The Global Plastic Materials Market is projected to grow at a considerably high CAGR reaching the value of USD 1 trillion by the end of 2023, reports Market Research Future (MRFR). This market growth in plastic materials is bound to give a considerable push to the Polycarbonate Market.
Increasing Preference for Polycarbonate to Drive the Market
Polycarbonate resins are tough thermoplastics which are produced by the reaction between bisphenol A (BPA) and phosgene gas. It is an amorphous, ductile, and transparent plastic that has high tolerance for extreme temperatures. Its chemical resistance makes it ideal for a variety of applications. These characteristics coupled with its transparency and light-weight features leads to its extensive usage in diverse industrial and commercial sectors as well as aesthetically appealing components in the automotive & transportation sector. Apart from this, niche application areas like safety equipment and industrial machinery are likely to gain demand in future.
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Intense competition among market players to result in market growth
Based on growing demand for Polycarbonate, a number of market giants are developing products that can be used for new applications. Polycarbonate manufacturing companies, such as BASF, DowDuPont, and Bayer, are constantly indulging in research and development (R&D) activities. These activities are conducted in a bid to develop products that are environment-friendly and also comply with regulations. Moreover, massive investments are made to develop new technologies to continually enhance their competitive advantage in the industry.
On the flip side, because of its chemical property, Polycarbonate is recommended only for those products that are used only once and not repeatedly. However, the overall market is bound to remain unaffected by this restraining factor as manufacturers are now designing items not just for household but also for laboratories owing to its resistance to temperatures and its flexibility.
In accordance with the report, the Global Polycarbonate Market is segmented based on application and region.
By Application, the market is segmented into automotive, building and construction, electrical and electronics, consumer goods, packaging, medical devices, and others. Far lighter than metal and glass, Polycarbonate is being just as strong is used in the automotive industry. It plays a key role in increasing fuel economy and also reducing carbon dioxide emissions. It is also the choice for many sunroofs, and small window panes used in vehicles along with windows and windscreens in vehicles, giving a substantial push to the automotive segment in the global market.
The market has also been segmented into five major regions, which are North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.
The Global Polycarbonate Market is geographically segmented into five major regions—North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.
The market in Asia Pacific is projected to lead the global market with the largest share. This feat has been achieved on account of rapid industrialization in the region in the past few years, coupled with favorable government policies and funding for infrastructure and transportation. In the region, India, Japan, South Korea, Malaysia, and China are major contributors to the market growth. In addition, changing lifestyles, growing disposable incomes, and shifting consumer trends have driven the automotive and packaging industries in the region, in turn fuelling the growth of the regional market.
On the other hand, North America is expected follow APAC with the second-largest market. In the region, the United States (U.S) is the largest country-level market owing to a steady rise in the use of Polycarbonate materials in reconstruction activities along with the automotive and packaging industries.
Europe is making similar strides, with the markets in the United Kingdom (U.K), France, Germany, Italy, and Belgium leading the region. The growth of the regional market can be attributed to the use of Polycarbonate in automotive and many other industrial applications.
Lastly, the markets in the Middle East and Africa and Latin America account for a relatively smaller market share; however, these markets are likely to grow in the coming years owing to growing economy and increasing industrialization.
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