Polycarbonate Market Set to Surge Significantly During 2031

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 Polycarbonate Market: Introduction

Transparency Market Research delivers key insights on the global polycarbonate market. In terms of revenue, the global polycarbonate market is estimated to expand at a CAGR of 6.2% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global polycarbonate market.

The global polycarbonate market is broadly affected by several factors, including increase in usage of polycarbonate in various applications of automotive, electronics, construction, optical media, and packaging sectors. Rise in global demand for automotive has led to significant increase in usage of polycarbonate. Moreover, increase in production and demand for application of industrial cleaners is expected to be a primary driver for the global polycarbonate market.

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Polycarbonate Market: Dynamics

Polycarbonates (PC) are a naturally transparent amorphous thermoplastic. They are made commercially available in various colors (perhaps translucent and perhaps not); the raw material allows for the internal transmission of light nearly in the same capacity as glass.

Polycarbonates are utilized to produce various materials and are particularly useful when impact resistance and/or transparency are a product requirement (e.g. in bullet-proof glass).

Polycarbonate materials are utilized in various components, such as acoustic panels, instrument panels, and anti-vibration panels, in the automotive industry. Strong support from the government and ad hoc tax incentives have led to high sales in the automotive industry in China. Increased local production of automobiles mitigates the issue of low plant capacity utilization of some of the local manufacturers in the country. This enables domestic brands to increase their market share. Thus, rise in demand for polycarbonate materials from various industries in China is projected to drive the polycarbonate market during the forecast period.

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Asia Pacific to Dominate Polycarbonate Market

In terms of region, Asia Pacific is likely to account for a large share of the global polycarbonate market. Asia Pacific is also likely to emerge as one of the regional markets with the most potential development possibilities.

Asia Pacific is expected to hold 59% share of the global polycarbonate market. Rapid industrialization due rapidly expanding economies, such as India and China, along with the high demand for cell phones and electronics in the region are major drivers of the market. Asia Pacific offers significant opportunities for manufacturers, as resin requirements from automotive and construction industries is expected to rise significantly due to rising investments in passenger car production and public infrastructure. China emerged as the leading consumer in Asia Pacific and accounted for nearly 60% share of the market in the region, in terms of volume in 2020. Against the backdrop of slowing GDP growth, China offers opportunities in the construction sector. Resumption of new housing and civil projects, as a result of monetary policy restructuring and liquidity easing, is a key factor that is anticipated to drive the demand for polycarbonate.

The COVID-19 pandemic has had a considerable impact on China's economic and industrial production operations. Moreover, China removed the country's lockdown in March 2020 and resumed different industrial operations. Construction is one of the country's most important industries. Even in the midst of a recession, the sector witnessed significant expansion. This is due to the country's view that investing in infrastructure would help promote economic development throughout the downturn. Following COVID-19, similar investments are expected in the construction industry to help the economy recover.

Following the implementation of lockdown in January, when practically all industries were shut down, construction activity in the country restarted in April.

China is the largest consumer of electric vehicles. In 2021, China's electric vehicles had increased more than 50%, after the modest 2020. Thus, increased electric vehicle sales in China is estimated to drive the polycarbonate market in China. China is one of the largest manufacturers of aircraft and one of the largest markets for domestic air passengers. According to the International Air Transport Association, IATA, in 2020, domestic air passengers in China stood at around 600 million, which is expected to cross 720 million by 2021. High demand for aviation has prompted the government to introduce an airport building program, which includes huge investments in terminals and runways.

The medical device industry in China has been expanding considerably for the last five years. Several overseas companies have expanded their business in China. The medical device industry was estimated to surpass value of US$ 100 Bn by the end of 2021.

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Lucrative Opportunities for Polycarbonate Market Players in Europe

Europe is likely to continue to remain a prominent market over the next few years. The consumer electronics market in the region is presently expanding at significant pace, driven by a similar flood of industrialization that has supported the automotive industry in the area. Polycarbonates have developed as an ideal materials for cell phones, due to their high effect opposition and light weight, which in turn is driving the global polycarbonate market.

Moreover, Europe is estimated to follow Asia Pacific, in terms of share of the global market, in the next couple of years, due to rising interest for lightweight vehicles and advancements in the automotive industry.

In North America, especially in the U.S., the electronics industry is projected to expand at a moderate pace. An increase in demand for new technological products is expected to boost the market in the near future.

Polycarbonate Market: Major Players

The global polycarbonate market is consolidated, with the presence of key players. Prominent players operating in the global polycarbonate include Teijin Limited, Bayer MaterialScience AG, Chi Mei Corporation, Centroplast Engineering Plastics GmbH, Asahi Kasei Chemical Corporation, Idemitsu Kosan Co., Ltd., Mitsubishi Engineering-Plastics Corporation, and ABIC Innovative Plastics.