“Global Polycarbonate Market to reach a market value of USD 31.7 Billion by 2030 growing at a CAGR of 4.9%”
The Global Polycarbonate Market size is expected to reach $31.7 billion by 2030, rising at a market growth of 4.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 6,684.0 Kilo Tonnes, experiencing a growth of 2.3% (2019-2022).
Polycarbonate's design flexibility enables the creation of intricate and customized packaging solutions. Consequently, the packaging segment captured $1,413.4 million revenue in the market in 2022. Also, consumed 11.9 kilo tonnes in the market in 2022. It is known for its high impact resistance and durability. In packaging applications, these properties can be advantageous to protect fragile or valuable items during transportation and handling. It exhibits resistance to many chemicals, protecting packaged goods that may be sensitive to environmental factors or require a barrier against certain substances.
The demand for energy-efficient and aesthetically pleasing building designs has led to increased use of PC in architectural glazing applications. Polycarbonate panels construct noise barriers and sound walls along highways and busy urban areas. The material's impact resistance and ability to reduce sound transmission make it valuable in creating effective acoustic barriers. Thus, because of the booming construction and building sector, the market is anticipated to increase significantly.
Electric vehicles prioritize energy efficiency and extended range. For instance, according to the International Energy Agency, electric car sales are growing exponentially, surpassing 10 million in 2022. The percentage of electric vehicles in total sales has more than tripled in just three years, from 4% in 2020 to 14% in 2022. Through 2023, significant EV sales are anticipated to continue. More than 2.3 million EVs were sold in the first quarter, a 25% increase over 2021.
However, the primary raw materials for the production include bisphenol A (BPA) and phosgene. Economic factors at a global scale, such as currency exchange rates, geopolitical events, and overall economic stability, can contribute to raw material price volatility. Changes in these conditions can further complicate the management of raw material costs for its producers. Thus, high raw material price volatility can slow down the growth of the market.
By application, the market is categorized into automotive & transportation, electrical & electronics, construction, packaging, consumer goods, optical media, medical devices, and others. In 2022, the electrical & electronics segment held the 24.25% revenue share in the market. It is utilized for manufacturing electrical housings, enclosures, and various components in electronic devices. The electrical insulation properties of PC make it suitable for protecting sensitive electronic components.
By product type, the market is divided into sheets & films, blends, and others. The blends segment garnered a 27.9% revenue share in the market in 2022. Blending allows manufacturers to customize the physical properties of polycarbonate blends. This includes adjusting hardness, flexibility, and tensile strength to meet specific packaging and consumer goods application requirements. Blended materials may offer enhanced electrical insulation properties, making them suitable for applications in the electrical and electronics industry, including components for electronic devices, connectors, and insulating materials.
Free Valuable Insights: Global Polycarbonate Market size to reach USD 31.7 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a 20.62% revenue share in the market. The demand for PC in North America is closely tied to key end-use industries such as automotive, construction, electronics, and consumer goods. The growth of the automotive industry in North America, driven by factors such as consumer demand, innovation, and government regulations, can contribute to increased usage.
The market is marked by robust competition among key players such as Covestro AG, SABIC, Teijin Limited, Mitsubishi Engineering-Plastics Corporation, LG Chem, and Chi Mei Corporation. These companies vie for market share through factors such as technological advancements, product quality, pricing strategies, and geographic presence. While these major players dominate the global market, there are also numerous regional and niche competitors contributing to the competitive landscape. The market's dynamics continue to evolve, driven by innovation and changing customer demands, shaping the strategies of companies within the industry.
Report Attribute | Details |
---|---|
Market size value in 2022 | USD 21.7 Billion |
Market size forecast in 2030 | USD 31.7 Billion |
Base Year | 2022 |
Historical Period | 2019 to 2021 |
Forecast Period | 2023 to 2030 |
Revenue Growth Rate | CAGR of 4.9% from 2023 to 2030 |
Number of Pages | 301 |
Number of Table | 610 |
Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
Segments covered | Product Type, Application, Region |
Country scope |
|
Companies Included | Covestro AG, SABIC (Saudi Arabian Oil Company), LOTTE Chemical Corporation (LOTTE Corp.), Teijin Limited, Trinseo PLC, Idemitsu Kosan Co., Ltd., LG Chem Ltd. (LG Corporation), RTP Company, Inc., CHIMEI Corporation, Lone Star Chemical |
By Product Type (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $31.7 billion by 2030.
Growing 3D printing and additive manufacturing are driving the Market in coming years, however, High raw material price volatility restraints the growth of the Market.
Covestro AG, SABIC (Saudi Arabian Oil Company), LOTTE Chemical Corporation (LOTTE Corp.), Teijin Limited, Trinseo PLC, Idemitsu Kosan Co., Ltd., LG Chem Ltd. (LG Corporation), RTP Company, Inc., CHIMEI Corporation, Lone Star Chemical
In the year 2022, the market attained a volume of 6,684.0 Kilo Tonnes, experiencing a growth of 2.3% (2019-2022).
The Sheets & Films segment is leading the Market, by Product Type in 2022; there by, achieving a market value of $19.8 Billion by 2030.
The Asia Pacific region dominated the Market, by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $17.4 Billion by 2030.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.