Global Polycarbonate Market 2019-2023
About this market
The automotive industry is among the major end-users of polycarbonates. High fuel cost and fluctuating fuel prices are the key factors behind the change in consumer preference from traditional passenger cars to fuel-efficient and lightweight cars. Automotive manufacturers are increasingly using polycarbonate plastics in the manufacture of automotive components. Owing to their lightweight design, high transparency, and excellent impact resistance, polycarbonates are replacing conventional materials and playing a key role in increasing fuel economy and decreasing carbon dioxide emissions. Stringent government norms to reduce greenhouse gas emission, carbon dioxide emission, and other harmful pollutants are also fueling the demand for fuel efficient and light vehicles. Therefore, companies in the US market have started using lightweight materials such as polycarbonates to make vehicles lightweight and fuel-efficient. The rising demand for such lightweight and fuel-efficient vehicles is fueling the consumption of polycarbonates, resulting in the growth of the global polycarbonate market. Technavio’s analysts have predicted that the polycarbonate market will register a CAGR of almost 5% by 2023.
High demand for polycarbonates from China and US
China and the US are among the leading consumers of polycarbonates in construction, automotive, electrical and electronics, food packaging, and healthcare industries. The rise in the number of ageing populations in China has led to an infrastructural growth of healthcare facilities and medical equipment. Therefore, the growth of healthcare sector along with the rise in the ageing population will drive the demand for polycarbonate in construction materials and medical devices as well.
Fluctuations in crude oil prices
Fluctuations in crude oil prices act as a major threat to the global polycarbonate market. Since the major raw material used in the production of polycarbonate, bisphenol A, is petroleum-derived fluctuations in crude oil prices affect its price. The high prices of raw materials are a major concern for polycarbonate manufacturers. The fluctuations in crude oil prices negatively impact the final cost of polycarbonates thereby affecting the profit margins of the manufacturers.
For the detailed list of factors that will drive and challenge the growth of the polycarbonate market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies."
Technavio Announces the Publication of its Research Report – Global Polycarbonate Market 2019-2023
Technavio recognizes the following companies as the key players in the global polycarbonate market: Covestro AG, LG Chem., MITSUBISHI GAS CHEMICAL COMPANY, INC., SABIC, TEIJIN LIMITED, Trinseo.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the expansion of production capacities and the development of new polycarbonate products will drive the market.”
According to the report, one of the major drivers for this market is the increased demand for ETP in end- user industries.
Further, the report states that one of the major factors hindering the growth of this market is the high competition from substitutes."
MITSUBISHI GAS CHEMICAL COMPANY
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