According to a research report by Stratview Research, the polycarbonate market was estimated at USD 23.02 billion in 2022 and is likely to grow at a CAGR of 5.53% during 2023-2028 to reach USD 31.91 billion in 2028.
What is polycarbonate?
Polycarbonates can be defined as a group of thermoplastic polymers that contain carbonate groups in their chemical structures. Such materials are strong and some grades are even optically transparent. The utility of polycarbonate is endless that includes transportation, electrical & electronics, construction, and packaging to name a few.
COVID-19 Impact on the polycarbonate market.
Polycarbonate, a sizeable market, also was unable to escape the pandemic and witnessed a decline in sales in 2020 the pandemic. However, due to demand from various end-use industries, the market started to rebound from the year 2021. The polycarbonate market is likely to see healthy growth in the forecast period.
The polycarbonate market has been experiencing significant growth in recent years, driven by several key factors. Here are a few drivers behind the growth of the global market for polycarbonate market-
- Polycarbonate, owing to its properties like lightweight, high-strength, and impact resistance, is widely used in automotive applications such as interior and exterior components, lighting systems, glazing, electrical connectors, etc. With the growing demand for fuel efficiency and reduced emissions, the adoption of polycarbonate helps automakers achieve weight reduction while maintaining safety and design flexibility.
- Polycarbonate finds widespread use in construction applications, including in roofing sheets, cladding panels, safety glazing, etc. Owing to its excellent transparency, durability, and thermal insulation properties, polycarbonate is becoming a preferred choice for modern architectural designs.
- The growing consumer electronics market also fuels the demand for polycarbonate, as it is widely used in this industry owing to its flame resistance, and excellent electrical insulation properties.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
Based on the application type, the market is segmented as transportation, electrical & electronics, construction, packaging, consumer goods, optical media, medical devices, and others. The transportation segment accounted for the largest share in 2022 and is likely to maintain its dominance during the forecast period. The growth of the segment is owing to the rising demand for polycarbonate in headlamp lenses, lighting systems, exterior parts, and interior components of automobiles.
In terms of regions, Asia-Pacific is estimated to be the largest market for polycarbonates during the forecast period. The Asia-Pacific market is expected to expand with a lucrative CAGR due to the establishment of automotive manufacturing plants in the region by various American and European automobile giants coupled with a growing population and investment in infrastructure and construction projects in the region.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
Leading Players Covered in the forklift truck market Report:
- Bayer Materialscience Ag
- Teijin Ltd.
- Mitsubishi Engineering-Plastics Corporation
- Chi Mei Corporation
- Formosa Chemicals & Fiber Corporation
- LG Chem Ltd.
- Samsung Sdi Co., Ltd.
- Thai Polycarbonate Co. Ltd.
- Trinseo LLC
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