Polycarbonate Resin Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[226+ Pages Report] According to Facts and Factors, the global polycarbonate resin market size was over USD 15 billion in 2021 and is predicted to grow to around USD 18.9 billion by 2028 with a compound annual growth rate (CAGR) of roughly 4.1% between 2022 and 2028. The report analyzes the global polycarbonate resin market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the polycarbonate resin market.

Market Overview

Polycarbonate resin is nothing but a group of thermoplastic polymers which comes in a range of opaque and transparent colors. These resins are used mainly in applications that need heat resistance, strength, and toughness. Owing to its versatile characteristics, polycarbonate applications are wide and its consumption is also very high. High consumption of polycarbonate is often positioned among commodity plastics and engineering plastics. Polycarbonate is often synthesized from phosgene and bisphenol A through a step-growth polymerization method, which is also referred to as condensation process. Some of the key applications for polycarbonate include consumer, optical media, electrical & electronics, and automotive. China is the nation with the most consumption of polycarbonate, globally.

The rising adoption of polycarbonate alternatives in tablets and mobile phones will act as a substantial determinant for the expansion of the market. The rising health awareness related to carcinogenic residues, high initial investments, and access to licenses might hamper the growth of the market. However, the increasing polycarbonate resins acceptance over conventional glass and fibers in medical equipment, automotive, roofing, and electronics will add substantial momentum to the spurt of product demand.

Key Insights

• As per the analysis shared by our research analyst, the global polycarbonate resin market is estimated to grow annually at a CAGR of around 4.1% over the forecast period (2022-2028).
•  In terms of revenue, the global polycarbonate resin market size was valued at over USD 15 billion in 2021 and is projected to reach around USD 18.9 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on application segmentation, electrical & electronics were predicted to show maximum market share in the year 2021.
• On the basis of region, Asia Pacific was the leading revenue generator in 2021.

Covid-19 Impact

The global economic chaos created by the COVID-19 pandemic made the path for alarming shocks to several businesses across the globe. The polycarbonate resin market observed a moderate response with respect to the halt in production mainly in appliances, automotive, construction, and sports safety equipment. However, rising support from various agencies, such as the World Health Organization added as a factor driving higher preference for these physical barriers created by COVID-19.

Growth Drivers

• Increasing polycarbonate resins acceptance over other conventional glass fibers to augment the market growth

The automobile sector is witnessing high growth owing to the government’s policies favoring the market and increasing trends with respect to renewable energy sources is leading to the expansion of demand for hybrid and electric vehicles. Furthermore, driven by connectivity services, shared mobility, and feature upgrades, new models in business could increase automotive revenue by about 30 %, adding up to almost $1.5 trillion. As a result, several producers are adopting advanced and new technologies besides rising investment in research and development has expanded the application scope of market for polycarbonate resins. Moreover, the demand for market is also supported by rising demand for eco-friendly products particularly, in developing nations. Polycarbonate resins have substantial growth opportunities in the forecast period as recent developments with respect to bio-based polycarbonates is creating a positive impact on the growth of the global polycarbonate resin market.

Increasing demand for environment-friendly products to drive the market

Rising demand for environment-friendly products and increasing plastic consumption are key factors that will support the manufacturers of polycarbonate resins to expand their scope of business over the forecast period. Rising demand for eco-friendly and smart materials in the construction and building sector will also favor the market growth of polycarbonate resins through 2028.

Restraint

• Polycarbonate resin market is flushed with overcapacities to hinder the market

The current polycarbonate resin market is flushed with overcapacities. This is acting as one of the key challenges faced by polycarbonate manufacturers. Owing to the overcapacity, the market players are compelled to decline their operating margins resulting in reduced revenue. This has resulted in the slow-down of a couple of polycarbonate plants in the past few years. However, with the rising plant operating revenue and the rising demand for polycarbonate in the automotive sector, the key players are expecting their revenues to be stabilized. Further, the rising carcinogenic effects and health awareness associated with the use of these polycarbonate resins are likely to have a restricting impact on the polycarbonate resins market potential globally over the forecast period.

Challenge

• Increasing public awareness of the dangers of bisphenol-A is a key challenge

Increasing public awareness of the dangers of Bisphenol-A is acting as a major challenge for the market. Over the projected period, carcinogenic residues are likely to create a hindrance to the market growth of polycarbonate resins. The worldwide growth is likely to be hampered by limited access to licenses, high initial expenditures, and difficulties in creating an efficient and effective marketing network. Dangers from replacements such as co polyesters, polypropylene, and polystyrene are also likely to have a damaging impact on the growth prospects of the market.

Segmentation Analysis

• The global polycarbonate resin market is segmented based on application and region.

Based on application, the global market segments are electrical & electronics, optical media, consumer, automotive, sheets, films, packaging, medical, and others. The Electrical & Electronics segment is likely to hold a significant market share. Polycarbonate resins are employed widely in electrical/electronic devices as well as a range of automotive uses. Polycarbonate resin is taken into consideration for applications that need impact resistance owing to its unique group of features. Its durability, coupled with high-temperature resistance and transparency, makes it optimal for demanding transparent uses where safety is a must. As a result, these resins are replacing glass progressively in a range of applications, including electronics, roofing, medical equipment, and automobiles.

Recent Developments:

• In Sep 2017, Sabic introduced Lexan HF4010SR, its new polycarbonate resin for LED automotive lighting to assist customers in developing complex headlight bezels with improved aesthetics.
• In May 2017, Covestro, winner of the JEC Innovation Award in Raw Materials, announced that it will increase its polycarbonate production capacity to 600,000 metric tons per year at its Shanghai site, starting in 2019.

Report Scope

Regional Analysis

• Asia Pacific to global market lead owing to multiple end-use applications

Asia Pacific was the dominating region in the global polycarbonate resin market, which is followed by North America and Europe. The regional markets are featured by various applications across numerous sectors along with easy access to raw materials and labor in the region. Swift growth in electrical & electronics appliances, industrialization, and manufacturing in India, China, Japan, & South East Asian markets promise substantial growth in the market in the region. The E&E industry in Thailand is the largest in the Association of Southeast Asian Nations (ASEAN), accounting for 15 percent of the country’s gross domestic product (GDP), generating a quarter of total export revenues and employing nearly 750,000 workers, over a half of whom are women. Moreover, in October 2020, Samsung announced its plans to set up its TV manufacturing plant in India by December 2020, under the Make in India campaign. It also invested USD 670 million in its smartphone display manufacturing facility to boost production and expand the manufacturing plant.

North American market is featured by widespread medical-grade polycarbonate demand and automotive glazing. The recovery of the building and construction sector in the region is also likely to complement the growth of the market. Major market players are spending on R&D in order to develop good quality polycarbonate resins to attain sustainability and gain market share.

Competitive Analysis

• SABIC Innovative Plastics 
• Bayer MaterialScience Ag 
• Teijin Ltd. 
• Mitsubishi Engineering-Plastics Corporation 
• Chi Mei Corporation 
• Formosa Chemicals & Fiber Corporation 
• LG Chem Ltd. 
• Samsung Sdi Co. Ltd. 
• Samyang Corporation 
• Thai Polycarbonate Co. Ltd. 
• Trinseo LLC

The global polycarbonate resin market is segmented as follows:

By Application

• Electrical & Electronics
• Optical Media
• Consumer
• Sheets
• Films
• Packaging
• Medical
• Automotive
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America