Stratview Research releases a new report on the Polycarbonate market that shows lucrative growth opportunities in the global industry during the next five-year period. This report ensures reliable information related to the present and future market trends. The following summary will give an overview of the challenges, dynamics, and more details mentioned in the report.
Polycarbonate Market Insights:
The polycarbonate market was estimated at USD 23.02 billion in 2022 and is likely to grow at a CAGR of 5.53% during 2023-2028 to reach USD 31.91 billion in 2028.
What is polycarbonate?
Polycarbonates can be defined as a group of thermoplastic polymers that contain carbonate groups in their chemical structures. Such materials are strong and some grades are even optically transparent. The utility of polycarbonate is endless that includes transportation, electrical & electronics, construction, and packaging to name a few.
COVID-19 Impact on the polycarbonate market.
Polycarbonate, a sizeable market, also was unable to escape the pandemic and witnessed a decline in sales in 2020 the pandemic. However, due to demand from various end-use industries, the market started to rebound from the year 2021. The polycarbonate market is likely to see healthy growth in the forecast period.
Market Dynamics
The polycarbonate market has been experiencing significant growth in recent years, driven by several key factors. Here are a few drivers behind the growth of the global market for polycarbonate market-
- Polycarbonate, owing to its properties like lightweight, high-strength, and impact resistance, is widely used in automotive applications such as interior and exterior components, lighting systems, glazing, electrical connectors, etc. With the growing demand for fuel efficiency and reduced emissions, the adoption of polycarbonate helps automakers achieve weight reduction while maintaining safety and design flexibility.
- Polycarbonate finds widespread use in construction applications, including in roofing sheets, cladding panels, safety glazing, etc. Owing to its excellent transparency, durability, and thermal insulation properties, polycarbonate is becoming a preferred choice for modern architectural designs.
- The growing consumer electronics market also fuels the demand for polycarbonate, as it is widely used in this industry owing to its flame resistance, and excellent electrical insulation properties.
Key Players
Some of the major players in the market are-
- SABIC
- Bayer Materialscience Ag
- Teijin Ltd.
- Mitsubishi Engineering-Plastics Corporation
- Chi Mei Corporation
- Formosa Chemicals & Fiber Corporation
- LG Chem Ltd.
- Samsung Sdi Co., Ltd.
- Thai Polycarbonate Co. Ltd.
- Trinseo LLC
Market Segmentation:
The report segments based on geographics, demographics, benefits and volume, etc., identify the most attractive segments and sub-segments and have different driving factors. The segmentation mentioned in the report has been arranged in such a way that it can help users to be more efficient in terms of time, investment, and other resources. It also allows businesses to learn more about their target audience so that they can tailor their strategies, and campaigns in increasing their market share and revenue.
Based on the application type, the market is segmented as transportation, electrical & electronics, construction, packaging, consumer goods, optical media, medical devices, and others. The transportation segment accounted for the largest share in 2022 and is likely to maintain its dominance during the forecast period. The growth of the segment is owing to the rising demand for polycarbonate in headlamp lenses, lighting systems, exterior parts, and interior components of automobiles.
In terms of regions, Asia-Pacific is estimated to be the largest market for polycarbonates during the forecast period. The Asia-Pacific market is expected to expand with a lucrative CAGR due to the establishment of automotive manufacturing plants in the region by various American and European automobile giants coupled with a growing population and investment in infrastructure and construction projects in the region.
Report Customization Options
Stratview Research offers one of the following free customization options to the users along with this detailed report:
Company Profiling
· Detailed brief of additional market players.
· SWOT analysis of key players.
· Competitive Benchmarking
Benchmarking of the market key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].
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