Polycarbonate Market Size, Share & Trends Analysis Report By Application (Automotive & Transportation, Construction, Packaging, Consumer Goods, Others), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global polycarbonate market size was valued at USD 21.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030. The resin finds applications across a wide range of industries, including automotive & transportation, construction, packaging, consumer goods, and medical devices. In the recent past, the industry has experienced tremendous demand from automotive manufacturers as a result of regulations favoring vehicular weight reduction and plastics usage.

Polycarbonate resins are highly blended with other polymers such as ABS and polyester to be used in the fabrication of automotive components. Greater processability of PC resins by means of injection molding, foam molding, extrusion, and vacuum forming has enabled end-users to explore further options for the resin’s usage. Niche application areas such as safety equipment and industrial machinery are likely to gain demand in the future.

Regulations play a vital role in shaping industry dynamics and application trends. Regulations aimed at plastic waste and its disposal have led to a greater emphasis on recycling practices. This trend is expected to play a significant role in enhancing polycarbonate’s role as a substitute plastic since the resin is completely recyclable in nature.

With the rising crisis of the novel coronavirus, consumer buying behavior is shifting toward essential products such as food, medicine, and healthcare products. Reducing discretionary spending and weak consumer sentiment owing to COVID-19 are affecting the demand for consumer goods. This, in turn, is further anticipated to impact the demand for polycarbonate in consumer goods applications.

The packaging application segment is expected to provide the highest growth opportunities for polycarbonate compounding, as the product’s steam and dry heat stability has been vital in replacing other thermosets and glass materials. Automotive is one of the major application markets for plastics, which is anticipated to provide growth opportunities for polycarbonate compounds. As a substitute for glass, PC compounds are laminated to produce bullet-proof windows and are conventionally used in headlamps. 

Application Insights

The electrical & electronics application segment led the market and accounted for more than 24% share of the global revenue in 2021. Polycarbonate resins, blended with other polymers such as PBT and ABS, help to improve the final compound’s impact resistance and high-temperature performance. These compounds are further processed to be used in the fabrication of lighting systems, headlamp lenses, exterior parts, and interior components by automotive OEMs.

Over the recent past, Asian markets that include China, India, Indonesia, Thailand, and Korea have established themselves as regional manufacturing hubs for passenger cars and two-wheelers. High demand for premium passenger vehicles in the region has attracted investments from American and European companies that include Ford, General Motors, Volkswagen.

Polycarbonate demand in electrical and automotive applications has increased tremendously in the recent past. The product is easily moldable and flexible, thus making it ideal for thermoforming applications. Some grades of plastic compounds are tough and strong, whereas others are optically transparent, which makes them easy to be engineered. Furthermore, investments in public infrastructure, particularly in metro-rail projects and greenfield airports, will give rise to the demand for PC resins in construction as well as mass transit systems. 

Regional Insights

Asia Pacific dominated the market and accounted for more than 56.0% share of global revenue in 2021. The high share is attributable to the availability of raw materials in abundance and the availability of low-cost labor, which is attracting manufacturers from various industries to set up their production facilities in the Asia Pacific region to derive increased benefits.

In China, the polycarbonate market value in construction is expected to reach USD 1.93 billion by 2024. A non-aggressive monetary stance by the country’s central bank is likely to ease up liquidity, thereby favoring investments in new housing starts.

The Italian construction industry is expected to grow on account of favorable government policies for foreign direct investment (FDI) in the manufacturing sector. Furthermore, government initiatives for investments in energy and residential & commercial construction projects are expected to fuel the demand for polycarbonate during the forecast period. The growth of construction and real estate sectors in the country is likely to augment the demand for furniture, thereby propelling the market growth for polycarbonate during the projection period.

Key Companies & Market Share Insights

The global polycarbonate industry is fragmented in nature and major players are engaged in product development, strategic partnerships, mergers & acquisitions, and joint ventures to vertically integrate across the value chain, reducing the operational cost to have more profit margins. Some of the prominent players in the global polycarbonate market include:

• Covestro

• SABIC

• Lotte Chem

• Teijin Industries

• Mitsubishi Engineering Plastics Corp.

• Trinseo

• Idemitsu Kosan Co. Ltd.

• Lone Star Chemical

• Chi Mei Corporation

• Entec Polymers

• RTP Company

• LG Chem

Polycarbonate Market Report Scope

Segments covered in the report 

This report forecasts revenue and volume growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the global polycarbonate market report based on application and region:

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Automotive & Transportation

  • Electrical & Electronics

  • Construction

  • Packaging

  • Consumer Goods

  • Optical Media

  • Medical Devices

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • France

    • Italy

    • Russia

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Taiwan

  • Central & South America

    • Brazil

    • Mexico

  • Middle East & Africa

    • Saudi Arabia