The Global Polycarbonate Market size is expected to reach $31.7 billion by 2030, rising at a market growth of 4.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 6,684.0 Kilo Tonnes, experiencing a growth of 2.3% (2019-2022).
Polycarbonate's design flexibility enables the creation of intricate and customized packaging solutions. Consequently, the packaging segment captured $1,413.4 million revenue in the market in 2022. Also, consumed 11.9 kilo tonnes in the market in 2022. It is known for its high impact resistance and durability. In packaging applications, these properties can be advantageous to protect fragile or valuable items during transportation and handling. It exhibits resistance to many chemicals, protecting packaged goods that may be sensitive to environmental factors or require a barrier against certain substances.
The demand for energy-efficient and aesthetically pleasing building designs has led to increased use of PC in architectural glazing applications. Polycarbonate panels construct noise barriers and sound walls along highways and busy urban areas. The material's impact resistance and ability to reduce sound transmission make it valuable in creating effective acoustic barriers. Thus, because of the booming construction and building sector, the market is anticipated to increase significantly.
Electric vehicles prioritize energy efficiency and extended range. For instance, according to the International Energy Agency, electric car sales are growing exponentially, surpassing 10 million in 2022. The percentage of electric vehicles in total sales has more than tripled in just three years, from 4% in 2020 to 14% in 2022. Through 2023, significant EV sales are anticipated to continue. More than 2.3 million EVs were sold in the first quarter, a 25% increase over 2021.
However, the primary raw materials for the production include bisphenol A (BPA) and phosgene. Economic factors at a global scale, such as currency exchange rates, geopolitical events, and overall economic stability, can contribute to raw material price volatility. Changes in these conditions can further complicate the management of raw material costs for its producers. Thus, high raw material price volatility can slow down the growth of the market.
The market is marked by robust competition among key players such as Covestro AG, SABIC, Teijin Limited, Mitsubishi Engineering-Plastics Corporation, LG Chem, and Chi Mei Corporation. These companies vie for market share through factors such as technological advancements, product quality, pricing strategies, and geographic presence. While these major players dominate the global market, there are also numerous regional and niche competitors contributing to the competitive landscape. The market's dynamics continue to evolve, driven by innovation and changing customer demands, shaping the strategies of companies within the industry.
Polycarbonate's design flexibility enables the creation of intricate and customized packaging solutions. Consequently, the packaging segment captured $1,413.4 million revenue in the market in 2022. Also, consumed 11.9 kilo tonnes in the market in 2022. It is known for its high impact resistance and durability. In packaging applications, these properties can be advantageous to protect fragile or valuable items during transportation and handling. It exhibits resistance to many chemicals, protecting packaged goods that may be sensitive to environmental factors or require a barrier against certain substances.
The demand for energy-efficient and aesthetically pleasing building designs has led to increased use of PC in architectural glazing applications. Polycarbonate panels construct noise barriers and sound walls along highways and busy urban areas. The material's impact resistance and ability to reduce sound transmission make it valuable in creating effective acoustic barriers. Thus, because of the booming construction and building sector, the market is anticipated to increase significantly.
Electric vehicles prioritize energy efficiency and extended range. For instance, according to the International Energy Agency, electric car sales are growing exponentially, surpassing 10 million in 2022. The percentage of electric vehicles in total sales has more than tripled in just three years, from 4% in 2020 to 14% in 2022. Through 2023, significant EV sales are anticipated to continue. More than 2.3 million EVs were sold in the first quarter, a 25% increase over 2021.
However, the primary raw materials for the production include bisphenol A (BPA) and phosgene. Economic factors at a global scale, such as currency exchange rates, geopolitical events, and overall economic stability, can contribute to raw material price volatility. Changes in these conditions can further complicate the management of raw material costs for its producers. Thus, high raw material price volatility can slow down the growth of the market.
By Application Analysis
By application, the market is categorized into automotive & transportation, electrical & electronics, construction, packaging, consumer goods, optical media, medical devices, and others. In 2022, the electrical & electronics segment held the 24.25% revenue share in the market. It is utilized for manufacturing electrical housings, enclosures, and various components in electronic devices. The electrical insulation properties of PC make it suitable for protecting sensitive electronic components.
