Market Overview
- The Global Polycarbonates Market is expected to grow at a CAGR of 5.9% during the forecasting period (2020-2027).
- Polycarbonate (PC) is a transparent thermoplastic polymer containing carbonate groups in their chemical structures. PC is produced by a common method of polymerization between bisphenol A. During this process, toxic gases carbon monoxide and chlorine are emitted.
- Global polycarbonate resin production capacity was 5100 Kt in 2018 and it is expected to increase during the forecast period owing to growing demand from various ends use sectors such as electrical and electronics, automotive, and others. Asia-Pacific region is producing a high amount of PC as compared to other regions owing to their properties such as lightweight, durability & innovative potential in the plastics market.
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Market Dynamics
- It is a recyclable polymer that is most commonly used in medical gadgets, and it can also be supported as a substitute to PVC due to its superior properties such as durability at low temperatures, high-heat resistance, cold formability, high transparency, and excellent flammability resistance. Thus, growth in medical device production boosts the global PC market growth. According to ProMéxico, the total production value of the global medical device industry production value was increased by almost 14% from 2015 to 2017.
- Growth in the building and construction industry is also one of the factors that are propelling the market growth. Its high-performance properties of this plastic polymer make it a leading plastic material used in the construction industry. For instance, according to the European Construction Industry Federation, the construction sector in Europe has grown approximately 4% in 2018 from the previous year and reached EUR 264.860 billion.
- Polycarbonates are very expensive compared to plastic and glass. As a result, customers opt for other alternatives such as Acrylonitrile Butadiene Styrene this the major factor that is hindering global polycarbonate market growth.
Segmentation Analysis
- Based on the product form of the global polycarbonate market is broadly segmented as polycarbonate sheets, films, strips, and others. Among all these polycarbonate sheets accounted for a dominant market share. In the forecast period, it is expected to grow at the highest CAGR owing to the increase in their usage in many advanced applications. Also, they have the impact strength of about 200 times higher than the standard glass and 2 to 20 times higher than tempered glass and currently replacing the standard glass and toughened glass as they offer a perfect combination of light transmission, lightweight, high-impact strength, flame-resistance, UV protection, anti-drop properties, as well as better aesthetic appearance. Furthermore, these sheets are finding increasing applications in many fields, such as agriculture, automotive, industry, public buildings, sign and display, and ornaments.
- Based on the application the global polycarbonates market is segmented into automotive, medical devices, electrical & electronic, construction, and others. Of all these, the electrical and electronic sector occupied the major share in the market and is expected to grow at a higher pace during the forecast period. It is used in various electronic applications such as lighting applications, printed circuit boards, LED/LCD displays, labels and overlays, and others.
Geographical Analysis
- The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and Middle East & Africa. The Asia Pacific occupies the dominant share in the polycarbonates market and is expected to grow at a CAGR of XX% in the forecast period owing to the rapid growth in the population and urbanization which increases the demand for electronic components and automobiles. For instance, according to India Brand Equity Foundation (IBEF), the electronics market in India is expected to increase with a CAGR of 41.4 % to USD400 billion by 2020 from USD 100 billion in 2016.
Competitive Analysis
- The global polycarbonate market is considered to be fragmented in nature owing to the presence of many local and international players who are holding a significant share of the market. These players are trying to make new accomplishments to increase market competitiveness. Significant players in the global polycarbonate market are SABIC, Idemitsu Kosan Co., Teijin limited, Bayer Material Science AG, Covestro, Trinseo, Mitsubishi Engineering-Plastics Corporation, Chi Mei Corporation, Asahi Kasei Chemical Corporation, Ltd., and others.
Key Takeaways
- In February 2017, Asahi Kasei and Bluestar plan joined for mPPE business in China.
- In June 2017, Teijin Limited developed the world's first polycarbonate resin pillar-less automotive front window for use in the Tommykaira ZZ, a sporty electric vehicle (EV) produced by GLM Co., Ltd.
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