31st December 2019 – 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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