Covid-19 Impact on Polycarbonate Market is Expected to Grow at an Impressive CAGR by 2028

Stratview Research delivers key insights into the global Polycarbonate Market. According to Stratview Research, the market is segmented by Application Type (Transportation, Electrical & Electronics, Construction, Packaging, Consumer Goods, Optical Media, Medical Devices, and Others) and by Region (NA, Europe, APAC, ROW).
Market Insights
The report suggests that the overall polycarbonate market was estimated at USD 23.02 billion in 2022 and is likely to grow at a CAGR of 5.53% during 2023-2028 to reach USD 31.91 billion in 2028.
What is polycarbonate?
Polycarbonates can be defined as a group of thermoplastic polymers that contain carbonate groups in their chemical structures. Such materials are strong and some grades are even optically transparent. The utility of polycarbonate is endless that includes transportation, electrical & electronics, construction, and packaging to name a few.
COVID-19 Impact on the polycarbonate market.
Polycarbonate, a sizeable market, also was unable to escape the pandemic and witnessed a decline in sales in 2020 the pandemic. However, due to demand from various end-use industries, the market started to rebound from the year 2021. The polycarbonate market is likely to see healthy growth in the forecast period.
Market Dynamics
The polycarbonate market has been experiencing significant growth in recent years, driven by several key factors. Here are a few drivers behind the growth of the global market for polycarbonate-
• Polycarbonate, owing to its properties like lightweight, high-strength, and impact resistance, is widely used in automotive applications such as interior and exterior components, lighting systems, glazing, electrical connectors, etc. With the growing demand for fuel efficiency and reduced emissions, the adoption of polycarbonate helps automakers achieve weight reduction while maintaining safety and design flexibility.
• Polycarbonate finds widespread use in construction applications, including in roofing sheets, cladding panels, safety glazing, etc. Owing to its excellent transparency, durability, and thermal insulation properties, polycarbonate is becoming a preferred choice for modern architectural designs.
• The growing consumer electronics market also fuels the demand for polycarbonate, as it is widely used in this industry owing to its flame resistance, and excellent electrical insulation properties.
Market Segments' Analysis
Based on the application type, the market is segmented as transportation, electrical & electronics, construction, packaging, consumer goods, optical media, medical devices, and others. The transportation segment accounted for the largest share in 2022 and is likely to maintain its dominance during the forecast period. The growth of the segment is owing to the rising demand for polycarbonate in headlamp lenses, lighting systems, exterior parts, and interior components of automobiles.
In terms of regions, Asia-Pacific is estimated to be the largest market for polycarbonates during the forecast period. The Asia-Pacific market is expected to expand with a lucrative CAGR due to the establishment of automotive manufacturing plants in the region by various American and European automobile giants coupled with a growing population and investment in infrastructure and construction projects in the region.
Key Players
The following are some of the key players in the Polycarbonate Market:
• SABIC
• Bayer Materialscience Ag
• Teijin Ltd.
• Mitsubishi Engineering-Plastics Corporation
• Chi Mei Corporation
• Formosa Chemicals & Fiber Corporation
• LG Chem Ltd.
• Samsung Sdi Co., Ltd.
• Thai Polycarbonate Co. Ltd.
• Trinseo LLC
FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for Polycarbonate Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
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