World Polycarbonate Market is Expected to Reach US$31.3B by 2030
NEW YORK, Dec. 21, 2022 (GLOBE NEWSWIRE) -- IndexBox recently published a new report on the global polycarbonate market. Here are some of the most interesting takeaways.Market AnalysisThe global…
NEW YORK, Dec. 21, 2022 (GLOBE NEWSWIRE) -- IndexBox recently published a new report on the global polycarbonate market. Here are some of the most interesting takeaways.
The global polycarbonate market is expected to reach USD 31.3 billion by 2030, from USD 24.5 billion in 2022, at a CAGR of 3.1% during the forecast period. The market is anticipated to witness growth over the forecast period on account of rising demand for the product in end-use industries such as automotive, electrical & electronics, and construction.
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Polycarbonate is a type of plastic that is used in a variety of applications, including food and beverage containers, electronics, construction materials, automotive parts, and more. Polycarbonate is extensively used in the manufacturing of several electrical & electronic products owing to its superior physical and chemical properties including high impact resistance, heat resistance, and transparency. The product is also used in the automotive industry for manufacturing exterior parts such as headlamps and taillights due to its high impact strength and shatterproof nature.
The major restraint for the global polycarbonate market is the stringent government regulations regarding the use of bisphenol A (BPA) in food & beverage containers and other consumer goods. BPA is a key raw material used in the production of polycarbonate, which has been linked to various health hazards such as cancer, obesity, and reproductive issues. As a result, several countries have imposed restrictions on the use of BPA in food & beverage containers and other consumer goods. This is expected to hamper the growth of the global polycarbonate market during the forecast period.
The global polycarbonate market is driven by a number of factors, including the increasing demand for polycarbonate from various end-use industries, the growing automotive industry, and the rising disposable income of consumers. Additionally, the favorable properties of polycarbonate, such as its high strength-to-weight ratio, easy moldability, and transparency, are fuelling the growth of the global polycarbonate market.
The automotive industry is a major consumer of polycarbonate, owing to the material's lightweight and impact resistance. Polycarbonate is used in a variety of automotive applications, including exterior body panels, headlights, taillights, and sunroofs. The growing production of automobiles in Asia-Pacific and North America is expected to boost the demand for polycarbonate in these regions over the forecast period. The rising demand for lightweight vehicles and stringent fuel efficiency regulations are also driving the demand for polycarbonate in the automotive industry.
The construction industry is another major consumer of polycarbonate. Polycarbonate is increasingly being used in construction applications due to its light weight and flexibility. Additionally, polycarbonate can be easily molded into any shape, making it an ideal material for a variety of construction applications. The growing demand for polycarbonate from the construction industry is expected to drive the growth of the global polycarbonate market.
Lightweight and strong materials are in high demand in a number of industries, including the automotive and aerospace industries. Polycarbonates are an ideal material for these applications due to their high strength-to-weight ratio. In addition, polycarbonates can be easily molded into complex shapes, making them suitable for a variety of applications.
The Asia Pacific region is expected to be the largest market for polycarbonate on account of growing demand from end-use industries in countries such as China, India, South Korea, and Japan. The region is also home to a large number of manufacturers of the product which further contributes to the growth of the market in this region.
The global polycarbonate market is set for rapid growth in the coming years, driven by increasing demand from the automotive and construction industries. The rise of new technologies has also contributed to this trend, with greater use of polycarbonates in electronics, medical devices, and other products.
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Covestro AG, SABIC, Teijin Limited, LG Chem Ltd., Mitsubishi Chemical Corporation, 3M Company, Chi Mei Corporation, SABIC, Trinseo S.A., Hitachi Chemical Company Ltd, Hexion Inc, Celanese Corporation
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