Global Polycarbonate Market to Reach Us$ 19.6 Billion By 2020
The global polycarbonate market has several players and technological advancements is instilling competitiveness among them. While the product finds uses in several industries, existing players are pumping in more money to identify niche applications. In order to sustain in the market, companies are also looking at improving quality of the polycarbonate resins they offer.
At the same time, technology has also aided new players to come out with innovations grabbing the attention of unexplored customers. This has opened fresh avenues for the global polycarbonate market. Some of the key players in the global polycarbonate market today are Teijin Limited, Chi Mei Corporation, and Idemitsu Kosan Company Ltd.
A Transparency Market Research report suggests that the global polycarbonate market will grow at a steady rate of 6.20% from 2014 to 2020. The market is projected to reach US$ 19.6 billion by the end of 2020.
Geographically, Asia Pacific is predicted to hold 59% share of the global polycarbonate market. The rapid industrialization due fast-developing economies in India and China along with the high demand for cell phones and electronics in the region are the major drivers. Europe will continue to remain prominent in the next few years.
Application-wise, the expanding uses of polycarbonates in the automotive industry is propelling the demand in this segment. They are extensively used in designing OEMs, headlamp focal points, And lighting frameworks.
Expanding Applications in Automotive to Drive Growth
Polycarbonates are known for its high impact resistance and low weight, making them ideal for headlamp lenses, and other automobile interiors. They are mixed with other polymers to design automotive parts. Other features like high light transmission, dimensional solidness, and sturdiness, are bound to rise the demand for polycarbonate films. At the same time, efforts to shrink the size of automobiles will further increase demand in the global polycarbonate market.
Many countries in Europe have introduced norms that favor the purchase of polycarbonate products, thus widening the store network. Besides, polycarbonate’s recyclable property makes it an ideal substitute for PVC in medical gadgets, a positive for the global polycarbonate market.
Moreover, properties like high electrical resistance, heat resistance, and flame retardation make it appropriate for production of electronics and telecommunication hardware. Another application is in the manufacture of data storage components like Blue-ray disc, compact discs, and digital versatile discs (DVDs). These factors are expected to aid growth in the global polycarbonate market.
Fluctuation in Crude Oil Prices Loom as a Challenge
Oil and related products are key ingredients involved in the production of polycarbonates. The fluctuating crude oil prices could be a challenge for the global polycarbonate market. Prices of crude oil are dependent on several factors.
On the other hand, some production methods are being criticized for their harmful effects on environment. While recent research had identified greener techniques, the pressure from governments on stringent pollution regulations are mounting pressure on manufacturers. However, the push from industries to develop environment-friendly methods are a positive for the global polycarbonate market.