The Polycarbonate Market is estimated to be valued at US$ 162.07 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Polycarbonate is a transparent thermoplastic polymer that has high impact resistance. It is lightweight and highly durable and commonly used for applications requiring impact resistance such as protective sheets, displays and equipment. Key end use industries of polycarbonate include electrical and electronics, automotive, medical devices, construction and optical media among others. Due to its versatile properties, polycarbonate finds wide acceptance for manufacturing products requiring transparency, high impact resistance and heat resistance such as exterior automotive parts, medical devices, protective sheets, electronic components etc.
The polycarbonate market is driven by increasing application in automotive industry. Polycarbonate provides light weight, safety, flexibility in design and durability which makes it a suitable choice for automotive manufacturing. Polycarbonates are widely used in exterior automotive parts such as headlamp lenses, tail lamps, and inner as well as outer trims. Rapidly growing automotive industry especially in Asia is creating significant demand for polycarbonate materials.
Another key driver is increased spending on medical devices and equipment. Polycarbonate offers properties like transparency, high toughness and impact resistance which makes it an ideal material for medical applications such as protective screens and lenses for medical diagnostic imaging equipment. Increasing healthcare expenditure globally is fueling the demand for medical devices and equipment which in turn is boosting the polycarbonate market growth.
The polycarbonate market is dominated by transportation sub-segment. Transportation accounted for more than 30% share of the global polycarbonate market in 2022. This is because polycarbonates find extensive usage in automotive interior and exterior applications owing to its durability and optical clarity properties. The optical media storage sub-segment is also significant and growing at a steady pace due to usage of polycarbonate in CDs and DVDs manufacturing.
Political: The regulations regarding the usage of sustainable and recyclable materials in automotive and electronics industries are fueling the demand for polycarbonate materials.
Economic: Developing economies in Asia Pacific are witnessing high automobile production which is positively impacting the polycarbonate market growth.
Social: Increasing disposable incomes and changing lifestyles is driving the sales of consumer electronics and automobiles, thereby augmenting the polycarbonate consumption.
Technological: Advancements in polycarbonate production technologies have enhanced its optical, thermal and electrical properties enabling new applications in healthcare and electrical equipment industries.
Global Polycarbonate Market Demand was valued at US$ 162.07 Bn in 2023 and is expected to reach US$ 280 Bn by 2030, expanding at a CAGR of 6.8% during the forecast period. Rapid urbanization and growing middle class in Asia Pacific is driving the automotive production and sales in the region. This is anticipated to drive the regional polycarbonate market during the analysis timeframe. The transportation segment accounted for over 30% share of the global polycarbonate market owing to high use of polycarbonates in automotive interior and exterior applications.
Asia Pacific dominated the global polycarbonate market with over 40% share in 2023 owing to presence of emerging economies like China and India. China represented largest polycarbonate consumer globally, majorly attributed to strong automotive and electronics manufacturing base in the country. North America is estimated to grow at a steady pace during the forecast period with rise in polycarbonate demand from healthcare industries for medical devices and equipment manufacturing.
Key players operating in the polycarbonate market are SABIC Innovative Plastics, Chi Mei Corporation, Teijin Limited, Mitsubishi Engineering-Plastics Corporation, Idemitsu Kosan Co., Ltd., Styron, Royal DSM, Centroplast Engineering Plastics GmbH, Asahi Kasei Chemical Corporation, and Bayer Material Science.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it