by The global 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.
Market Overview:
Polycarbonate is a type of thermoplastic polymer that is light weight yet durable and impact resistant. It is highly transparent to light and finds widespread application in glazing, lighting fixtures and lenses. Polycarbonate materials also offer dimensional stability, high heat resistance and electrical insulating properties. Due to these advantages, polycarbonate materials are increasingly used for applications in automotive headlights and taillights, glazing in aircrafts, safety goggles, food packaging and more. With growing demand from automotive and packaging industries, the polycarbonate market is poised for steady growth over the forecast period.
Market key trends:
Bio-based polycarbonate materials are gaining traction in the market. Companies are focusing on developing bio-based polycarbonate resins derived from plant-based feedstock to address sustainability concerns. Additionally, polycarbonate materials blended with other polymers are witnessing increased popularity to achieve enhanced properties. For instance, polycarbonate-acrylonitrile butadiene styrene blends provide increased impact strength compared to polycarbonate alone. Technological advancements aimed at improving scratch and chemical resistance of polycarbonate also present lucrative opportunities. As demand rises across various end-use industries, the market players will continue to introduce innovative product variants to strengthen their market position.
Porter’s Analysis
Threat of new entrants: The polycarbonate market requires large capital investments for R&D and manufacturing facilities, deterring new companies from entering the market easily.
Bargaining power of buyers: The presence of several substitute materials limits the buyer’s bargaining power. Polycarbonate competes with plastics like ABS and PMMA.
Bargaining power of suppliers: A few large companies dominate the supply of BPA and other raw materials used to make polycarbonate. This gives them significant bargaining power over polycarbonate producers.
Threat of new substitutes: New polymers like aromatic polyesters pose a threat, but polycarbonate still has advantages over potential substitutes in terms of strength, clarity and heat resistance.
Competitive rivalry: The market is rather consolidated, with top players like SABIC and Bayer having a major share. Competition is based on new applications, product quality and pricing.
Key Takeaways
Global Polycarbonate Market Demand is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period 2023 to 2030, due to increasing demand from construction and automotive industries. The market size for 2023 is estimated to be US$ 162.07 Bn.
Regionally, Asia Pacific dominated the polycarbonate market in 2022 attributed to high economic growth, rising construction activities and expanding automotive sector in China, India and other developing nations. Meanwhile, Europe and North America are also significant markets supported by well-established end-use industries.
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. Major players are focusing on new product development and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
