The global polycarbonate resins market is expected to show appreciable growth over the six years on account of the growing electronics and automotive industries. Increasing plastics consumption is presumed to benefit the global market. Growing demand for eco-friendly products is expected to positively influence polycarbonate resins demand. Polycarbonate resins have superior optical characteristics, physical properties, and recyclability, which gives a competitive edge over conventional materials such as metal, PVC, PE and PET. Polycarbonate resin applications are spread across various end-use industries such as automotive, electronics, medical equipment, building & construction, and optical media. A steep rise in polycarbonate resin demand for manufacturing optical discs and other electronic products is projected to aid the global market growth.
Growing health awareness regarding bisphenol-A usage and carcinogenic residues is anticipated to challenge the polycarbonate resins market growth over the forecast period. High initial investments, access to licenses, and difficulty in developing an effective & efficient marketing network are slated to retard the global market growth. Increasing threats from substitutes such as polypropylene, copolyesters, and polystyrene are further expected to negatively influence the market growth prospects. The recent rise in bio-based polycarbonate demand owing to reduced bisphenol A exposure promises to open up previously inaccessible markets. This is expected to create robust growth opportunities for the market over the next six years. Automotive glazing technology coupled with innovations in the medical equipment industry is further expected to offer vast opportunities to the market participants.
Asia Pacific was the leading polycarbonate resin market, followed by Europe and North America. The regional markets are characterized by differing applications across multiple industries. .Rapid growth in electronics & electrical appliances manufacturing and industrialization in China, India, South East Asian markets, and Japan promise significant market growth in the region. North American market is characterized by widespread automotive glazing and medical-grade polycarbonate demand. The recovery of the construction industry in the region is expected to further complement the market growth. Major market participants are investing in R&D to develop superior quality polycarbonate resins in order to gain market share and attain sustainability. Prominent polycarbonate resin market participants include Bayer Material Science AG, Mitsubishi Engineering Plastic, Mitsubishi Gas Chemical Co., SABIC IP, Formosa Fiber & Chemical Corporation, Teijin Ltd., and Idemitsu Kosan Ltd., among others.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.