycarbonates, manufacturers are developing products that could be used for new applications as well. Some leading players like BASF, Bayer, and DowDuPont are extensively engaged in research & development activities to develop eco-friendly products and comply with the current government regulations. Moreover, to enhance their competitive advantage in the industry constantly, they have been investing in development of modern technologies.
Polycarbonate market is categorized on the basis of application and geography. On the basis of application, the market is divided into automotive components, home appliances, electrical equipment, construction (polycarbonate resins & sheets), medical, food (bottles, water filter systems, dinnerware, tableware, etc.), and security & protection. Among these, electrical and automotive components segments are predicted lead polycarbonate industry. They are expected to remain dominant in future as well since they are widely used in most household appliances and automobiles.
Geographically, polycarbonate market is segmented as North Americas, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to lead the market owing to the increase in demand for the product from various end use industries like transportation and electrical appliances. China manufactures polycarbonate at a high rate and is also the largest consumer of the same.
The major players of polycarbonate industry include EVONIK INDUSTRIES AG, Covestro, Mitsubishi Engineering Plastics Corp., Asahi Kasei Chemical Corporation, Bayer AG, LG Chemicals, Formosa, Idemitsu Kosan Co. Ltd., SABIC, and Teijin Limited, among others.
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