Polycarbonate or polycarbonate (PC) plastic is a transparent thermoplastic with many applications in eyewear, medical devices, automotive interiors, consumer electronics, food and beverage containers etc owing to its impact resistance, heat resistance and optical transparency. It is 20 times stronger than glass and is four times lighter, as well as being transparent, heat resistant and able to be molded into various shapes.
The Global Polycarbonate Market is estimated to be valued at US$ 186.71 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Polycarbonate Market Size are Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S. Key players are focusing on development of sustainable and recyclable polycarbonate materials to cater to the increasing demand for eco-friendly products.
The increasing demand for lightweight and high-performance polymers from automotive and construction industries is driving the growth of the global polycarbonate market. Also, growth of electronic industry is propelling the market growth as polycarbonate provides shatter resistance and durability required for various electronic parts.
The global polycarbonate market is expanding significantly with growing demand from emerging economies of Asia Pacific led by countries like China and India. Also, recovering automotive production in Europe and North America is contributing to the regional market growth.
Market Key Trends
Recyclability of polycarbonate plastic through mechanical recycling is one of the key trends in the market. Major players are focusing on closed loop recycling initiatives to recover polycarbonate from various waste streams to manufacture new products, in line with sustainability goals. Also, bio-based or plant-based polycarbonate materials developed from renewable resources like vegetable oils are gaining popularity as an alternative to conventional polycarbonates to reduce dependency on fossil fuels.
Porter’s Analysis
Threat of new entrants: Low economies of scale in production and high capital requirements make it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products from various manufacturers. However, presence of large established buyers decreases their bargaining power.
Bargaining power of suppliers: Suppliers may have moderate bargaining power due to availability of raw material alternatives and global presence of established raw material suppliers.
Threat of new substitutes: Threat is moderate as substitute products like glass and metal offer similar properties for some applications.
Competitive rivalry: Intense as major players compete on pricing, quality improvement and new product development through R&D investments.
Geographical Regions
The Asia Pacific region accounted for the largest share in the global polycarbonate market in terms of value in 2019. China dominates the Asia Pacific polycarbonate market owing to the presence of tier-1 manufacturers as well as increasing demand from the electrical and electronics, automotive, medical devices and construction industries in the country. North America is the second-largest market for polycarbonate globally, attributed to the high and growing demand from various end-use industries such as electrical and electronics, automotive, consumer goods and medical devices.
Europe is expected to exhibit the fastest growth during the forecast period owing to high demand for polycarbonate resins in electrical and electronics, medical devices and automotive applications. Additionally, recovery in the automotive industry is also anticipated to propel the market growth in Europe over the next few years. In terms of value and volume, developing countries of Latin America and Middle East & Africa are projected to witness above-average growth in demand for polycarbonate from 2024 to 2030 compared to other regions attributed to ongoing industrialization and infrastructure development activities.
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