Polycarbonate Market Growth, Trends, and Forecast by 2031

[Research Report] The polycarbonate 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.

MARKET ANALYSIS

Polycarbonate, a transparent thermoplastic with carbonate functional groups, is lightweight and an excellent alternative to glass. The high strength of polycarbonate makes it resistant to impact and fracture. Polycarbonate is melted and forced into a mold with high pressure to provide desired shape as required for various applications. It is highly accepted in industries owing to its eco-friendly processing and recyclability.   

GROWTH DRIVERS AND CHALLENGES

Expansion of the electronics and construction industries bolsters the polycarbonate market growth. Polycarbonate is a good source of insulation. This makes it a great material for situations where there are possibilities for electrical arcing or shorting. Polycarbonate is electrical resistant, which makes it ideal for installations where electronics are located near water. The electronics industry is one of the largest and fastest-growing industries in the world. According to Invest India, the global electronics manufacturing services market is anticipated to reach US$ 1,145 billion by 2026, at a CAGR of 5.4% during 2021–2026 (the forecast period). The India Brand Equity Foundation states that the Indian electronics manufacturing industry is projected to reach US$ 520 billion by 2025. The electronic industry is subject to strict quality standards and regulations to ensure the safety, performance, and reliability of electronic products. Polycarbonate is used for manufacturing electronic components such as LCD screens, touchscreens, and computers. The dimensional stability and optical clarity make polycarbonate ideal for these applications, as it can protect the internal components from damage and provide clear and consistent images. Furthermore, polycarbonate is used for various applications, including sound barriers, skylights, and roofing. Its UV stability and high impact resistance make it ideal for outdoor applications, as it can withstand exposure to harsh weather conditions and provide long-lasting performance. The construction industry in numerous countries across the world is rapidly growing. Rise in government investments and increase in demand for residential constructions propel the growth of the construction industry, which drives the polycarbonate market growth. Polycarbonate sheets are known for their high impact resistance, transparency, UV resistance, durability, and versatility. Thus, homeowners and builders are increasingly turning to polycarbonate sheets for applications such as roofing, skylights, and wall claddings. The growing emphasis on energy efficiency and sustainability in residential construction propels the demand for polycarbonate sheets. These sheets are often used in energy-efficient building designs to enhance natural lighting while maintaining insulation properties. This reduces energy consumption and aligns with the environmental goals of many construction projects, contributing to the market's growth. Further, European countries are creating and strengthening their infrastructure by enacting reforms and legislation, which drives the growth of the real estate and infrastructure industries. According to the European Construction Industry Federation, the volume of permits for new buildings (excluding civil engineering) in Germany was US$ 130 billion in 2021, 8% more than in 2020. The governments and regulatory authorities in Asia Pacific focus on additional infrastructure investment. In India, the growth in construction activities is driven by growing industrialization, increasing population, rising middle-class income, and increasing infrastructure development. According to the National Investment Promotion & Facilitation Agency (India), the Indian construction industry is projected to reach US$ 1.4 trillion by 2025. Thus, the utilization of polycarbonate coupled with the expansion of electronics and construction industries, owing to its advantages, is contributing to the growth of the polycarbonate market.

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Polycarbonate Market: Strategic Insights

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REPORT SEGMENTATION AND SCOPE

The "Global Polycarbonate Market Forecast to 2030" is a specialized and in-depth study with a significant focus on market trends and opportunities. The report aims to provide an overview of the market with detailed market segmentation on the basis of product type, process, application, and geography. The global polycarbonate market has witnessed significant growth over the past few years and is expected to continue this trend during the forecast period. The report provides key statistics on the use of polycarbonate worldwide, along with their demand in major regions and countries. It also provides a qualitative assessment of various factors affecting the market performance in major regions and countries. The report also includes a comprehensive analysis of the leading market players and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the significant revenue pockets.

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global polycarbonate market, which helps understand the entire supply chain and various factors affecting the market growth.

SEGMENTAL ANALYSIS

The global polycarbonate market is segmented on the basis of product type, process, and application. In terms of product type, the market is segmented into d sheets and films, blends, tubes, and others. Based on process, the market is bifurcated into extrusion and injection molding. By application, the market is segmented into transportation, building and construction, electrical and electronics, optical media, medical devices, and others.

Based on product type, the blends segment held a significant global polycarbonate market share in 2022. By process, the injection molding segment held a larger market share in 2022. Based on application, the electrical and electronics segment led the market with a significant market share in 2022.

REGIONAL ANALYSIS

The report provides a detailed overview of the global polycarbonate market with respect to five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. APAC accounted for a significant part of the global polycarbonate market share and was valued at ~US$ 9 billion in 2022. China is a major contributor to the market growth in this region. North America is also expected to witness notable growth, reaching ~US$ 4 billion by 2030. Furthermore, in Europe, there has been a widespread use of polycarbonate. The polycarbonate market in Europe is expected to report a CAGR of ~5% from 2022 to 2030.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

Partnerships, acquisitions, and new product launches are a few prominent strategies adopted by the players operating in the global polycarbonate market.

In January 2021, Plaskolite LLC introduced TUFFAK CA, a flame-resistant, optical-grade, transparent polycarbonate sheet for interior applications. TUFFAK CA delivers performance without compromising the impact strength and high optical clarity expected of polycarbonate sheets.

Polycarbonate Market Regional Insights

The regional trends and factors influencing the Polycarbonate Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Polycarbonate Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Polycarbonate Market Report Scope

Polycarbonate Market Players Density: Understanding Its Impact on Business Dynamics

The Polycarbonate Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Polycarbonate Market are:

1. Covestro AG
2. LOTTE Chemical CORPORATION
3. Mitsubishi Chemical Group Corporation
4. SABIC
5. TEIJIN LIMITED

Disclaimer: The companies listed above are not ranked in any particular order.

IMPACT OF COVID-19 PANDEMIC/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION

Lockdowns, travel restrictions, and business shutdowns due to the COVID-19 pandemic adversely affected economies and industries in various countries across the globe. The crisis disturbed supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. These disruptions restricted the availability of raw materials. It caused delays in production and increased costs, negatively impacting the polycarbonate market.

The global marketplace is recovering from the losses as governments of different countries have announced relaxation in the restrictions. Manufacturing activities are rebounding as countries gradually recover from the pandemic and vaccination efforts continue. Manufacturers are permitted to operate at full capacity to overcome the supply gap. Thus, the global polycarbonate market is anticipated to grow strongly during the forecast period.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

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 a few of the major players operating in the global polycarbonate market.