Polycarbonate Market Outlook 2031
- The global polycarbonate market valued at US$ 19.6 Bn in 2021
- It is estimated to expand at a CAGR of 6.2% from 2022 to 2031
- The global polycarbonate market is expected to reach the value of US$ 37.99 Bn by the end of 2031
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Automotive and Electronics Applications Triggering Demand for Polycarbonate Materials
Polycarbonate is virtually present in all end-use industries such as automotive, electronics, and construction, among others. The growing demand for lightweight automotive components is driving the polycarbonate materials. This is evident since lightweight polycarbonate components play an instrumental role in fuel efficiency for passenger vehicles.
The increasing trend of miniaturization in electronics is another driver contributing toward expansion of the polycarbonate market. This trend coupled with rapid growth in the eCommerce industry and online shopping apps is translating into revenue opportunities for polycarbonate manufacturers.
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Polycarbonate-intensive Plastic Products Gauging Demand amid Coronavirus Pandemic
Medical polycarbonates and other plastic-intensive products are acquiring increased importance amidst the ongoing coronavirus pandemic. This stems from an increased demand for polycarbonate syringes and intravenous (IV) components. As such, the revenue of fluid delivery and IV connection components is slated for aggressive growth in the global polycarbonate market.
Innovative products such as one-piece plastic face shields are being introduced for coronavirus medics. Researchers from top universities are increasing efforts to design disposable face shields and urging manufacturers in the polycarbonate market to mass produce the same. This trend is particularly important since the U.K., India, and China’s healthcare facilities are being compromised due to newly reported COVID-19 infections owing to new variants.
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Innovations in Synthetic Leather with Polycarbonate Diols
Synthetic leather is gaining popularity in the polycarbonate market as manufacturers are diversifying their production into polycarbonate diols. Polycarbonate diols help to make leather soft and tough. The growing fashion and apparel industry has fueled the demand for leather jackets, shoes, and other accessories. However, manufacturers often struggle to find a balance between providing stain resistance to things such as creams and beverages, whilst creating a supple feel & flexibility for leather materials. Such findings are translating into revenue opportunities for manufacturers in the polycarbonate market, since polycarbonate diols are solving this problem.
Polycarbonate diols deliver softness and flexibility in leather finishes & artificial leather coatings. Moreover, polycarbonate diols make polyurethane coatings highly resistant to UV (ultraviolet) rays, heat, chemicals, and water, among others. Such factors help to increase the availability of leather which is more durable.
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Polycarbonate Sheets Under Scrutiny for Sensitivity in Scratches & Unprecedented Expansion
Even though the polycarbonate market is projected to register a favorable CAGR throughout the assessment period, disadvantages such as sensitivity to scratches and unprecedented expansion of polycarbonate sheets are restricting its widespread application in building & construction projects.
For instance, if a branch should happen to fall on a patio canopy made of polycarbonate, it may result in scratches on the surface of the polycarbonate sheet. Hence, it is suggested that technicians use polishing for polycarbonate sheets, and they should make sure that mounting holes are wide enough to prevent the bolt or screw from sticking as the panel expands. Any glue or sealant used must be flexible. Nevertheless, advantages including robust insulation for greenhouses, lightweight attributes, and easy to process capabilities are compensating for its disadvantages.
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India Holds Lucrative Revenue Opportunities for Polycarbonate Manufacturers
Asia Pacific is expected to hold more than 50% revenue share of the polycarbonate market. The burgeoning growth in industrialization due to rapidly expanding economies, such as India and China, coupled with high demand for mobile phones & electronics in the region is driving the market. Since India is one of the largest automotive giants in the world, Asia Pacific offers significant opportunities for manufacturers, as resin requirements from automotive and construction industries have grown.
Rising investments in electric vehicle (EV) charging infrastructure, passenger car production, and public infrastructure is also fueling the demand for polycarbonate materials in India.
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