Bio-based Polycarbonate Market To Reach $128.84 Million By 2030

Bio-based Polycarbonate Market Growth & Trends

The global bio-based polycarbonate market size is expected to reach USD 128.84 million by 2030, registering a CAGR of 9.40% from 2023 to 2030, according to a new study by Grand View Research, Inc.. Growing concerns about the toxicity of petrochemicals and the depletion of crude oil reserves have been driving the development of bio-based polycarbonate (PC).

Bio-based polycarbonate is produced with copolymerization of isosorbide and limonene oxide. The product finds applications across various industries, including electrical & electronics, transportation, construction, and medical devices. In recent years, the industry has witnessed high demand from car manufacturers due to the shift in consumer preferences towards lightweight vehicles.

The growth in the automotive & transportation industry mainly in Asia Pacific countries such as Japan, India, and China is expected to propel demand for bio-based polycarbonate in the industry. Moreover, the growing adoption of bio-based plastic polymers by goods manufacturers across the globe is expected to fuel the market growth.

However, the global bio-based polycarbonate industry is currently in its early stages, with merely a few market participants. High entry barriers due to high manufacturing costs and a complex manufacturing process may prevent new competitors from entering the existing competition.

Bio-based polycarbonate are expected to be ideal alternatives to traditional plastic polymers owing to their sustainability, nontoxic, and environmentally friendly properties. Shifting consumer preferences, government rules, and company standards are estimated to boost bio-based polycarbonate over the forecast period. Furthermore, bio-based polycarbonate is commonly utilized in the optics media industry for sunglasses, safety glasses, sports goggles, and LCD & LED lighting applications, which offers transparency and scratch resistance to the product.

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Bio-based Polycarbonate Market Report Highlights

• Asia Pacific dominated the overall market, while North America is expected to expand at a CAGR of 9.62% in terms of revenue over the forecast period. Rapid industrialization, coupled with government support for domestic manufacturing is expected to boost regional production of bio-based polycarbonates and reduce the dependence on imports, which is expected to present lucrative opportunities for global bio-based polycarbonate manufacturers

• Based on type, optical grade dominated the market segmentation in 2022. Bio-based polycarbonate-based optical grades are used for optics applications, such as lenses of sunglasses, bulletproof glasses, safety glasses, and others

• Based on end-use, transportation dominated the market segmentation accounting for over 34.0% in terms of revenue. The rise in demand for lightweight automobiles along with sustainable products and environmental consciousness, is likely to drive market expansion

• In February 2023, Teijin received ISCC Plus accreditation from the International Sustainability and Carbon Accreditation (ISCC) system for making polycarbonate (PC) resin in Japan utilizing biomass-derived bisphenol A (BPA). Teijin is the first business in Japan to receive ISCC Plus certification for PC resin. Teijin collaborated with Sabic of Saudi Arabia to deliver bio-based polycarbonate to the electronics and automotive industries

Bio-based Polycarbonate Market Segmentation

Grand View Research has segmented the global bio-based polycarbonate market based on type, end-use, and region:

Bio-based Polycarbonate (PC) Type Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• Optical Grade

• General Purpose Grade

Bio-based Polycarbonate (PC) End-use Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• Transportation

• Electrical and Electronics

• Building and Construction

• Optical Media

• Medical

• Packaging

Bio-Based Polycarbonate (PC) Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Netherlands

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Malaysia

  • Singapore

  • Thailand

  • Vietnam

• Central & South America

  • Brazil

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in the Bio-based Polycarbonate Market

• Mitsubishi Chemical Corp

• Covestro AG

• SABIC

• TEIJIN LIMITED