The global bio-based polycarbonate market size was estimated at USD 64.60 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.40% from 2023 to 2030.Growing thermoplastics industrial applications and increased awareness about the environmental impact of petrochemical disposals are projected to fuel global bio-based polycarbonate (PC) growth in the coming years. The U.S. market for bio-based PC is projected to witness growth due to awareness regarding environmental concerns, technological improvements, regulatory measures, and the shift in consumer preferences for bio-based products. Bio-based polycarbonate is very effective accounting for its properties such as high thermal resistance, hardness, and transparency. These products help in reducing the carbon footprint due to their high bio-content.
Technological advancements in the production of bio-based products along with the availability of feedstocks for bio-manufacturing or conversion into bio-based products is expected to create demand for bio-based polycarbonate over the forecast period. Moreover, the growing demand for optical products including glasses, cameras, and LED & LCD lighting is anticipated to boost the demand for bio-based polycarbonate (PC). Bio-based PC offer excellent optical properties such as high transparency and scratch resistance.
The increasing intervention of the U.S. Department of Energy’s Bioenergy Technologies and other organizations are projected to fuel the growth of the U.S. bio-based polycarbonate (PC) market. For instance, in July 2021, the Deputy Under Secretary for Rural Development of the United States Department of Agriculture (USDA) released an Economic Impact Analysis of the U.S. Bio-based Products Industry. The reports reveal that the bio-based industry is a significant source of economic activity and job creation, as well as having a considerable positive influence on the environment.
The rise in foreign investment policies in the country is boosting the installation of production plants across the country. Moreover, the rise in demand for green technology is expected to fuel the growth of bio-based polycarbonate in the country.
Based on end-use, the transportation segment dominated with the largest revenue share of over 34.0% in 2022.The rising adoption to reduce the weight of the vehicle, as they provide less weight compared to conventional counterparts is expected to drive the usage of bio-based polycarbonate in the automotive industry. The demand for bio-based PC is expected to rise, accounting for its superior characteristics including less dependency on the oil market, and the ability to reduce CO2 emissions by reducing overall car weight.
Moreover, the introduction of new manufacturing processes for automotive bioplastics is aiding in pushing the use of such materials in a variety of cars among aftermarkets and OEMs, which will drive the growth of automotive bio-based polycarbonate in the global market. The use of bio-based polycarbonate in the electrical and electronics industry is expected to grow at a significant rate owing to the rising usage of the production in the production of consumer electronics goods including device front panels, home appliances such as switching relays, LCD sections, sensor parts, cell phones, connections, and computers.
Based on type, the optical grade segment dominated the market and accounted for the largest revenue share of over 58.0% in 2022.Bio-based polycarbonate is used in several applications including optical components and eyeglass lenses as it offers high optical clarity to the products. The increasing demand for several products including bullet-proof glass, helmets, sunglasses, safety glasses, and sports goggles is expected to boost the production of bio-based PC in optical grade applications. Moreover, the rising demand for 3D printing is also expected to propel the market growth of bio-based polycarbonates.
The general purpose grade segment is expected to witness significant market penetration and growth rate over the forecast period.Bio-based polycarbonate is used in several other end-use industries including automotive, consumer electronics, building & construction, and aerospace. It is used in the production of various products including pillars, radar covers, grills, panels, garnish, door trim, clusters, glove boxes, gear shift covers, cup holders, windows, skylights, wall panels, roof domes, cabin linings, mobile front panel, and others.
Asia Pacific dominated the market and accounted for the largest regional share of over 37.50% in 2022. The region is witnessing growth in the bio-based PC market owing to the increased governmental regulations targeted at minimizing plastic waste and awareness of environmental issues. Owing to the presence of rising technological advancement and suitable infrastructure is expected to create demand for bio-based polycarbonate in developed economies including Japan and China. Moreover, the availability of raw materials in abundance and the availability of low-cost labor attract manufacturers for the production facilities for bio-based polycarbonate in the region to derive increased benefits.
Europe is predicted to grow at a significant rate over the forecast period owing to the rising awareness of environment-friendly products & solutions. The general consumer acceptability of bio-based products is witnessing a rise across all European countries. The market is further anticipated to be driven by the increasing usage of bioplastics in key end-use industries such as transportation, electrical & electronics, and building & construction among others.
The global bio-based PC market is a highly competitive market due to the presence of major industries across the region as these companies are comparatively concentrated and fiercely competitive along with acquisitions, mergers, and collaborations.For Instance, In February 2023, Mitsubishi Gas Chemical Company, Inc. and Mitsui Chemicals, Inc. announced the start of biomass polycarbonate resin (PC) manufacturing and selling as part of the two companies' efforts to achieve carbon neutrality by 2050. The company will offer biomass-derived bisphenol A under the BePLAYERTM trademark. It will used as a monomer feedstock in the production of its PC IupilonTM. Some of the prominent players in the global bio-based polycarbonate market include:
Mitsubishi Chemical Corp
Market size revenue in 2023
USD 68.69 million
Revenue forecast in 2030
USD 128.84 million
CAGR of 9.40% from 2023 to 2030
Base year for estimation
2018 - 2021
2023 - 2030
Volume in tons, revenue in USD thousands/millions, and CAGR from 2023 to 2030
Volume forecast, company ranking, competitive landscape, growth factors, and trends
Type, end-use, region
North America; Europe; Asia Pacific; Central & South America, Middle East & Africa
U.S.; Canada; Mexico; Germany; UK; France; Italy; Spain; Netherlands; China; India; Japan; South Korea; Australia; Malaysia; Singapore; Thailand; Vietnam; Brazil; Argentina; Saudi Arabia; UAE; South Africa
Key companies profiled
Mitsubishi Chemical Corp.; Covestro AG; SABIC; TEIJIN LIMITED
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This report forecasts revenue & volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. Forthis study, Grand View Research has segmented the global bio-based polycarbonate market report based on type, end-use, and region:
Type Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)
General Purpose Grade
End-use Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)
Electrical and Electronics
Building and Construction
Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)
Central & South America
Middle East and Africa
b. The global bio-based polycarbonate market size was estimated at USD 64.60 million in 2022 and is expected to reach USD 68.69 billion in 2023.
b. The global bio-based polycarbonate market is expected to grow at a compound annual growth rate of 9.40% from 2023 to 2030 to reach USD 128.84 billion by 2030.
b. The optical grade segment led the global bio-based polycarbonate market and accounted for more than 58.0% share of the global revenue in 2022.
b. Some key players operating in the bio-based polycarbonate market include Mitsubishi Chemical Corp., Covestro AG, SABIC, TEIJIN LIMITED
b. Key factors that are driving the bio-based polycarbonate market growth include growing thermoplastics industrial applications and increased awareness about the environmental impact of petrochemical disposals.
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