The global polycarbonate market grew at a CAGR of 6% during 2015-2020. Polycarbonate refers to a group of thermoplastic polymers that are light weight, durable and amorphous in nature. It is synthesized by the polymerization or polycondensation of bisphenol A and phosgene and tends to gradually soften from solid to liquid when exposed to heat. It is a synthetic resin that is used in the manufacturing of safety glass, eye lenses and architectural glazing, semiconductor machinery components and transparent manifolds. It exhibits advantageous properties, such as optical transparency, oxidative and thermal stability and resistance to moisture, chemicals, heat and electricity. Owing to this, it finds extensive applications across various industries, including automotive, transportation, electrical, electronics, construction, packaging, consumer goods and medical.
Rapid industrialization across the globe, along with the growing demand for light weight and impact- and shatter-resistant products, is one of the key factors driving the growth of the market. Polycarbonate resins are mixed with other polymers, such as Polybutylene Terephthalate (PBT) and Acrylonitrile Butadiene Styrene (ABS) resins, to manufacture lighting systems, headlamp lenses and exterior and interior components. Furthermore, widespread adoption of hollow polycarbonates for manufacturing thermally insulated consumer electronic devices, such as smartphones, computers, chargers and battery boxes, is also providing a boost to the market growth. Additionally, various technological advancements, such as the development of augmented reality (AR) and virtual reality (VR)-based devices, sensors and drones, that are manufactured using polycarbonates, are acting as another growth-inducing factor. Other factors, widespread utilization of polycarbonate in the agriculture industry to manufacture ultraviolet (UV)-resistant roof panels and sheets in agricultural outbuildings, along with extensive research and development (R&D) activities to develop high-performance plastics, are projected to drive the market further. Looking forward, IMARC Group expects the global polycarbonate market to exhibit moderate growth during the next five years.
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The competitive landscape of the industry has also been examined with some of the key players being Chi Mei Corporation, Covestro AG, Formosa Chemicals & Fibre Corporation, Idemitsu Kosan Co. Ltd., LG Chem, Lotte Chemical Corporation, Mitsubishi Engineering Plastics Corp., SABIC, Teijin Limited, Trinseo, etc.
Key Questions Answered in This Report
The global polycarbonate market size was valued at US$ 18.46 Billion in 2020.
According to the estimates by IMARC Group, the global polycarbonate market is expected to witness a CAGR of 5.80% from 2021 to 2026.
The increasing adoption of hollow polycarbonates for manufacturing thermally-insulated consumer electronic devices, such as smartphones, computers, laptops, etc., represents one of the key drivers for the global polycarbonate market.
The widespread utilization of polycarbonate in the agriculture industry to produce ultraviolet (UV)-resistant roof panels and sheets for agricultural outbuildings, represents one of the key trends in the global polycarbonate market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of numerous end-use industries for polycarbonate.
On the basis of the application, the market has been classified into automotive, electrical and electronics, construction, sports and recreational, optical media, appliances and housewares, packaging, medical and ophthalmic, and others. Among these, the automotive sector holds the majority of the market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global polycarbonate market are Chi Mei Corporation, Covestro AG, Formosa Chemicals & Fibre Corporation, Idemitsu Kosan Co. Ltd., LG Chem, Lotte Chemical Corporation, Mitsubishi Engineering Plastics Corp., SABIC, Teijin Limited, Trinseo, etc.
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