Polycarbonate Market Overview:
The global plastic materials market is projected to grow at a considerably high CAGR reaching the value of USD 1 trillion by the end of 2023, reports Market Research Future (MRFR). This market growth in plastic materials is bound to give a considerable push to the polycarbonate market.
Polycarbonate resins are tough thermoplastics which are produced by the reaction between bisphenol A (BPA) and phosgene gas. It is an amorphous, ductile, and transparent plastic that has high tolerance for extreme temperatures. Its chemical resistance makes it ideal for a variety of applications. These characteristics coupled with its transparency and light-weight features leads to its extensive usage in diverse industrial and commercial sectors as well as aesthetically appealing components in the automotive & transportation sector. Apart from this, niche application areas like safety equipment and industrial machinery are likely to gain demand in future.
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Polycarbonate Market Key Players:
Polycarbonate Market are;
• Covestro (Germany)
• Teijin Limited (Japan)
• Mitsubishi Engineering Plastics Corp. (Japan)
• LG Chemicals (South Korea)
• EVONIK INDUSTRIES AG (Germany)
• Formosa (U.S.)
• Asahi Kasei Chemical Corporation (Japan)
• Idemitsu Kosan Co. Ltd. (Japan)
• SABIC (Saudi Arabia)
• Bayer AG (Germany)
Polycarbonate Market Segmentation:
In accordance with the report, the global polycarbonate market is segmented based on application and region.
By application, the market is segmented into automotive, building and construction, electrical and electronics, consumer goods, packaging, medical devices, and others. Far lighter than metal and glass, polycarbonate is being just as strong is used in the automotive industry. It plays a key role in increasing fuel economy and also reducing carbon dioxide emissions. It is also the choice for many sunroofs, and small window panes used in vehicles along with windows and windscreens in vehicles, giving a substantial push to the automotive segment in the global market.
The market has also been segmented into five major regions, which are North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.
Polycarbonate Market Regional Analysis:
Polycarbonate Market has been studied with respect to five major regions North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. The market in Asia Pacific is estimated to dominate the global market with the largest share. This can be attributed to the rapid industrialization in the region during the past few years, along with favourable government policies and funding for infrastructure and transportation. India, Japan, South Korea, Malaysia, and China are the major contributors to the growth of this regional market. Additionally, changing lifestyles, growing disposable incomes, and shifting consumer trends are favouring the automotive and packaging industries in the region, which may fuel the growth of the regional market.
North America is expected to be the second-largest market, with the U.S. as the largest country-level market due to a steady rise in the use of polycarbonate materials in reconstruction activities and the automotive and packaging industries. Europe is also a significant market for polycarbonate, with the markets in the U.K., France, Germany, Italy, and Belgium leading the region. The growth of the European market can be attributed to the use of these materials in automotive and other industrial applications. The markets in the Middle East and Africa and Latin America account for a relatively smaller share of the market; however, these markets are likely to grow in the coming years.
Polycarbonate Market Table of Content to be Continue…….,
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