According to the most recent survey, 5,006 KT of polycarbonate resins were sold in 2018, and sales are expected to increase by 4% in 2019. The radical expansion of its applications across several industry verticals will be the primary driver of the anticipated steady growth of the worldwide polycarbonate resins market in the coming years.
According to the analysis, profitable growth opportunities will continue to be created for stakeholders through 2029 as a result of the rapidly rising uses in the building and construction industry, which accounted for 30% of all polycarbonate resin sales in 2018.
Gains Abound in the Future
Applications for polycarbonate resins are expanding in a wide range of industries, including electrical & electronics, building & construction, and automotive. According to the report, the creation of canopies, facades, security windows, shelters and skylights, tubular day lighting devices, and sloped gazing have all recently made extensive use of polycarbonate resins. Polycarbonate resins are also used in wires and cables, illumination (CFL, LED, LED panels), battery housings, telephone components, radios, CD players and meter covers as the need for high-functionality products rises. Excellent heat resistance and insulating qualities can also be found in polycarbonate resins. Additionally, its flame-retardant properties are expanding its range of applications in hardware and electrical components.
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Fact.MR’s analysis shows that polycarbonate resins are projected to discover highly lucrative application prospects in the medical business, with widespread usage anticipated in wearable medical devices, even though applications in the medical industry are presently in their infancy. The outstanding qualities of polycarbonate resins make it a secure and long-lasting option for material for housing medical components. The report suggests that as some manufacturers turn their attention to extracting margins from untapped end-use markets, the industry’s attempts to produce improved polycarbonate resin grades for the medical device and healthcare OEMs will pick up speed. For instance, Covestro produced a medical-grade polycarbonate resin for a wearable bracelet made by Embr Labs that promotes thermal well-being.
The report predicts that improvements will continue to be concentrated in the automotive sector, where the use of polycarbonate resins is being pushed by the growing trend of lightweight components. The use of polycarbonate resins in the production of lightweight automobile components will continue to grow as the industry transitions to a more fuel-efficient future. Sales of polycarbonate resins totaled 734 KT in 2018 thanks to applications in the automobile industry, and it is very possible that this number will rise going forward due to potential use in the production of hybrid components. The continued use of hybrid speedometers will increase the need for the supply of specially formulated polycarbonate resin. For instance, Covestro created the Makrofol® LM Polycarbonate Resin film with a 3D surface, which allows for greater design flexibility and
Innovation- Opening Doors to New Applications
The Fact.MR study opines that several manufacturers have delved into technologically advanced manufacturing approaches to keep their offerings at par with the need of cutting-edge end use products. Smart grid electric system, which has polycarbonate resins as a building block, is emerging as a mine of opportunities for manufacturers, as the demand for these systems is notably rising since the recent past. The innovation of novel systems that offer continuous monitoring and communication using smart meters is gaining traction in the electrical industry.
3D printing, on the other hand, is a proliferating technology, and manufacturers are looking to extend the existing applications of polycarbonate resins banking on the 3D printing technology. Polycarbonate’s light weight and translucency, which are superior to other Fused Filament Fabrication (FFF) 3D printing materials have enabled manufacturers to leverage this additive manufacturing technology to squeeze additional gains.
East Asia – The Frontrunner
While the production and adoption of polycarbonate resins continue to pick pace at a global level, East Asia remains the promising investment pocket for stakeholders. East Asia accounted for more than half of the overall sales of polycarbonate resins, with China emerging as a gain generator for market players. For instance, Covestro has announced its plan to expand polycarbonate resin production capacity to 600 KT by 2020 in Caojing, China plant. Moreover, several market players in East Asia are also expanding polycarbonate resins production capacity to secure maximum possible gains out of the potential rise in the demand for this highly flexibility material from various industries.
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As they focus on developing lighter vehicle components to meet regulatory requirements, automakers who earlier undervalued the significance of plastics are now recognising its importance in the development of numerous components.
Since they can replace heavier elements like glass and metal, polymers have helped improve vehicles for years. This reduces the total weight of the vehicle, which eventually saves energy. In order to meet changing customer expectations while still adhering to industry rules, several automakers are experimenting with important car components.
The polycarbonate resins market is currently undergoing robust growth, driven by several key factors. Polycarbonate resins are known for their remarkable versatility, strength, and transparency, making them a preferred choice across a wide range of industries. Their ability to be molded into various shapes and sizes adds to their appeal, and their high impact resistance and durability make them invaluable, particularly in industries where strength and reliability are paramount. Additionally, these resins offer exceptional optical clarity, which is crucial in applications like eyewear and optical discs. Furthermore, despite their strength, polycarbonate resins are lightweight, contributing to fuel efficiency in industries such as automotive and aerospace.
This market can be segmented based on various criteria, including type, end-use industry, and geography, with regional variations in demand and regulations influencing market dynamics. Leading players in the industry, such as Covestro AG, SABIC, Mitsubishi Engineering-Plastics Corporation, and Teijin Limited, are driving innovation and product development to meet the growing demand for polycarbonate resins.
Looking to the future, the polycarbonate resins market holds significant promise. Increasing environmental concerns are propelling the demand for sustainable materials, and polycarbonate resins are recyclable, aligning well with the growing sustainability trend. Ongoing research and development efforts are focused on enhancing the properties of these resins, including their thermal stability, UV resistance, and flame-retardant characteristics. Emerging applications, such as 3D printing and optical data storage, are expected to further fuel market growth. As industries like automotive and electronics continue to expand, particularly in emerging economies, the demand for polycarbonate resins is set to rise, presenting substantial market opportunities. In conclusion, the polycarbonate resins market is poised to play a pivotal role in shaping various industries and products, reflecting its enduring importance in our daily lives.
Polycarbonate Resins Market – Segmentation
Fact.MR’s study gauges the polycarbonate resins market based on type, application, and region. The report presents detailed market dynamics and rapidly altering trends associated with different segments, and how they are shaping the growth avenues of the polycarbonate resins market.
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