Polycarbonate (PC) Market: Global Industry Size, Share, Growth, Analysis, and Forecast 2030
According to ChemAnalyst report, “Global Polycarbonate (PC) Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Polycarbonate market has shown considerable growth in historic period and is anticipated to achieve a healthy CAGR of 5.4% during the forecast period. As the demand of Polycarbonate is rapidly increasing in automotive and electronics industry due to its outstanding toughness, thermal resistivity, transparency and flexible features, it is anticipated to boost the Polycarbonate market in upcoming years. Increasing population and urbanization is propelling the demand of Polycarbonate for building materials, automobiles, electronic devices, and other consumer products. The production of Polycarbonate is highly associated with safety standards on environment as it is highly sustainable and eco-friendly which further enhances the compliance standards.
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Polycarbonates (PC) are basically a well-known group of thermoplastic polymers that contains the carbonate groups in their chemical structure. PC possesses high impact strength, dimensional stability and good electrical properties. High strength of polycarbonates makes it resistant to fractures thus provides safety and reliability for various applications especially in automotive sector. Polycarbonate provides 100% protection from UV by blocking harmful radiations. It also offers brilliant optical and mechanical properties. PC is manufactured by the condensation polymerization of bisphenol A (C15H16O2) and phosgene (COCl2). As it is a strong thermoplastic material and have a high temperature resistance, it makes an interesting choice as a 3D printing filament. Majority of the applications of Polycarbonates are recyclable which makes it a better option for many manufacturing industries. Several global authorities including European Commission's Scientific Committee on Food, US FDA, UK Food Standards Agency have recognized PC safe for food contact applications. Many companies have started the production of Bio based PC which has a similar molecular structure with increased durability. Korea Research Institute of Chemical Technology (KRICT) created a Bio-PC from glucose which is likely to push the demand of polycarbonates in the future.
Being a key end user of Polycarbonate, the automotive industry uses lightweight exterior and interior parts made from PC. Due to its vast properties, polycarbonates enable automakers to sleek introduce curves and desirable designs for automobiles while reducing its components weigh up to half a percentage. Polycarbonates and its blends serve major exterior automotive applications served including automotive glazing, backlights, panoramic roof panels and side windows. Incredibly surging consumer demand for trendy automotive designs which is formulated with component functionality besides maintaining its luxurious appearance would accelerate the demand for Polycarbonate during the forecast period. Surging demand for technologically advanced and innovative gadgets will further support the growth of market in the upcoming years.
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In 2020, due to the sudden outbreak of COVID-19 has created a large shift in the consumption patterns of Polycarbonate worldwide. The demand of Polycarbonate especially from the automotive sector remained shut or operated at reduced rates due to limited supply and buying throughout the pandemic. Leading players of Polycarbonate recorded a huge decline in the first half of 2020 due to lack of exports from many consumer countries. However, players took a sigh of relief as the demand of PC from the medical sector increased. Many Players reported skyrocketing demand for PC resins for the manufacturing of Covid-19 test kits and in the production of ventilators. In addition, the demand was further bolstered by rising demand for clear protective screens across many covid infected countries.
Region wise, Asia Pacific region holds the largest share of Polycarbonate market worldwide. Due to aggressively increasing electrical & electronics industry propelled by the increased consumer spending on electronic goods. In Asia Pacific region, China holds the biggest market share accounting for more than 30% share of the PC market worldwide due to its increasingly expanding electronics sector.
According to ChemAnalyst report, Global Polycarbonate Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in global Polycarbonate market are SABIC, Covestro AG, Mitsubishi Engineering-Plastics Corporation, LG Chem, Formosa Chemicals & Fibre Corp., Lotte Chemical Corporation,Teijin Limited, Chi Mei Corporation, Idemitsu Kosan Co. Ltd. (Japan)and Others.
“Being linked to the downstream applications in automotive, building materials, electrical devices and others, the global Polycarbonate Industry has shown considerable growth along with increasing macro-economic factors and shifting consumer preference. It is anticipated that India is going to become the world's fifth largest consumer market in the forecasted years. In addition, growing per capita income in many Countries poised a stronger outlook to the country’s overall Polycarbonate demand. Due to the global crises, government restrictions on travel ban affected the global supply chain logistics which caused the immediate shortage of key feedstock chemicals hence increased the prices of Polycarbonate Meanwhile, China serves as the key growth region as well with sufficiently installed capacities and developing technologies. With emerging competitors across the Asian Polycarbonate market, it is extremely important to keep a focus on which region will grab the biggest market share during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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