The expansion of the Automotive sector and the increasing use of polycarbonate resins in electronic products have resulted in boosting the Polycarbonate Resins market.
The rising demand for Polycarbonate Resins in the Automotive sector
The Global Polycarbonate Resins Market is forecast to reach USD 25.23 Billion by 2028, according to a new report by Reports and Data. Polycarbonate resins can be described as rigid, transparent polymers having excellent temperature characteristics ranging from -20 to 1400C. It is mainly market under Makrolon® and Lexan®; however, various other manufacturers produce this polymer. It was originally developed by GE in the US and Bayer in Germany. The material has a history of applications requiring impact resistance and optical clarity like face shields and bank-teller windows two such common uses.
It is worth mentioning here that, though it has high impact resistance, it is not scratch-proof and requires a coating with harder material. It also witnessed applications in arenas requiring transmission of light, in which there is a high risk of impact like security windows, machinery guards, safety glasses, prescription lenses, motorcycle face shields, and windscreens, among others. In this kind of resins, additive is used to enhance its resistance to UV light that can result in discoloration like in fogging. Thus, wide application areas are boosting the overall growth of the market.
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Top Key Players: Bayer Materialscience Ag, SABIC Innovative Plastics, Teijin Ltd., Bayer Materialscience Ag, Chi Mei Corporation, Mitsubishi Engineering-Plastics Corporation, LG Chem Ltd., Formosa Chemicals Fiber Corporation, Samyang Corporation and Samsung Sdi Co., Ltd.
Further key findings from the report suggest:
The Polycarbonate Resins market held a market share of USD 15.93 Billion in the year 2020 that is forecasted to grow at a rate of 5.9% during the forecast period.
In context to Grade, the Medical grade segment is projected to witness a considerable growth rate of 8.4% during the forecast period, which is expected to occupy more than 10.0% of the market by 2028. The growth rate witnessed by the Medical grade segment is attributed to the fact that PC resin has stability at high temperature that makes it applicable for manufacturing medical devices that requires steam-sterilization, which contributes to the growth rate witnessed by this segment. These medical devices can also be sterilized with radiation and ethylene oxide through a limited number of cycles. It is widely used in medical devices like insulin pens, high-pressure syringes, and surgical instruments, among others.
In context to Sales Channel, the Offline segment held a larger market share of more than 60.0% in 2020, with a CAGR of 5.6% during the forecast period. The fact that high sale channel is the conventional channel for selling products that provides with the scope for creating personal trust and loyalty with customers results in its high preference among manufacturers of this resin contributing to the market share held by this segment.
In regards to the region, North America is projected to witness a considerable growth rate of 6.1% during the forecast period, which is expected to hold more than 20.0% of the market by 2028. The growth rate witnessed by the region is attributed to the expanding automotive sector, healthcare sector, and rising demand for electrical electronics products that is supporting the expansion of the industry in this region.
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Market Segmentation:
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Commercial grade
- Medical grade
Sales Channel Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Online
- Offline
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Electrical electronics
- Automotive
- Building construction
- Consumer goods
- Medical
- Optical Media
- Packaging
- Others
Regional Outlook:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key questions covered in the global Polycarbonate Resins Market report:
- What is the expected market size of the global Polycarbonate Resins Market during the forecast period?
- What factors are expected to hamper global Polycarbonate Resins Market growth over the forecast period?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Polycarbonate Resins Market?
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