Polycarbonate Films Market to gain massive traction over 2024 | SABIC, Covestro, 3M, Teijin and Wiman
Considering the elevating product demand, major industry players operating in polycarbonate films market such as Covestro, SABIC, Teijin, Wiman, Excelite and Rowland Technologies are inclined on developing innovative products and are investing heavily in R&D activities in order to strengthen their product portfolio and gain a strong presence in the market.
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For instance, in 2018, SABIC, introduced its newly developed product LEXAN™ DLCW (Diffused Light Cool White) which is an addition to its LEXAN™ sheet range. According to the company, this extruded polycarbonate sheet is equipped with advanced light diffusing and high transmission features. Also, it offers several advantages as compared to conventional materials in terms of uniform and bright illumination, attractiveness, design freedom and impact resistance. Apparently, this new product introduction would help the company widen its product portfolio and bolster its foothold in the market.
According to Global Market Insights, Inc. report, polycarbonate films market size is estimated to surpass USD 2.4 billion by 2024.
A gist of prominent growth drivers for polycarbonate films industry
Rising application of polycarbonate films in automotive industry
Shifting preference for lightweight vehicles along with strict regulations pertaining to the usage of glass and heavy metals in automotive industry are currently serving as the growth drivers for the polycarbonate films market across the automotive industry.. Potential benefits offered by these films such as enhanced fuel efficiency, durability and weather resistance, have compelled various automakers to predominantly adopt these materials in the design and development of automobiles. Apart from the light weight feature, these films also facilitate reduction of alteration, ripple and optical defects in automobiles.
Increasing product usage in healthcare sector
Polycarbonate films are immensely used in healthcare industry considering its optical and mechanical properties. Also, these films offer resistance to cleaning agents and sterilizers due to their moisture-resistant, mechanical and thermal characteristics which makes them suitable for packaging of surgical instruments, medical devices and transplants which are radiation-sterilized. Further, growing demand for diagnostic equipment along with orthopedics, patient monitoring equipment, consumables, patient aids and dental products, will stimulate the market growth.
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An overview of pivotal trends likely to propel polycarbonate films market growth
Heightened medical applications in North America
North America polycarbonate films market dominated by the U.S. and Canada is expected to record significant gains of 6.5% by 2024 owing to advancements in medical technology along with stringent demand on materials regarding hygiene, durability and service life. Increasing demand for sophisticated medical devices for diagnostics to surgical applications will positively influence the product demand across the region on account of its excellent moisture and thermal properties.
Rising preference for polycarbonate films in Europe
Europe polycarbonate films market led by France, Germany and UK is projected to register a valuation of more than USD 650 million by 2024. This can be attributed to the initiatives taken by European Polycarbonate Sheet Extruders (EPSE) for encouraging the usage of polycarbonate sheets in the region and for developing the industry standards. The reason for this endorsement by EPSE can be attributed to the benefits offered by polycarbonates such as high strength, fire resistance and sustainability.
An outline of restraints that are likely to hamper polycarbonate films market growth
Polycarbonate films are utilized on a large-scale across several industries, however there are few restraints that might affect the market growth. These restraints mainly include some of the disadvantages of the product material such as susceptibility to scratching, due to which it is not used in the objects requiring clear glass such as spectacles.
Another disadvantage is that polycarbonates tend to release a toxic substance called Bisphenol A when it comes in contact with food, hence several manufacturers are using BPA free polycarbonate products to tackle this issue.
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