Polycarbonate Market | Size | Share | Growth (2019-2023) - Covestro, Teijin Limited, Mitsubishi Engineering Plastics Corp, LG Chemicals, EVONIK INDUSTRIES AG, Formosa, Asahi Kasei Chemical Corporation, Idemitsu Kosan Co. Ltd., SABIC and Bayer AG

Industry Development

Covestro is expanding its global film production to meet the growing demand in all regions. The expansions will take place in Map Ta Phut, Thailand, Guangzhou, China, South Deerfield, USA, and Dormagen, Germany, with total investment being more than 11 million dollars. The high-quality semi-finished products are made of Polycarbonates and are used in the automotive, medical technology and security card industries, among others. On account of this move, Covestro further solidifies its position in the highly competitive Polycarbonate Market and endeavors to cater to more customers in various regions.

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Market Segmentation

The Global Polycarbonate Market is segmented on the basis of Application and Region.

By Application, the global market is segmented on the basis of automotive, building and construction, electrical and electronics, consumer goods, packaging, medical devices, and others. High demand for Polycarbonate comes from the medical industry, mainly for medical devices. The major properties of Polycarbonate are clarity, high strength and impact resistance, good heat resistance, low water absorption, as well as biocompatibility, which render it ideal for use in a wide range of critical medical devices. For instance, surgical instruments used in minimally invasive procedures benefit from Polycarbonate, by taking advantage of the polymer's rigidity and toughness.

Regional Analysis

The report mentions the five key regions the global market is spread across, namely North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.

Among all regions, the market in Asia Pacific is projected to lead with the largest share due to rapid industrialization in the region in the past few years. Moreover, favorable government policies and funding for infrastructure and transportation provide leeway for the market growth as well. Countries such as India, Japan, South Korea, Malaysia, and China are the key contributors to the regional market growth. On top of that, changing lifestyles, increasing disposable incomes, combined with shifting consumer trends favor the automotive and packaging industries in the region, which adds to the growth of the regional market.

On the other hand, North America secures the second position globally, with the United States (U.S) as the largest contributor. The phenomenal market growth is due to a consistent rise in the use of Polycarbonate materials in reconstruction activities along with the automotive and packaging industries. Furthermore, strong economy, sturdy industrialization and high disposable income coupled with changing lifestyles have marked the proceedings for the market development in the region.

The Europe market is also a significant market for polycarbonate, with countries in the region such as United Kingdom (U.K), France, Germany, Italy, and Belgium being massive contributors to this growth. Factors responsible for the market growth are high demand from automotive and various other industries in the region. Furthermore, the abundant availability of raw materials and the low cost of production boost the demand for Polycarbonates in the region.

The markets in the Middle East and Africa and Latin America claim relatively smaller share of the market. However, these markets are anticipated to expand in the coming years due to steadily growing industries, which leads to increasing demand for Polycarbonate in the region.

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Market Synopsis

Market Research Future (MRFR) establishes through its report that the Polycarbonate Market is set to expand at a phenomenal rate during the forecast period (2018-2023). This growth can be attributed to the fact that Polycarbonate accounts for a substantial share of the Global Plastic Materials Market and the Global Plastic Materials Market is projected to surge at a high CAGR, reaching USD 1 trillion by the end of 2023. The plastic market will continue growing at the same rate, which will remarkably boost the market growth for Polycarbonate as well. The report also acknowledges the fact that polycarbonate is an amorphous, ductile, and transparent plastic, along with high tolerance for extreme temperatures. The aforementioned properties result in its extensive usage in various industries such as automotive & transportation sector.

Keeping in mind the massive demand for Polycarbonate, market players are developing products which can be used for new applications. Companies in the Polycarbonate Market such as BASF and DowDuPont are consistently indulging in research and development activities in a bid to develop products that are environmental friendly. Also, complying with regulations is another motivating factor that leads to product development. Furthermore, constant technological innovations in the field are leading to a meteoric market rise and will continue to do so during the forecast period.

On the flip side, volatile raw materials prices are expected to undermine the market growth during the forecast period. However, the extensive use of Polycarbonate in industries such as electrical and electronics industry will outline the positive market growth. The flame retardance and better di-electric properties of Polycarbonate render it highly essential in electronic industry, positively shaping the market size. Also, a noteworthy market trend that has gained massive traction is growing demand for Polycarbonates across niche application areas such as tableware and medical implants.

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