North America Polycarbonate For Electrical And Electronics Industry Overview
The North America polycarbonate for electrical and electronics market size was valued at USD 660.09 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028.
Rising consumer disposable income and shifting preferences towards smart homes and smart offices environment are primarily driving the market growth. The trend of smart offices and smart homes is augmenting the demand for consumer electronics products, such as smart air conditioners, smart refrigerators, smart TV, and more. Polycarbonate possesses good UV and chemical resistance. They are used to produce materials with high impact resistance, high tolerance to extreme temperatures, and transparency. Polycarbonate resins are naturally transparent, tough amorphous polymers produced from Bisphenol A (BPA). The electrical and electronic industry mainly uses polycarbonate for different products, such as electrical connectors, plugs, laptop enclosures, mobile phones and tablet casings, television frames, and audio/video components. In lighting applications, they are used for LED outer casings due to their transparency and are also used in the production of headlamp diffusers in automotive vehicles.
Gather more insights about the market drivers, restrains and growth of the North America Polycarbonate For Electrical And Electronics Market
The emergence of advanced technologies, such as virtual reality, robotics, and IoT solutions, in the manufacturing of consumer electronic products to achieve high efficiency, will drive the market in North America. The entertainment and gaming application sectors have further boosted the growth of the consumer electronics industry in North America, thereby driving the demand for polycarbonate resins.
The U.S. accounted for a significant revenue share of the North America regional market in 2020. Manufacturers in the electrical and electronics industry are continuously upgrading smartphones, computers, laptops, smartwatches, and other consumer electronic devices, and home appliances to cater to the rising demand from the growing population. Polycarbonates have emerged as an alternative to replacing metal alloys by reducing the overall weight of the devices but simultaneously maintaining heat dissipation and toughness. Polycarbonate exhibits a good refractive index, which makes it suitable in lighting applications.
Rapid digitalization across industries in North America has propelled the consumer electronics market in the region. Polycarbonate is used for manufacturing enclosures for electronic and electrical components due to its higher flexibility, resistance against chemicals & high temperatures, insulating properties, and durability. Technological advancements and the rise of high-speed browsing have propelled telecom service providers to introduce technologies, such as 5G. This is further expected to propel the regional market growth in the years to come.
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- Smart Refrigerators Market - The global smart refrigerators market size was valued at USD 253.9 million in 2018 and is expected to expand at a CAGR of 13.7% from 2018 to 2025. Integration of advanced technology and communication to build energy-efficient and convenient appliances for improved lifestyles is expected to propel the growth.
- Smart TV Market - The global smart TV market demand stood at 268.9 million units in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.8% from 2021 to 2028. A continuous surge in the use of streaming devices, coupled with the rising internet penetration is driving the market growth.
North America Polycarbonate For Electrical And Electronics Market Segmentation
Grand View Research has segmented the North America polycarbonate for electrical and electronics market on the basis of end-use and country:
NA PC for Electrical & Electronics End-use Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)
- Electrical Components
- Electrical Connectors
- Plugs
- Sockets
- Wall Plates
- Entertainment
- Gaming
- Laptops
- Handheld Devices (mobile phones & tablets)
- Television
- IT Electronics
- 5G Applications
- Audio/Video Equipment
- IT Servers
- Electrical Enclosures
- Electrical Fuse Boxes
- Electrical Meter Boxes
- Lighting
- Residential & Commercial
- Medical
- Transportation
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
NA PC for Electrical & Electronics Country Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)
- U.S.
- Canada
- Mexico
Market Share Insights
- July 2021: Samsung SDI Co., Ltd. announced its plan to set up a battery cell plant in the U.S. to support the auto industry’s shift to electrification and is in talks with major automakers including Ford Motors Company and Stellantis N.V. to establish a joint venture for EV manufacturing.
- May 2020: Covestro AG developed Markolon TC8030 polycarbonate, which was used by a major light truck OEM and stood in the finalist position in the 49th Annual SPE Automotive Innovation Awards Competition in the Materials category.
Key Companies profiled:
Some prominent players in the North America polycarbonate for electrical and electronics market include
- Trinseo S.A.
- Formosa Chemicals & Fibre Corp.
- Chimei Corp.
- Teijin Ltd.
- Covestro AG
- SABIC
- Lotte Chemical Corp.
- LG Chem
- Samsung SDI Co., Ltd.
- Mitsubishi Chemical Corp.
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