The increasing utilization of polycarbonate in the packaging of baby bottles, garden equipment, furniture, water dispensers, and sporting products is helping to the polycarbonate market growth during the forecast period.
Newark, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Brainy Insights estimates that the polycarbonate market will grow the USD 21.75 billion in 2022 and reach USD 32.36 billion by 2030. In just eight years, increasing government construction projects and growing infrastructure developments are also helping to drive market growth. Further, the increasing industrialization and the growing adoption of hollow polycarbonates for manufacturing thermally-insulated consumer electronic devices like laptops, smartphones, computers, etc., are also anticipated to drive market growth during the forecast period.
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Key Insight of the polycarbonate Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the polycarbonate market. Key factors favouring the growth of the polycarbonate market in North America include the development of bio-based polymers and the evolution of construction & real estate sectors in the country. Further, the high GDP growth rate in the developing regions increased usage of the electric vehicle, and the increasing adoption of the extrusion sheet in the packaging and furniture industries are expected to drive market growth in this region.
The extrusion segment held a market size of 9.16 billion in 2022
The extrusion segment is anticipated to dominate the market over the forecast period owing to the rising demand for high-performance polycarbonate sheets. Further, extrusion is a manufacturing process that pushes the base material or plastic via a pre-forming mold to produce various products with specific shapes & sizes. Also, the extruded polycarbonate is utilized in a variety of customer applications, heavy trucks, electrical components, recreational vehicles, automotive parts, corner guards, trim parts, frames, housings, fairings, marine goods, equipment housings, cable raceways, sporting goods and outdoor lighting equipment, windows, roofing material, medical applications etc.
The sheets segment is anticipated to dominate the market by 35.13% in 2030
The sheets segment is anticipated to dominate the market in the forthcoming years, owing to the increasing trend of polycarbonate against conventional materials. Further, the governments in multiple advancing countries are investing in infrastructure development is also helping to boost the market growth. Moreover, the polycarbonate sheet is extensively utilized for panel roofing due to its flammability, high optical clarity, and heat resistance. Also, the building and construction industry generates demand for polycarbonate sheets. Further, by 2030, the film segment will likely dominate the market due to the construction sector's better environmentally friendly & recyclable properties.
The medical segment accounted for the largest market share of 28.18% in 2022
The medical segment held the largest share in the global polycarbonate market, owing to the increasing use in the pharmaceutical, food, and beverage industry to produce food storage containers, dialysis, water bottles, and respiratory devices. The electrical and electronics segment exhibited the highest CAGR during the forecast period owing to the high heat resistance & flame retardancy properties.
Polycarbonate Market Scope:
Growth momentum & CAGR
Accelerate at a CAGR of 5.90%
Market growth 2022-2030
USD 32.36 billion
APAC, Europe, North America, South America, and MEA
Performing market contribution
North America to account for the largest market size during the forecast period.
Leading companies, competitive strategies, consumer engagement scope
Covestro AG,Chi Mei Corporation,Mitsubishi Engineering Plastics Corp.,Formosa Chemicals & Fibre Corporation,Lotte Chemical Corporation,Idemitsu Kosan Co. Ltd.,LG Chem,Trinseo,SABIC,Teijin Limited
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period.
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Advancement in market
In July 2021, SABIC Company introduced ISCC-certified polycarbonate sheets and film made from sustainable feedstock.
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Driver: The rising popularity of thermoplastics against conventional materials:
The increasing awareness regarding the advantages of polycarbonate among manufacturers is the driving factor of the market growth. The easy availability & cost-benefit are increasingly making plastics a suitable alternative to traditional materials, including stainless steel, glass, wood, and ceramics. Further, the ever-increasing population worldwide and the growing disposable income propel market growth. Moreover, the rising demand for plastics and environment-friendly products is also helping to boost the market growth.
Restraint: The fluctuations in the cost of raw materials:
The volatile price of the raw materials used to make polycarbonate is restraining the market growth. The primary raw material utilized in the production of polycarbonate is crude oil. Most raw materials used for making polycarbonate sheets are petroleum-based, making them sensitive to commodity price volatility. Therefore, price-sensitive consumers and import threats impact polycarbonate sheet suppliers. Further, the environmental effects of polycarbonate sheets and the BPA used in food packaging and medical applications hamper the market growth. Also, high costs related to different metals, safety issues, and product durability are restraining the market growth. Moreover, the rising environmental concerns about the difficulty of recycling these polymers, which can harm terrestrial and aquatic species, hamper the market growth during the forecast period.
Opportunity: The increasingly investing in infrastructure development:
The rising investment by key manufacturers in developing public infrastructure is an opportunity factor for market growth. Further, expanding the mass transit systems and increasing demand for customer goods are also helping boost market growth. Moreover, the advancements in technologies like virtual reality (VR) devices, wearables, augmented reality (AR) devices, sensors, and drones are driving market growth during the forecast period. Apart from this, the rising adoption and usage of plastic extruded sheets in the construction and automotive industries are also helping to stimulate market growth.
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Some of the major players operating in the polycarbonate market are:
• Covestro AG
• Chi Mei Corporation
• Mitsubishi Engineering Plastics Corp.
• Formosa Chemicals & Fibre Corporation
• Lotte Chemical Corporation
• Idemitsu Kosan Co. Ltd.
• LG Chem
• Teijin Limited
Key Segments cover in the market:
• Injection Molding
• Automotive Packaging
• Consumer Goods
• Optical Media
• Electrical and Electronics
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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