September 15, 2022 14:01 ET | Source: Facts & Factors Facts & Factors
TOKYO, JAPAN, Sept. 15, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “Polycarbonate Resin Market Size, Share, Growth Analysis Report By Application (Electrical & Electronics, Optical Media, Consumer, Automotive, Sheets, Films, Packaging, Medical, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Polycarbonate Resin Market size & share in terms of revenue was worth of USD 15 billion in 2021 and it is expected to surpass around USD 18.9 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 4.1% during the forecast period 2022 to 2028.”
Polycarbonate resins provide features such as easy mold release, high tensile strength, low viscosity, flexural strength, thermal stability, and elastic modulus. High demand is observed for polycarbonate resins from the medical, healthcare, and automobile sectors. As it has great electrical resistance, it is used widely in several electrical and electronic equipment, including optical media, connectors, housings, smartphones, battery boxes, and among others.
Several concerns are being raised on account of the usage of polycarbonate resin in medical applications and other packaging materials. This might hamper the growth of the global polycarbonate resin market.
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Global Polycarbonate Resin Market Dynamics:
The rising polycarbonate resins acceptance over other established glass fibers has been a key factor facilitating the market for polycarbonate resins. Increased R&D leading to the expanded scope of polycarbonate resins is facilitating the demand for these resins. The global polycarbonate resins market is likely to show considerable growth over the forecast period on account of the rising automotive and electronics industries. Rising plastics consumption is estimated to benefit the market globally. The growing demand for products that are eco-friendly is likely to influence positively the demand for polycarbonate resins. Polycarbonate resins have great physical properties, optical characteristics, and recyclability, giving them a competitive edge over traditional materials such as PVC, PE, metal, and PET. Its applications are spread across numerous end-use sectors such as electronics, automotive, building & construction, medical equipment, and optical media. A sharp rise in the demand for polycarbonate resin for manufacturing electronic products and optical discs is likely to aid the market growth globally.
However, the growth of the global polycarbonate resin market is challenged due to various determinants. Polycarbonate resins production releases Bisphenol A, which is highly carcinogenic and is acting as a major restraint for the growth of the market. The rising polycarbonate resins demand in various niche segments like blue ray discs and medical equipment is likely to present huge opportunities for growth to the market in the forecast period. Furthermore, owing to environmental considerations, the growth of bio-based polycarbonates is likely to present immense opportunities for growth in this market.
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Polycarbonate Resin Market: COVID-19 Impact Analysis
The COVID-19 pandemic resulted in a downfall in the market and multiple polycarbonate resins manufacturers incurred losses. The whole world witnessed lockdowns across several countries to control the spread of virus infections and this resulted in a significant change in activity industrially on a global scale. Shielding of multiple facilities of manufacturing as well as the slow-down of the industrial market majorly led to a decline in demand for these polycarbonate resins in the first half of 2020.
Shuttering of multiple manufacturing facilities & industrial facilities, shortage of raw materials, logistics lapses, etc., were determinants that further made it hard for the companies to run their business smoothly. The polycarbonate resins market is likely to make a noticeable recovery after the pandemic era as the globe returns to normal & restart of manufacturing activity to further drive the market for polycarbonate resins potential over the coming years with huge demand from various end-use sectors.
The global polycarbonate resin market is segmented based on application and region.
Based on application, the global market segments are electrical & electronics, optical media, consumer, automotive, sheets, films, packaging, medical, and others. The medical segment is expected to grow at a significant share. The medical segment is driven by FDI investment and rising government expenditure which in turn has given many lucrative opportunities for the market players operating in this market. Polycarbonate resin has a wide variety of uses in the healthcare industry, in the manufacturing of medical equipment like IV tubes, surgical instruments, blood filters, blood oxygenators, and blood reservoirs.
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The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. Some of the main competitors dominating the global Polycarbonate Resin market include -
Key Insights from Primary Research:
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Asia Pacific is likely to dominate the global polycarbonate resin market globally during the coming years. The emerging nations such as India and China display a substantial polycarbonate resins demand to support urbanization, which is driving the share of the Asia Pacific in the market. Moreover, rising demand from the South American and Middle East countries will further expand the market growth of the polycarbonate resins market.
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The global Polycarbonate Resin market is segmented as follows:
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