Dubai, UAE, March 20, 2023 (GLOBE NEWSWIRE) -- The latest market report by Extrapolate has stated that the global Polycarbonate Market was previously valued at USD 19.6 billion in 2021 and is projected to reach USD 36.7 billion by 2030 at a steady of CAGR of 6.2% during the forecast period 2022-2030.
Polycarbonate is a highly versatile thermoplastic. The product is experiencing an increase in demand for lightweight and durable materials in the automotive and aerospace industries, electronic devices, energy-efficient buildings, and medical devices and equipment.
Asia-Pacific is the largest consumer of polycarbonate, with China being the largest producer and consumer of polycarbonate in the world, accounting for over 60% of the global production capacity. Other major producers include the United States, Germany, Japan, and South Korea. However, the supply of polycarbonate is expected to remain tight in the near future due to various factors such as production disruptions caused by the COVID-19 pandemic and supply chain challenges.
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As per Extrapolate research, in 2022, total polycarbonate consumption was pegged at more than 5 million metric tons and is forecast to grow strongly over the coming years. Our study indicates that polycarbonate resin accounted for 13% of total phosgene consumption around the globe. Mainland China is the largest phosgene-producing and consuming country in the world, and that phosgene is used as a raw material in polycarbonate production. In line with this, several leading companies around the globe are targeting the Asia Pacific to region to expand their operation and capture more market share.
"We want to drive growth in the polycarbonate film business with innovation and a strong customer focus," said the Global Head of Specialty Films Aleta Richards. “In doing so, we aim to intensify our collaboration with customers in the Asia-Pacific region and expand our product portfolio for the circular economy.”
Key Insights:
- Covestro AG and SABIC Plastics together contributing approximately 40% of the global capacity of polycarbonate.
- Global production of polycarbonate was pegged at 5 million metric tons.
- Based on the end-user, the electrical and electronics segment is projected to witness significant growth with rapid digitalization.
- North America is anticipated to dominate as the largest market, with Asia-Pacific following as the second largest market.
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Competitive Landscape of Global Polycarbonate Market
The competitive landscape of the global polycarbonate market is competitive. The key players operating in this market are capturing lucrative opportunities by engaging in product development, strategic partnerships, and joint ventures to lower operational costs and maximize revenue streams. For instance,
- In March 2022, Covestro AG began the production of two polycarbonate compounding lines to fulfil the rising demand for compounded plastics in the automotive, electrical, and electronics industries.
- In August 2021, SABIC commercialized certified circular polycarbonate (PC) resin and blends as an advanced recycling solution to boost sustainable goods in the market.
Key Players:
- Covestro AG
- SABIC
- Mitsubishi Engineering-Plastics Corporation
- AGC Inc.
- Peerless Plastics & Coatings
- RTP Company
- Entec Polymers
- CHIMEI
- LOTTE Chemical CORPORATION
- TEIJIN LIMITED
Global Polycarbonate Market Segmentation:
By Product Type
- Sheets and Films
- Blends
- Others
Sheets & Films Segment to Propel Growth for Polycarbonate Market During Forecast Period
Polycarbonate sheets and films are majorly consumed across a range of end-user industries on account of its ability to high impact resistance, transparency, and thermal stability and UV resistance, especially making them well-suited for outdoor applications. In line with this, one of the largest application segments for polycarbonate films is displays, with applications such as touchscreens and LCD panels.
Global demand for polycarbonate sheets & films is projected to surpass 68.4 million metric tons by 2024. In 2021, Japan witnessed a production of 2.48 million tons of plastic sheets. Polycarbonate sheets and films are used in a wide range of applications, with the construction and automotive industries being the largest end-users. In 2021, the construction industry accounted for around 30% of the global demand for polycarbonate sheets and films, while the automotive industry accounted for around 20% of the share. On the other hand, the product has further witnessed a significant demand from the packaging industry.
However, the use of polycarbonate in food contact applications is regulated by various authorities around the world. For instance, the European Food Safety Authority (EFSA) has established a maximum allowable migration limit (MAML) of 0.6 mg/kg for polycarbonate in food contact materials (source: EFSA Journal). This has limited the consumption of polycarbonate sheets and film in the food packaging industry.
