Polycarbonate Sheets Market size is forecast to reach $3.22 billion by 2026, after growing at a CAGR of 5.3% during 2021-2026. The demand for polycarbonate sheet is increasing from building construction, electrical & electronics, automotive, aircraft, and more due to excellent flexibility. Carbonates have a broad range of outstanding properties including temperature resistance, impact resistance and optical properties, which posted polycarbonates between commodity plastics and engineering plastics. Polycarbonate sheet is widely used for panel roofing because it allows light to inter with extreme optical clarity, flammability resistance, and heat resistance. Thus, increasing demand for residential building is creating growth for polycarbonate sheet. For instance, according to the “India Brand Equity Foundation (IBEF)”, Under Pradhan Mantri Awasa Yojana (Urban), in India 1.12 crore houses have been sanctioned in urban areas, which is creating demand for polycarbonate sheets. Also, India plans to spend US$ 1.4 trillion on infrastructure by 2025. Polycarbonate sheets are available as corrugated multiwall sheets, embossed sheets, and others. Thus, the increasing demands for transparent sheets and corrugated multiwall sheets form construction, transportation, and automotive industry will drive the growth of the polycarbonate sheets market.
Covid-19 Impact
Impacts of COVID 19 on the infrastructure and construction sector in developing countries have been extensive and damaging. According to the “Associated General Contractors of America (AGC)”, private and public non-residential spending declined by a combined 1.6 percent in august 2020. Particularly public construction spending declined by 1.7 % in September 2020. However, all construction projects were held in lockdown, which reducing demand for polycarbonate sheets.
Polycarbonate Sheets Market Segment Analysis - By Type
Corrugated multiwall sheet held the largest share of more than 30% in market of polycarbonate sheets in 2020. Corrugated sheet used as primarily in construction industry due to industrial structural roofing and siding. This sheet is widely used in agriculture greenhouse, roof lights, skylights, and residential roofing. Corrugated multiwall sheets have excellent properties such as transparency, UV resistant, lighter weight, and easy installation. These are help to enhance the look of polycarbonate sheet and also enhance antistatic functions. Hence, because of easy installation of corrugated sheet and protect with UV rays is boost the growth of the polycarbonate sheet market.
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Polycarbonate Sheets Market Segment Analysis – By Techniques
Based on techniques, injection molding has a significant share of more than 20% in the polycarbonate sheets market followed by extrusion acquires in 2020 because it reduces viscosity of polycarbonate sheet at high temperature. Injection molding is mostly used process to produce parts made from polycarbonate and their blends. In this process, the hot sheet melt is pressed through into a mold with high pressure. The mold when cools, gives the molten sheet its desirable shape like polycarbonate bottles, plates, and so on. Polycarbonate sheet is an excellent material for baby bottles, refillable water bottles, sippy cups, and beverage containers after extrusion and injection molding process. Additionally, in extrusion process, after melting the polycarbonate sheet, to give it the final shape. The process is used to manufacture polycarbonate sheet, profiles and long pipes at 200-300 o C. thus, these processes are highly required in polycarbonate sheets market.
Polycarbonate Sheets Market Segment Analysis – By End Use Industry
Electronical and electronics industry driven the polycarbonate sheets market in 2020 with a share of more than 25%, due to their high dimensional stability polycarbonate sheets are suitable for the manufacturing electronic equipment such as CDs, smart phone, LEDs, electronics devices, DVDs and more. Polycarbonate is used in passenger car for interior and exterior body parts for having rigidity and excellent creep resistance. Hence, the increasing production and exportation of vehicles are boosting the demand of polycarbonate sheets. According to “India Brand Equity Foundation (IBEF)”, the exportation of automobile reached 4.77 million vehicles in FY20 and growing at a CAGR of 6.94% during FY16-FY20. However, because of lightweight this sheet allows virtually possibilities to design OEMs and also increase efficiency, easy installation and reduce overall transportation costs. According “IBEF”, OEMs supplies contribute domestically 55.97% of the automotive industry turnover. Thus, increasing exportation number of vehicles are contribute to market growth in polycarbonate sheets industry.
Polycarbonate Sheets Market Segment Analysis - By Geography
Asia Pacific dominated the polycarbonate sheets market in 2020 with a share of more than 40%, due to increasing R&D activities related with polycarbonate sheet and increasing demand form end use industries such as automotive, building & construction, medical sector, and more in the region. In January 2018, “SABIC” launched “LEXAN CXT” resin, a new line of high-clarity, high-heat, and injection moldable polycarbonate copolymer resin used in the optical electronics, consumer & industrial, and healthcare industries applications. With this launch, the company has strengthened its portfolio of polycarbonate sheets. Moreover, according to the “China Association of Automobile Manufacturers (CAAM)”, China’s auto sales may grow around 4% to 26.3 million units in 2021. Additionally, according “IBEF”, Asia Pacific accounted for a volume share of 29 % during FY19 in Indian auto component exports. Thus, rising demand for automobile in the countries such as India and China to change living standards in the region is another factor expected to boost the growth of the polycarbonate sheets market.
