PC Resin in Lightings Market Overview
The PC Resin in Lightings market size is estimated to reach US$248.3 million by 2027 after growing at a CAGR of 4.7% during the forecast period 2022-2027. Polycarbonate resins are a type of engineering plastic, which are frequently utilized in lighting because of their unique qualities such as intrinsic fire resistance, UV resistance and high resistance to aqueous solutions. It includes engineering plastic, thermoplastic polymers, bisphenol a and acrylonitrile butadiene styrene. Polycarbonate resins are emerging in the lighting market and have been among the primary supplier industries for general lighting and automotive lighting applications. Increasing demand for PC resin in Lighting in emerging markets, a growing construction sector, rising urbanization, emerging industries for LED lenses and LED covers and cross-industry collaboration activities are some of the factors that are likely to boost market growth during the forecast period. The global spread of the COVID-19 pandemic had a major influence on the PC resin in the lightings market size. Numerous industries' operations were temporarily halted as a result of regulatory lockdowns and imposed limits, which had a significant negative impact on revenue growth in the PC Resin in Lightings industry.
PC Resin in Lightings Report Coverage
The “PC Resin in Lightings Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the PC Resin in the Lightings industry.
Key Takeaways
- Asia-Pacific region is expected to dominate the market for PC Resin in Lightings market, owing to the significant growth in the construction industry. It would further accelerate the adoption of Polycarbonate Resins in Lightings in the region.
- Automobile manufacturers and governments are focusing on developing and promoting safe driving technologies, especially in passenger vehicles, which is expected to drive market growth during the forecast period.
- The trend of using LED lighting to create a stunning appearance on both the exterior and interior space of a vehicle attracts more human attention and lowers the rate of road accidents, boosting the PC Resin in Lightings market size.
Figure: Asia-Pacific PC Resin in Lightings Market Revenue, 2021-2027 (US$ Billion)
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PC Resin in Lightings Market Segment Analysis – by Type
The Organic LED held a significant share in the PC Resin in Lightings market share in 2021 and is forecast to grow at a CAGR of 4.8% during the forecast period 2022-2027. It is because of the extensive characteristics provided by organic LED when compared to other material types such as high bright LED and others. OLED is one of the most promising displays and lighting technologies, capable of providing power-efficient lighting and outperforming fluorescent tubes and incandescent bulbs. OLED technology enables users to design flexible displays and lighting panels. These extensive properties compiled with increasing application in the construction and transport industry are majorly driving its segmental growth. Thus, the use of organic LED in construction and transportation would propel the demand for PC Resin in Lightings industry.
PC Resin in Lightings Market Segment Analysis – by End-use Industry
Transportation held a significant share in the PC Resin in Lightings market share in 2021 and is forecast to grow at a CAGR of 5.2% during the forecast period 2022-2027 because of the increasing usage of PC resin in lighting in transportation components. PC resin includes engineering plastic, thermoplastic polymers, bisphenol and acrylonitrile butadiene styrene which offer properties such as high durability, recyclability and safety. Due to these features, there is an increasing demand for PC resin in lighting in the transportation industry. The PC resin in lighting is widely used in the manufacture of numerous car components, therefore rising developments in automobile glazing technology would provide a substantial boost to the segment's growth. For instance, Sabic introduced Lexan HF4010SR, a new polycarbonate resin for LED vehicle lighting, in September 2017 to let customers design more intricate headlight bezels with better aesthetics. According to the International Organization of Motor Vehicle Manufacturers (OICA), automotive production increased by 10% in the first nine months of 2021 to 57.26 million units, up from 52.15 million units in the same period last year. According to the Energy Information Administration (EIA), by 2035, the number of automobiles would increase to 1.7 million worldwide. Furthermore, this segment's expansion is likely to be aided by technical advancements in the industry. With the rise in transportation activities across the globe, the demand for PC Resin in Lighting is anticipated to rise for various applications in cutting, grinding, abrasives and others. It is projected to boost the market growth in the building and construction industry during the forecast period.
PC Resin in Lightings Market Segment Analysis – by Geography
Asia-Pacific held a significant share in the PC Resin in Lightings market share (up to 41%) in 2021. The fueling demand and growth of PC resin in lighting in this region are influenced by flourishing demand from major industries such as construction, automotive and others, along with fueling manufacturing activities across APAC. The automotive sector in the APAC region is rapidly growing due to factors such as the high demand for passenger vehicles among the middle class, urbanization and flourishing growth in fuel-efficient vehicle technologies. According to the Japan Automobile Manufacturers Association (JAMA), automobile production in Japan increased in November from 6,67,462 units in October to 6,90,311 units. In November 2020, Boeing forecasted that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aircraft services over the next 20 years. According to India Brand Equity Foundation (IBEF), India’s domestic automobile production increased at a 2.36 percent CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20. Between FY16 and FY20, domestic automobile sales increased at a 1.29 percent compound annual growth rate (CAGR), with 21.55 million vehicles sold in FY20. With the robust growth of the transportation industry in Asia-Pacific, the demand for PC resins in lightings for application in LED lenses, led covers and others in transportation would rise. Thus, with the high growth of technological advancement in transportation applications, it is anticipated that the demand for PC Resins in Lightings industry would flourish during the forecast period.
