Pune, India, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global polycarbonate market size was valued at USD 14.54 billion in 2022 and is expected to expand from USD 15.11 billion in 2023 to USD 21.88 billion by 2030, exhibiting a CAGR of 5.4% over the study period. The expansion can be credited to the dimensional stability, excellent creep resistance, higher light transmission, and toughness of the product. Moreover, when the product is blended with specific polymers such as Polyethylene Terephthalate, Acrylonitrile Butadiene Styrene, and Poly Methyl Methacrylate (PMMA), it demonstrates electrical conductivity.
Fortune Business Insights™ provides this information in its research report, titled “Polycarbonate Market, 2023-2030”.
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List of Key Players Mentioned in the Polycarbonate Market Report:
- Covestro AG (Germany)
- SABIC (Saudi Arabia)
- LOTTE Chemical CORPORATION (South Korea)
- TEIJIN LIMITED (Japan)
- Trinseo (U.S.)
- Idemitsu Kosan Co.,Ltd. (Japan)
- MITSUBISHI GAS CHEMICAL COMPANY, INC (Japan)
- CHIME (U.S.)
- Entec Polymers (U.S.)
- RTP Company (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.4 % |
| 2030 Value Projection | USD 21.88 Billion |
| Market Size in 2023 | USD 15.11 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 276 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Polycarbonate Market Growth Drivers | Growing Demand for Polycarbonate Diols to Boost the Market Growth. |
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https://www.fortunebusinessinsights.com/polycarbonate-market-108509
COVID-19 Impact:
Upheavals in Supply Chain and Trade Barriers Hindered the Market Growth
The market witnessed a scarcity of end products such as face sheet masks, sheets, medical equipment, and films due to supply chain disruptions caused by the lockdown. The imposition of trade restrictions by governments of various countries to contain the virus transmission further hindered the market growth. Thus, these factors led to a negative impact on the market growth during the COVID-19 era.
Segmentation:
Cost-efficiency of Standard Purpose Grade Accelerated the Segment Growth
On the basis of grade, the market is divided into flame retardant grade, food grade, standard purpose grade, medical grade, and others. The standard purpose grade segment accounted for the largest market share in 2022. The polycarbonate belonging to the standard purpose grade is cost-effective. This factor is driving the segment growth.
Utilization of Product in Coating Electrical Wire Propels the Segment Growth
With respect to application, the market is categorized into packaging, electrical, medical equipment, construction, automotive, and others. The electrical segment holds the largest market share in 2022. The electrical wires can be coated with the help of the product for the prevention of accidental damage caused by fire. This factor is bolstering the segment growth.
From the regional perspective, the market is divided into Latin America, the Asia Pacific, Europe, the Middle East & Africa, and North America.
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Report Coverage:
The report offers vital insights into the driving and restraining factors impacting the market growth. It further highlights the key segments, the latest trends, and the COVID-19 impact on the market growth. Other aspects of the report include the key strategic initiatives undertaken by leading market players to capture the largest share.
Drivers and Restraints:
Increasing Product Demand in End-use Applications Attributed to its Superior Properties to Boost Market Growth
One of the major factors driving the polycarbonate market growth is the surge in the demand for polycarbonate in end-use applications due to its excellent attributes. The product has a high demand in the plastic industry owing to its excellent physical and chemical attributes such as high chemical resistance, high flexural strength, cost-effectiveness, thermoforming, lightweight, and moisture resistance.
Despite such an expanding scope for product adoption, tightening regulations on plastic usage may impede the market growth.
Regional Insights:
Asia Pacific Dominated Due to Growing Construction Industry
The Asia Pacific held the largest polycarbonate market share in 2022. The expanding automotive, electrical, and construction industries in leading economies such as India, China, and Japan are driving the regional growth.
North America market growth is driven by the growing demand for fireproof electrical equipment in the region.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Polycarbonate Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken By Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
TOC Continued...!
Competitive Landscape:
Notable Companies Focus on Capacity Expansion Strategies to Increase Their Market Hold
The leading polycarbonate market players are devising various competitive strategies such as product innovations, partnerships, mergers and acquisitions, and others. Several companies are also deploying capacity expansion strategies to expand their market hold.
Key Industry Development:
May 2023- Trinseo announced the opening of a polycarbonate (PC) dissolution pilot hub in the Netherlands. This is a significant step in the company’s commitment to sustainability.
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