Growth of Global Polycarbonate Market Shifts to High Gear with Rising Demand from Automotive Sector, TMR Says
The vendor landscape of the global polycarbonate market includes companies such as Chi Mei Corporation, Bayer MaterialScience AG, Trinseo (Styron), SABIC Innovative Plastics, Mitsubishi Engineering-Plastics Corporation, Royal DSM, Teijin Limited, Centroplast Engineering Plastics GmbH, Idemitsu Kosan Co. Ltd., and Asahi Kasei Chemical Corporation. The market players are witnessing an increased demand for the material across the electronics sector, notes Transparency Market Research (TMR) in a new report.
In 2013, the electronics application segment dominated the overall market with a share of over 26%. However, the automotive sector is expected to emerge as the fastest growing application segment during the forecast period owing to the growing demand for lightweight vehicles. The demand for bio-based polycarbonate has surged in the recent times due to the growing concerns about the potential harmful effects of BPA. As a result, the market players are working on the development of polycarbonates that contain safer alternatives to BPA.
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Asia Pacific to Drive Demand for Polycarbonates during Forecast Period
Among the key regions in the global polycarbonate market, Asia Pacific led the market in 2013 with over 61% share in terms of volume. “The rapid growth of the electronics industry in countries such as China has led to increased demand from the market,” TMR report states. Furthermore, a number of automotive manufacturers are shifting their focus on Asia Pacific due to the availability of cheap labor. This has also augmented the growth of the polycarbonate market. In the Rest of the World, the demand for polycarbonate packaging is anticipated to increase at a moderate rate.
Demand for Scratch-Resistant and Bio-based Polycarbonates Define Future of Global Polycarbonates Market
Keeping in view the low emission targets introduced by environmental authorities, automobile manufacturers are stressing on the development of lightweight vehicles. The extensive usage of polycarbonate material to build light vehicles is one of the major factors driving the demand from the global polycarbonate market. The rapid expansion of the consumer electronics industry has also played a pivotal role in the market’s growth as thermoplastic polymers are largely used in electronic components. Furthermore, packaging applications have augmented the growth of the global polycarbonate market, especially across the emerging economies.
However, the volatile prices of raw materials such as bisphenol A (BPA) have negatively impacted the market’s growth. The high cost of polycarbonate and low scratch resistance displayed by the material are expected to impede the growth of the market during the forecast period. “In the hindsight, this drawback has created a growth opportunity in terms of demand for bio-based and scratch resistant polycarbonates,” a TMR analyst states.
The global polycarbonate market is anticipated to expand at a CAGR of 6.2% during the period from 2014 to 2020. The market was worth US$12.86 bn in 2013 and is projected to reach a valuation of US$19.59 bn by 2020.
The information in this review is based on the findings of a Transparency Market Research report, titled “Polycarbonate Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.”
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