New York , Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global polycarbonate sheets market size is predicted to grow at a CAGR of over 5% from 2024-2036. The market is projected to garner a revenue of USD 3 billion by the end of 2036, up from a revenue of USD 2 billion in the year 2023. The major factor to dominate the market expansion is the growing demand for automotive. Globally automobile sales increased from approximately 65 million vehicles in 2021 to over 66 million vehicles in 2022. Comparable to polypropylene, polycarbonate is often employed for headlamp lenses and automotive bumpers due to its exceptional impact resistance. This type of automotive plastic is extremely resilient to weathering, enduring anything from heat and cold to rain and snow. ‘
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Furthermore, it is considered to be one of the sustainable options that is stated to reduce the pollution caused by plastic. Our annual plastic production exceeds about 379 million tons, and some reports indicate up to approximately 49 percent of it is used for single-use items, which are used for a few seconds but remain on the earth for several hundred years or more. An estimated 9 million tons of plastic are discarded into our oceans annually. Hence, the demand for polycarbonate sheets is predicted to grow to produce plastic which could make it easy for recycling.
Polycarbonate Sheets Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The Multiwall segment to garner the highest growth
- Market in North America region to grow at the highest rate
Rising Adoption of Solar Panels to Boost the Growth of Global Polycarbonate Sheets Market
In 2022, solar photovoltaic generation surged to a record over 269 TWh (up about 25%), approaching approximately 1299 TWh. In 2022, it outperformed wind for the first time in history and had the highest absolute generation growth of all renewable technologies. As a result, the market demand for polycarbonate sheets is predicted to rise. Polycarbonate is utilized in a wider range of applications, such as enclosures for solar components that require protection from UV rays, given to its ease of working, molding, and thermoforming.
Polycarbonate Sheets Industry: Regional Overview
The global polycarbonate sheets market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Electric Vehicles to Drive the Market Growth in Asia Pacific
The polycarbonate sheets market in Asia Pacific is predicted to gather share of approximately 31% over the forecast period. The growth of the market in this region could be influenced by rising demand for electric vehicles. As of 2021, Asia-Pacific is one of the world's top producers of electric cars (EVs). In 2021, the Asia-Pacific electric vehicle production market experienced double-digit year-over-year increase, with 122,243 units manufactured. Hence, the need for polycarbonate sheets is also growing in this region. Even in the absence of glass fiber fillers, polycarbonate materials have appealing qualities in terms of ductility and toughness, electrical characteristics, fire resistance, and dimensional stability over a broad temperature range.
Surge in Production of Aircraft to Influence the Market Expansion in North America
The North America market for polycarbonate sheets is estimated to have notable growth in the market over the coming years. The major element to dominate the expansion of the market in this region is the rising production of aircraft. In accordance with projections, there were roughly 204,404 general aviation aircraft in the United States in 2021, a rise over previous years.
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Polycarbonate Sheets Segmentation by Type
- Twin Wall
- Multiwall
- Corrugated
- Solid
The multiwall segment is projected to generate the highest market share of about 38% over the forecast period. The growth this segment is set to be dominated by growth in number of greenhouses owing to growing demand for food. According to an FAO briefing report, global food production must rise by about 69% by 2050 to feed everyone on the planet. Owing to the displacement of arable land and reduction in the total amount of agricultural land resulting from urbanization, greenhouse farming presents a potential alternative to help meet the growing demand for food from the population.
Polycarbonate Sheets Segmentation by End-User
- Electrical & Electronics
- Aerospace
- Defense
- Building
- Construction
- Automotive
- Transportation
The electrical & electronics segment is slated to gather the highest market share of ~46% over the forecast period. The major element to dominates the segment growth is the rising demand for electronics such as smartphones, laptops, and more. Close to 5 billion individuals utilize smartphones worldwide as of 2023, which entails that over 84% of people on the planet possess a smartphone.
A few of the well-known market leaders in the global polycarbonate sheets market that are profiled by Research Nester are Covestro AG, Saudi Basic Industries, Saudi Basic Industries Corporation, Brett Martin Ltd., Airex AG, Arla Plast AB, AGC Group, Evonik Industries AG, Palram Industries Ltd., and others.
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Recent Development in the Market
- In 2021, Covestro AG, a prominent global producer of superior polymer materials and their constituents, dispatched the initial climate-neutral polycarbonate from its Uerdingen, Germany, location. A confirmed life cycle study 10 states that this polycarbonate is climate neutral from the production gate to the cradle.
- Leading global player in the chemical sector, Saudi Basic Industries Corporation (SABIC), has introduced certified circular polycarbonate (PC) resin and blends derived from post-consumer mixed plastic upcycling.
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