PC Resin in Lightings Market Drivers
Bolstering Growth of the Electric Vehicle:
The growth of the global PC Resin in Lightings market is being fueled by increased demand for electric vehicles in the automotive industry. In automobile applications, PC resin is gradually replacing the normal glass and other traditional elastomers in lighting as they use engineering plastic, bisphenol a and acrylonitrile butadiene styrene for shiny & impervious surfaces, hardness, rigidity and improved processing ease. In the automotive industry, PC resin is used in lighting applications such as headlamp bezels, headlamp lenses and light housings for automobiles, buses, trucks and motorbikes. The automobile industry is producing a wide range of inexpensive electric vehicles as a result of government incentives and shifting customer expectations. As sensors and LEDs in automobiles are made of polycarbonate (PC), the use of PC resin in lighting would increase as the market for electric vehicles expands. For instance, according to Statistics Canada, in 2021, new registrations of zero-emission vehicles (ZEVs) reached a significant milestone, accounting for 5.2 percent of all new motor vehicle registrations. 1.6 million new automobiles were registered in Canada, up by 6.5 percent from the previous year. According to the Indian Brand Equity Foundation, The Indian EV market is also rapidly evolving, with close to 0.32 million vehicles sold in 2021, a 168 percent increase year on year. Thus, significant growth in electric vehicles is fuelling the growth of the PC Resin in Lightings market, thereby driving the market growth.
Strong Demand in Building & Construction Industry:
PC Resin in Lightings is wildly used in the building & construction industry. LED lighting is a popular choice for lighting homes and businesses because of its energy efficiency, durability and extended life. PC resin in lighting is a durable outer element for LED lighting and its crystal-like clarity lasts for many years. Due to these comprehensive qualities, the market for pc resin in lighting for the construction industry is growing. According to the Conference Board of Canada, the residential building investment increased for the 11th consecutive month in March 2021, reaching 7.6% to CAD 14.0 billion (US$10.99 billion). According to International Trade Administration, between 2022 and 2030, China is expected to grow at an annual rate of 8.6% on average, making it the world's largest construction market. Thus, the increasing demand in the building & construction industry acts as a driver for the PC Resin in Lightings market during the forecast period.
PC Resin in Lightings Market Challenge:
High Cost of LED:
LEDs are frequently used in PC Resin in Lightings. The primary challenge to the top market players is the exorbitant cost of LED solutions. The supply-demand chain is obstructed since the majority of consumers prefer inexpensive lighting systems, which limits the growth of PC resin in the lighting market. For instance, LED bulbs cost around $5, whereas standard bulbs cost $1. Furthermore, the maintenance and replacement costs of LED are higher than those of traditional materials. These are some of the additional disposal and replacement costs that any manufacturer must incur if they use LEDs in automotive and construction activities. Investing in marketing and advertising regularly might help market players raise sales despite the high cost of the product. Thus, the factors such as high costs can limit the growth of the PC Resin in Lightings Market size.
PC Resin in Lightings Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the PC Resin in Lightings Market. The top 10 companies in the PC Resin in Lightings Market are:
- Asahi Kasei Chemical Corporation
- Bayer MaterialScience Ag
- Chi Mei Corporation
- Formosa Chemicals & Fiber Corporation
- Idemitsu Kosan Ltd.
- LG Chem Ltd.
- Mitsubishi Engineering-Plastics Corporation
- Mitsubishi Gas Chemical Co.
- SABIC Innovative Plastics
- Samsung Sdi Co. Ltd.
Recent Developments
- In January 2022, HELLA launched the new Black Magic LED range in Europe. Its dustproof and waterproof housing and rugged construction are specifically built for off-road applications.
- In February 2021, SABIC Offered Automotive Lighting with High-Flow Polycarbonate Resins. Super high flow not only allowed car OEMs and tier suppliers to create complicated headlamp bezels with improved aesthetics but also minimized tooling clamping force.
- In September 2020, Sabic signed a PC supply arrangement with a German lighting company. Elkamet, a lighting company, announced that it would use Sabic polycarbonate resins in a variety of its products.
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