Polycarbonate Market Scenario
The global polycarbonate market is presumed to garner USD 1 trillion during the forecast period (2018-2023) owing to the increasing demand from the end-use industries such as consumer goods, automotive, and electronics, asserts Market Research Future (MRFR). Polycarbonate can also be referred to as a thermoplastic polymer which occurs in a transparent crystalline form and exhibits great toughness and high impact strength at low temperature. Polycarbonates are resistant to moisture, resistant to chemical and electric, has better heat, and exhibit good thermal stability and oxidative.
Polycarbonate Market Drivers and Restraints Impacting the Market
Polycarbonate is a highly versatile type of thermoplastic and is extensively used in electronics and automotive industry, besides construction, medical, and agricultural industries. Such applications require high durability, light weight, easy processability, and better tear and heat resistance. Such factors are presumed to augment the market growth during the assessment period. High demand from major end-use industries such as consumer goods, automotive, and electronics are further likely to propel the market growth in the coming years.
On the flip side, volatile prices of raw materials are considered to retard the global polycarbonate industry growth during the estimated period. Moreover, due to its chemical properties, polycarbonate is used in products used only once and not repeatedly. This is likely to inhibit the market growth in the coming years.
Global Polycarbonate Market: Segmental Analysis
The global COVID-19 analysis on polycarbonate market report has been segmented on the basis of application and region.
By mode of application, the polycarbonate market size has been segmented into electrical and electronics, medical devices, packaging, consumer goods, building and construction, automotive, and others. Among all the regions, the electrical and electronics sector is estimated to remain the key application area during the review period. Polycarbonates are extensively used for producing connectors, power housing, battery boxes, and household appliances which is considered to propel the market growth in the coming years.
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Polycarbonate Market Regional Insights
Geographically, the polycarbonate market demand span across five major regions namely, Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America.
Among all the regions, Asia Pacific region is presumed to dominate the global polycarbonate market. The growth is attributed to the rapid industrialization in this region. Moreover, funding for transportation and infrastructure and favorable government policies are likely to foster the market growth in this region. Also, growing disposable income, changing lifestyle, and shifting consumer trends are favoring the packaging and automotive industry, which is anticipated to fuel the growth of the regional market.
The North American region is estimated to hold the second position in the global market owing to a steady rise in the use of polycarbonate in packaging and automotive industry, and in reconstruction activities.
Europe is considered to hold a significant share in the global polycarbonate market due to the use of such materials in the industrial and automotive application.
The major players operating the global market are Covestro (Germany), SABIC (Saudi Arabia), EVONIK INDUSTRIES AG (Germany), Bayer AG (Germany), Teijin Limited (Japan), LG Chemicals (South Korea), Formosa (U.S.), Mitsubishi Engineering Plastics Corp. (Japan), Asahi Kasei Chemical Corporation (Japan), and Idemitsu Kosan Co. Ltd. (Japan).
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.