Polycarbonate Sheets Market Drivers
Increasing Demand from Building and Construction
Polycarbonate is a transparent thermoplastic sheet which is ideal between commodity plastic and engineered plastic. it is very durable, absorbs moisture, water resistant, and chemical resistant that these are used for panel roofing, sky lighting, window for UV protection, and more. Thus, the demand of green building construction is expected to influence the polycarbonate sheets market. For instance, according to “IBEF”, the market of Indian green building is expected reach around 10 billion sq ft by 2022 worth at USD 35 billion to USD 50 billion. Green buildings can reduce 20%-30% consumption of energy, water usage by 30%-50% and significantly reduce waste generation during recycling. However, the increasing uses form buildings of corrugated multiwall sheets for protection with harmful rays, which will boost the polycarbonate sheets market.
Increase Demand of Polycarbonate Sheet for ID Cards Printing
Polycarbonate is used in ID cards because sheet is particularly resistant to scratches, have a high stability, long lasting, and durable. Polycarbonate is an increasingly popular choice in many countries worldwide because it enhances the level of security of ID cards. Swiss ID card was one of the first ID using polycarbonate and UK passport is the latest document to integrate polycarbonate for its new 2020 blue edition. These cards are manufactured using a wide range of plastics, including polycarbonate sheets. The intertwined layers of plastic make it virtually impossible to swap document information or photos without destroying the document and making it useless. The growing demand for glazing security will boost the growth of the polycarbonate sheets market near future.
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Polycarbonate Sheets Market Challenges
Decline in Automotive Industry
Polycarbonate sheets are excellent lighter sheet thus these are used in vehicles for increasing fuel efficiency. But due to COVID-19 the automotive industry has degrowth in production of vehicles, which can be hamper the market growth of polycarbonate sheet. For instance, according to the “International Organization of Motor Vehicle Manufacturers (OICA)”, the global automotive production fell by 16% in 2020. Also, United States saw automotive production drop by 19% combined 8,822,399 cars and commercial vehicles in 2020. However, the automotive production in Europe was fall by 21% on average, South America more than 30% and Africa slid more than 35%. thus, all such factors may hamper the demand of polycarbonate sheet.
Fluctuating Raw Material Prices
Polycarbonate derived from crude oil, which is extracted from under the ground. Crude oil is used as feed stocks for petrochemical crackers that produce the basic building blocks for making plastics. Crude oil is the major source of carbon production for plastic, which is a type of variant made from renewable materials. In recent time, the oil market is very slow; hence the fluctuation of crude oil prices can hamper the commodity plastic market as well as polycarbonate sheets market. For instance, according to “BP statistics” global oil production fell slightly by 60,000 b/d with sharp declines in Iran (-1.3 million b/d), Venezuela (-560,000 b/d) and Saudi Arabia (-430,000 b/d), these are highest oil production.
Polycarbonate Sheets Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the polycarbonate sheets market. Major players in the Polycarbonate Sheets Market are SABIC Innovative Plastics, Plazit Polygal, Samyand Kasei, 3A Composites, Arla Plast AB, Chi Mei Corporation, LG Chem Ltd., UNIGEL, Lotte Chemical, Teijin Ltd., Takaroku Shoji Company Limited, and among others.
Acquisitions/Technology Launches
In January 2020, Exolon Group signed a deal with Covestro AG for the acquisition and Covestro AG signed a deal with Serafin Group for the sale of its European polycarbonate sheets business. It includes manufacturing units in Belgium and Italy, central management operations, and sales support in Europe.
In July 2019, Lotte Chemical and GS Energy agreed to invest around KRW 800 billion in a large-size petrochemical business. The deal was to ensure a stable supply of polycarbonate materials and for the growth of the C4 oil business.
Key Takeaways
Asia-Pacific dominates the polycarbonate sheets market owing to increasing demand for transparent sheet in from various industries such as construction, automobile, and greenhouse.
According to “India Brand Equity Foundation (IBEF)”, In FY19, 10,855 km of highways were constructed. Thus, the Indian Government aims to construct 65,000 km of national highways worth at Rs 5.35 lakh crore (US$ 741.51 billion) by 2022.
Increasing adoption of polycarbonate sheets in construction industry due to its durability, strength, and ease to fit without and cracking will increase the market demand for polycarbonate sheets market.
Increasing usage of sheets in residential sector for panel roofing will exhibit growth of the polycarbonate sheets market during this forecast period.
Related Reports :
A. Global Polycarbonate Sheets and Films Market
https://www.industryarc.com/Research/Global-Polycarbonate-Sheets-Films-Market-Research-502858
B. Polycarbonate Resin Market
https://www.industryarc.com/Report/1257/polycarbonate-resin-market-analysis.html
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