By Product Analysis
By product type, the market is divided into sheets & films, blends, and others. The blends segment garnered a 27.9% revenue share in the market in 2022. Blending allows manufacturers to customize the physical properties of polycarbonate blends. This includes adjusting hardness, flexibility, and tensile strength to meet specific packaging and consumer goods application requirements. Blended materials may offer enhanced electrical insulation properties, making them suitable for applications in the electrical and electronics industry, including components for electronic devices, connectors, and insulating materials.By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a 20.62% revenue share in the market. The demand for PC in North America is closely tied to key end-use industries such as automotive, construction, electronics, and consumer goods. The growth of the automotive industry in North America, driven by factors such as consumer demand, innovation, and government regulations, can contribute to increased usage.Market Competition and Attributes
The market is marked by robust competition among key players such as Covestro AG, SABIC, Teijin Limited, Mitsubishi Engineering-Plastics Corporation, LG Chem, and Chi Mei Corporation. These companies vie for market share through factors such as technological advancements, product quality, pricing strategies, and geographic presence. While these major players dominate the global market, there are also numerous regional and niche competitors contributing to the competitive landscape. The market's dynamics continue to evolve, driven by innovation and changing customer demands, shaping the strategies of companies within the industry.
Recent Strategies Deployed in the Market
- Oct-2023: Covestro AG has launched its inaugural mechanical recycling compounding line for polycarbonates at its Shanghai site in China. Through this launch, the portfolio line will annually produce 25,000+ tons of premium-quality polycarbonates and blends with recycled materials, meeting the rising demand for post-consumer-recycled plastics, especially in the electrical, automotive, and consumer goods industries.
- May-2023: Trinseo PLC expanded its geographical presence by unveiling the opening of its polycarbonate (PC) dissolution pilot facility in Terneuzen, the Netherlands. This pilot plant will serve as a key component in Trinseo's efforts to meet its 2030 sustainability goals, with a focus on advancing recycling initiatives and enhancing the availability of sustainable feedstock.
- Mar-2023: Covestro AG is expanded its global production capacity for polycarbonate (PC) specialty films to meet the demand in the Asia-Pacific region and globally. The company is constructing new extrusion lines at the Map Ta Phut Industrial Park in Thailand, primarily catering to identity documents, automotive displays, and electrical and electronic applications. This investment, in the higher double-digit million-euro range, is expected to be completed by 2025, creating approximately 50 new jobs.
- Nov-2022: SABIC launched the LNP EXL9334P copolymer resin, featuring a leading comparative tracking index along with low-temperature flexibility, dimensional stability, heat resistance, and others. This specialized resin surpasses competitors such as glass-reinforced nylon, polyphenylene ether (PPE), and standard PC.
List of Key Companies Profiled
- Covestro AG
- SABIC (Saudi Arabian Oil Company)
- LOTTE Chemical Corporation (LOTTE Corp.)
- Teijin Limited
- Trinseo PLC
- Idemitsu Kosan Co., Ltd.
- LG Chem Ltd. (LG Corporation)
- RTP Company, Inc.
- CHIMEI Corporation
- Lone Star Chemical
Market Report Segmentation
By Product Type (Volume, kilo Tonnes, USD Billion, 2019-2030)- Sheets & Films
- Blends
- Others
- Electrical & Electronics
- Automotive & Transportation
- Construction
- Packaging
- Consumer Goods
- Medical Devices
- Optical Media
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Polycarbonate Market, by Product Type
Chapter 6. Global Polycarbonate Market, by Application
Chapter 7. Global Polycarbonate Market, by Region
Chapter 8. Company Profiles
Companies Mentioned
- Covestro AG
- SABIC (Saudi Arabian Oil Company)
- LOTTE Chemical Corporation (LOTTE Corp.)
- Teijin Limited
- Trinseo PLC
- Idemitsu Kosan Co., Ltd.
- LG Chem Ltd. (LG Corporation)
- RTP Company, Inc.
- CHIMEI Corporation
- Lone Star Chemical
Methodology
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