The global polycarbonate market, pegged at US$18.12 bln in 2018, is expected to register a CAGR of 5.9%, to grow to US$28.77 by 2026, as per Reports and Data.
Increasing use as a substitute to thermoplastics such as PVC and increasing application of polycarbonate in industries such as electrical & electronics, and automotive is the most significant factor contributing to the market growth.
Escalating use of polycarbonates in the electrical & electronics industry is one of the most significant factors contributing to the growth of the market. In this industry, these materials are used in various applications which comprise household appliances like TV’s, power housing, connectors, and battery boxes. Increasing use of polycarbonates in automotive applications is expected to drive the market in the forecast period. Of the various types of polycarbonates, the extruded sheet has the highest rate of consumption. The materials are deployed in the production of several automotive parts, including headlights, displaced glass, airbag covers, consoles, sunroofs, air vents, and small window panes, among others. The windows and windscreens offer the highest growth opportunities for the market players in the upcoming years. The high impact resistance, high-temperature resistance, and optical transparency of these materials makes them an essential constituent in advanced automotive lighting applications, comprising headlamp lenses, headlamp bezels, and light guides.
Polycarbonates are extensively used in construction products comprising windows and skylights to wall panels and roof domes to exterior elements for LED lighting owing to their several important characteristics including high impact resistance, and high flammability resistance among others. A high capital requirement, as well as the availability of the substitute products, may create hindrances in the growth of the market in the forecast period.
Further key findings from the report suggest
* Injection molding is the most widely used method to manufacture products from polycarbonates and its blends. This process is commonly used to produce polycarbonate bottles, and plates, among others.
* The electrical and electronics segment accounted for the largest market share of over 25% in 2018 owing to surging demand for polycarbonate plastics and resins in applications like smartphones, compact disks, and other electrical/electronic devices.
* The market in Asia Pacific region contributed to the largest market share in 2018 and is expected to maintain its market dominance throughout the forecast period owing to the growth of the electrical & electronics and automotive industry in the region.