Albany NY, United States, May 18, 2022 (GLOBE NEWSWIRE) -- The global polycarbonate market was valued at US$ 19.6 Bn in 2021. The global market is estimated to rise at a CAGR of 6.2% during the forecast period, from 2022 to 2031. The global polycarbonate market is anticipated to attain the valuation of US$ 37.99 Bn by 2031. In order to keep economies functioning amid the continuing COVID-19 outbreak, firms in the global polycarbonate market are focused on critical applications, including medical implants, electronics, and building & construction. Companies are making efforts to raise awareness and knowledge about technical details as polycarbonate sheets are connected to exceptional expansion due to heat.
Polycarbonate is employed in almost every end-use business, including construction, electronics, and automotive, among many others, which is likely to bolster the expansion of the global polycarbonate market during the forecast period. Polycarbonate materials are being driven by steadily increasing demand for lightweight automobile components. This is apparent, as lightweight polycarbonate elements contribute significantly to passenger vehicles' fuel economy.
Another factor is likely to drive the expansion of the global polycarbonate market is the growing trend of downsizing in the electronics industry. This tendency, together with the increasing expansion of the eCommerce business and online shopping applications, is likely to open up revenue avenues for companies in the global polycarbonate market in the near future.
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Key Findings of Market Report
- As companies diversify their polycarbonate diol manufacturing, synthetic leather is gaining popularity in the polycarbonate business. Polycarbonate diols aid in the softening and toughening of leather. Leather shoes, jackets, and other accessories are in high demand due to the rising fashion and garment business. In leather finishes and synthetic leather coatings, polycarbonate diols provide softness and flexibility. Polycarbonate diols also help polyurethane coatings withstand UV (ultraviolet) radiation, chemicals, water, and heat, among other things. Moreover, rise in the usage of polycarbonate in the synthetic leather industry is expected to drive its sales in the years to come.
- Medical polycarbonates as well as other plastic-intensive goods are becoming increasingly important in the medical business as well, especially after the onset of the coronavirus pandemic. Need for polycarbonate syringes and intravenous (IV) elements has grown. As a result, the global polycarbonate market is expected to witness rapid increase in revenue from fluid supply and IV connection components.
- Polycarbonates are used to create a variety of comparable equipment in the electronics industry. Mobile phones, switching relays, LCD sections, sensor components, computers, and connectors are some of the most popular parts due to their great impact strength yet low weight. As hollow polycarbonates are excellent thermal insulators, they are widely used in the electronics sector for wire insulation. Growing uses in the electronics industry is likely to favor the global polycarbonate market.
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Global Polycarbonate Market: Growth Drivers
- Architects prefer polycarbonate sheets to alternative building materials, since they significantly lower overall construction costs, speed up construction, and allow the implementation of creative structural ideas
- Europe is projected to remain a significant market in the upcoming years. The regional consumer electronics business is advancing significantly, owing to a similar wave of development and industrialization that has strengthened the region's automobile sector. Due to their high resistant properties and low weight, polycarbonates have emerged as a suitable material for cell phones. This factor is likely to propel the global polycarbonate market in the near future.
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Global Polycarbonate Market: Key Competitors
- Mitsubishi Engineering-Plastics Corporation
- SABIC Innovative Plastics
- Asahi Kasei Chemical Corporation
- Bayer MaterialScience AG
- Idemitsu Kosan Co., Ltd
- Centroplast Engineering Plastics GmbH
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Global Polycarbonate Market: Segmentation
Application
- Automotive
- Electronics
- Construction
- Optical Media
- Packaging
- Others
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