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By End-user
- Automotive & Transportation
- Electrical & Electronics
- Construction
- Medical
- Others
Electrical & Electronics Segment to Lead the Market Share
The demand for polycarbonate in the electrical and electronics industry is rapidly increasing due to its exceptional properties. Polycarbonate's high impact and temperature resistance makes it a reliable material for electronic components that need to withstand unforeseen circumstances or impacts. It has become the preferred choice for the most end-users in this industry due to its versatility and ability to be molded into complex shapes and designs, making it an ideal material for electronic components.
Polycarbonate's ability to withstand high temperatures up to 150°C makes it suitable for use in various applications exhibiting such temperatures, such as lighting fixtures and electrical enclosures. In addition, it is increasingly being used as an electrical insulator due to its excellent electrical insulation properties in the global polycarbonate market.
Moreover, polycarbonate is extensively used in the production of lenses, screens, and displays, among other applications in the electrical and electronics industry. Its unique properties make it a promising material for the industry, and its demand is expected to continue its growth trajectory in the coming years.
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North America Projected to Capture Third Largest Revenue Share
Research analysts at Extrapolate have projected that North America is projected to hold the third largest market share. In 2021, the production of polycarbonate resin in North America accounted for around 1.1 million tons, according to a report by the American Chemical Society. Covestro, Sabic, and Trinseo are most prominent players catering to the regional market. However, the consumption of polycarbonate resin in North America was recorded significantly higher than the production, 1.9 million tons in 2021. Wherein, the electrical and electronics industry emerged as the major consumer of polycarbonate in the region, along with the automotive, construction, and medical industries.
North America is a net importer of polycarbonate resin, with the majority of imports coming from Asia, particularly China. In 2021, the region imported around 720,000 tons of polycarbonate resin, while exporting around 130,000 tons. China is the largest exporter of polycarbonate resin to North America, accounting for around 60% of imports, according to a report by the Chemical Engineering News.
North America is experiencing a growing demand for sustainable and eco-friendly products, which has led to the development of new polycarbonate resins derived from renewable sources, such as biomass and recycled materials. Furthermore, the region has witnessed an increase in the use of polycarbonate resins in 3D printing applications, which is expected to drive the demand for the material in the coming years.
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Polycarbonate Market
Chapter 5. Global Polycarbonate Market Overview, By Product Type, 2017 - 2030 (USD Million)
Chapter 6. Global Polycarbonate Market Overview, By End-user, 2017 - 2030 (USD Million)
Chapter 7. Global Polycarbonate Market Overview, By Geography, 2017 - 2030 (USD Million)
...........
Chapter 13. Competitive Landscape
13.1. Competitive environment, 2021
13.2. Strategic framework
13.2.1. Partnership/agreement
13.2.2. Expansion
13.2.3. Mergers & Acquisitions
13.2.4. New Size development
Chapter 14. Key Vendor Analysis
14.1. Covestro AG
14.1.1. Company overview
14.1.2. Financial performance
14.1.3. Product Benchmarking
14.1.4. Recent initiatives
14.1.5. SWOT analysis
14.2. SABIC
14.2.1. Company overview
14.2.2. Financial performance
14.2.3. Product Benchmarking
14.2.4. Recent initiatives
14.2.5. SWOT analysis
14.3. Mitsubishi Engineering-Plastics Corporation
14.3.1. Company overview
14.3.2. Financial performance
14.3.3. Product Benchmarking
14.3.4. Recent initiatives
14.4. AGC Inc.
14.5. Peerless Plastics & Coatings.
14.6. RTP Company
14.7. Entec Polymers.
14.8. CHIMEI.
14.9. LOTTE Chemical CORPORATION.
14.10. Others
Chapter 15. Sourcing Strategy and Downstream Buyers
15.1. Polycarbonate Market Industrial Chain Analysis
15.2. Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
16.1. Marketing Channel
16.1.1. Direct Marketing
16.1.2. Indirect Marketing
16.1.3. Marketing Channel Development Trend
16.2. Market Positioning
16.2.1. Pricing Strategy
16.2.2. Brand Strategy
16.2.3. Target Client
16.3. Distributors/Traders List
Chapter 17. Market Effect Factors Analysis
17.1. Product Progress/Risk
17.1.1. Substitutes Threat
17.1.2. Product Progress in Related Size
17.2. Consumer Needs/Customer Preference Change
17.3. Economic/Political Environmental Change
Chapter 18. Future Outlook of the Market
Detailed TOC of the Polycarbonate Market @ https://www.extrapolate.com/toc/Chemicals-and-Advanced-Materials/polycarbonate-market/25761
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