Global Polycarbonates Market - Segmented by Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global polycarbonates market has been estimated at USD 13,720.95 million in 2017. The market is expected to register a CAGR of 5.46% during the forecast period, 2018 to 2023. Electrical and electronics segment dominated the global polycarbonates market with nearly 47% share globally and is also estimated to register the fastest CAGR through the forecast period.
GROWTH IN PREFERANCE OF POLYCARBONATES
Polycarbonate resins are tough thermoplastics produced by the reaction between Bisphenol A (BPA) and phosgene gas. Polycarbonate is an amorphous, ductile and transparent polymer with high tolerance to extreme temperatures. The UV resistance and chemical resistance makes it suitable for a variety of applications. Owing to the aforementioned characteristics, along with its transparency and light-weight features, it is used in various industrial and commercial sectors for tail, back-up, and fog lights, along with aesthetically appealing components in the automotive & transportation sector.
With the growing demand for polycarbonates, companies are developing products which can be used for new applications. Polycarbonate manufacturing companies, such as BASF, DowDuPont and Bayer, are consistently engaged in R&D activities to develop products that are environment-friendly and comply with regulations. Furthermore, they have been investing in developing new technologies to continually enhance their competitive advantage in the industry.
Asia-Pacific Dominates the Market
Asia-Pacific has the highest share in the market, accounting for nearly 61% of the global market share in 2017. The increase in income among the middle-class population is increasing the demand for electronic components and automobiles in the Asia-Pacific, in turn making the region an area of immense potential and opportunities for the polycarbonate market.
China is the Largest Consumer
China is the largest producer and consumer of polycarbonates in the region. The demand for polycarbonates is increasing from various end-user sectors including electrical & electronics, automotive & transportation sector in China. Automotive is one of the fastest growing sectors in developing economies like China due to the rise in disposable income among the population and various other factors. The abundant availability of raw materials and low cost of production estimated to boost the demand for polycarbonates market in the country.
Key Developments in the market
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