Polycarbonate Market is expected to reach US$ 24,784.52 million by 2030

Asia Pacific Dominated Polycarbonate Market in 2022

According to our latest market study on “Polycarbonate Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type, Process, and Application,” the market size was valued at US$ 16,148.94 million in 2022 and is projected to reach US$ 24,784.52 million by 2030; it is anticipated to record a CAGR of 5.5% from 2022 to 2030. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

In 2022, Asia Pacific dominated the polycarbonate market. The polycarbonate market in Asia Pacific has reported major growth in recent years, owing to the presence of a well-established manufacturing sector. Countries in the region witness a rise in urbanization and growth of the construction, electronics, and automotive industries, which would offer ample opportunities for key players in the polycarbonate market during the forecast period. Asia Pacific is a global hub for the production and exports of technical consumer goods (TCG), including consumer electronics such as laptops, computers, cellphones, radio sets, sound systems, televisions, and others, as well as other essential electronic parts and small and big domestic appliances. According to the Association of Southeast Asian Nations, the electronics sector accounts for 20% to 50% of the total value of exports of most countries in Asia. All these factors propel the growth of the polycarbonate market in Asia Pacific. Asia Pacific is also home to major automotive companies, including Toyota Motor Corporation; Tata Motors Ltd.; Hyundai Motor Company; Nissan Motor Co., Ltd.; and Honda Motor Co., Ltd. According to a report published by the China Passenger Car Association, in 2022, Tesla Inc. delivered 83,135 made-in-China electric vehicles, indicating growth in sales of electric vehicles from 2021. China is one of the largest markets for polycarbonate, driven by the country's large construction and automotive set-up. China is one of the fastest-growing economies in the world. Almost all industries in the country are flourishing due to improving living standards, increasing population, and growing per capita income. China is expected to spend US$ 13 trillion yearly on the construction of buildings by 2030. According to the National Bureau of Statistics of China, the construction output value in the country grew from US$ 1.51 trillion in 2010 to US$ 4.18 trillion in 2020. In addition to the continuous population growth, rising household income levels and increasing number of people migrating from rural to urban areas favor the proliferation of the construction industry in the country, thereby boosting the demand for polycarbonate. Further, the Chinese government aims to raise the cumulative production capacity of automobile manufacturers in the country to 35 million units by 2025. It has taken several initiatives to fulfill this goal. According to the 2022 report by the International Energy Agency, China recorded electric vehicle sales of 3.3?million in 2021. Thus, the progressive automotive industry is anticipated to propel the polycarbonate market in China during the forecast period. However, several emerging enterprises looking for cost-efficient manufacturing units are venturing into the Indian marketplace. Many international chemical and materials manufacturers are setting up their production units in India due to the remarkable availability of a low-cost workforce in the country. According to Invest India, estimated FDIs in the construction development sector (housing, townships, built-up infrastructure, and construction development projects) and construction (infrastructure) activities rose from US$ 24.72 billion in March 2021 to US$ 26.08 billion in April 2022. By 2025, the construction business in India is expected to rise to stand as the third largest in the world. The stable growth of the building & construction industry drives the growth of the polycarbonate market in India. 

Global Polycarbonate Market Breakdown – by Region

Covestro AG; LOTTE Chemical CORPORATION; Mitsubishi Chemical Group Corporation; SABIC; TEIJIN LIMITED; Formosa Chemicals & Fibre Corp.; LUXI GROUP; Idemitsu Kosan Co., Ltd.; Entec Polymers; and Trinseo are among the major players operating in the global polycarbonate market. Many market players are focused on developing high-quality, innovative product offerings to fulfill the customer’s requirements.

Impact of COVID-19 Pandemic on Global Polycarbonate Market

In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 outbreak disrupted the supply chain of key raw materials and hampered the polycarbonate market growth. The adverse effects of the pandemic on various end-use industries such as construction, automotive, and electronics reduced the demand for polycarbonate from these industries across the world.

Various economies have started reviving their operations post COVID-19. As a result, the demand for polycarbonate has started increasing. The rising use of polycarbonate in end-use industries is expected to offer opportunities for the global polycarbonate market during the forecast period.

The report includes the segmentation of the global polycarbonate market as follows:

The global polycarbonate market, based on product type, is segmented into sheets and films, blends, tubes, and others. By process, the market is bifurcated into extrusion and injection molding. Based on application, the market is segmented into transportation, building and construction, electrical and electronics, optical media, medical devices, and others. By region, the global polycarbonate market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is further categorized into Australia, India, Japan, China, South Korea, and the Rest of Asia Pacific. The market in the MEA is subsegmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. Further, the global polycarbonate market in South & Central America is categorized into Brazil, Argentina, and the Rest of South & Central America.

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