The global Polycarbonate Market is estimated to be valued at US$ 162.07 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polycarbonate is a tough and impact-resistant thermoplastic. It provides shatter resistance and dimensional stability at high temperatures. Due to its optical clarity and impact resistance, polycarbonate is widely used in applications such as electronic equipment housing, medical devices, automotive lighting and components, and optical storage media.
Market key trends:
One of the key trends in the polycarbonate market is the rising demand from the medical devices industry. Polycarbonate possesses properties such as high impact strength, chemical resistance, optical clarity and heat resistance which make it suitable for medical applications. It is used in the manufacturing of medical equipment such as syringes, vials, dental equipment, diagnostic equipment and surgical/medical instruments. The demand for polycarbonate from the medical devices industry is expected to increase significantly over the forecast period owing to the growing healthcare sector worldwide.
SWOT Analysis
Strength: Polycarbonate has high impact strength, heat resistance and dimensional stability. It is lightweight and provides durability.
Weakness: Polycarbonate is relatively expensive than alternatives like acrylic. It has low scratch resistance and breaks at lower temperatures compared to other plastics.
Opportunity: Increasing demand for polycarbonate from automotive and construction industries due to advantages like durability and impact resistance. Growing demand for bulletproof and security glazing windows also provides opportunities.
Threats: Stringent environmental regulations around plastic disposal and recycling. Development of alternative materials like carbon fiber composites poses a threat.
Key Takeaways
The global polycarbonate market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing use in automotive and construction industries. Polycarbonate is increasingly being used to manufacture various automotive components due to advantages like lighter weight and durability.
Regional analysis
Asia Pacific dominates the global polycarbonate market and is expected to continue its dominance during the forecast period. This is attributed to presence of emerging economies like China, India and Indonesia where demand for polycarbonate is high from automotive and construction industries. China dominates the Asia Pacific region due to presence of vast manufacturing sector. North America and Europe are other major markets for polycarbonate due to developed end-use industries.
Key players operating in the polycarbonate market are SABIC Innovative Plastics, Chi Mei Corporation, Teijin Limited, Mitsubishi Engineering-Plastics Corporation, Idemitsu Kosan Co., Ltd., Styron, Royal DSM, Centroplast Engineering Plastics GmbH, Asahi Kasei Chemical Corporation, and Bayer Material Science. Key players are focusing on strategic partnerships to expand their product portfolio and geographical footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
