Automotive Polycarbonate Glazing - Global Market Outlook (2021-2028)

Automotive Polycarbonate Glazing - Global Market Outlook (2021-2028)

According to Stratistics MRC, the Global Automotive Polycarbonate Glazing Market is accounted for $1.11 billion in 2021 and is expected to reach $2.45 billion by 2028 growing at a CAGR of 11.9% during the forecast period. Automotive polycarbonate glazing is manufactured or produced from foam materials such as polyurethane, polypropylene, nylon, rubber, and a combination of these materials. The foremost purposes of it are to safeguard the vehicle's exterior surface from corrosion, dirt, and wear. It also offers vehicle exterior cleanliness, easy maintenance, and increases durability. Based on application, glazing is used in numerous applications which comprise windscreen, sidelite, backlite, sunroof, and others.

Market Dynamics:

Driver:

Rising Usage of Polycarbonate Glazing

Carbon emission has increased in the last few decades and has resulted in climate change across the globe. Due to this, governing bodies in several provinces have imposed stringent emission norms in the automotive industry, which accounts for around 18% of carbon emissions worldwide. To comply with the emission norms, OEMs have increased the use of lightweight materials in automotive components to reduce the overall weight of the vehicle. According to a recent study, the reduction in vehicle weight significantly increases fuel efficiency. As per EPA, a reduction of 100 pounds of vehicle weight increases fuel economy by 1% to 2%. This increase in fuel economy will benefit not only the vehicle owner but also OEMs by helping them to achieve their fleet-level emission targets. Hence, vehicle component manufacturers such as glazing manufacturers are focusing on launching, and manufacturing glazing products made up of polycarbonate. According to SABIC, the use of polycarbonate in glazing instead of glass can reduce the weight of a vehicle by 16–20 Kg, which will improve fuel efficiency and decrease vehicle emissions.

Restraint:

High Cost

Polycarbonates are made of bisphenol A, which is the most widely produced transparent plastic made from crude oil. The price of polycarbonate differs with changes in Bisphenol A prices. Due to irregular supply and increasing demand, crude oil has shown volatile pricing trends in the last few years. This irregular pricing of raw materials affects the overall profitability of the manufacturer and, hence, creates instability in the market. Glass, which accounts for the highest market share in automotive glazing, is made of sand and silica. Hence, instability in the polycarbonate raw material coupled with the high price of polycarbonate is estimated to hinder the growth of the market.

Opportunity:

Polycarbonate Usage to Remove Blind Spot Area-A-Pillar

An A-pillar is the pillar that joins the hood to the bonnet of a vehicle. This pillar disturbs the visualization of the driver as it often generates a blind spot, which generates accident-prone scenarios. Several vehicles have a specific vision problem. In sports cars with aggressively raked windshields, A-pillars of various thicknesses can severely block the view. On extreme or tight curves, it’s very common for the pillar to obscure the road ahead critically. This is frustrating for drivers and can be dangerous as well. Numerous people are at risk of accidents due to the blind spot created by A-pillar. Many OEMs are trying to find solutions using multiple techniques. In this regard, Toyota and Volvo have already registered a patent for a different type of A-pillar. This may provide an opportunity for polycarbonate glazing manufacturers as polycarbonate provides the strength needed for the A-pillar. Additionally, as polycarbonate is transparent, it provides wide-range visibility to the driver and eradicates the possibility of a blind spot because of A-pillar.

Threat:

Scratch Prone Property and Low Reflectiveness of Polycarbonate Material

As Polycarbonate material faces a few challenges in the area of visibility. However, the light broadcast of polycarbonate sheets is more than glass; polycarbonate glazing is likely to be scratched. These scratches can be fatal as they can affect the visibility of the driver. Despite the benefits of weight reduction and tensile strength provided by polycarbonate, OEMs and government authorities are against the usage of polycarbonate in windshields. Furthermore, the scratch-prone traits of polycarbonate affect not only visibility but also the toughness of the automotive glazing application.

Passenger cars segment is expected to be the largest during the forecast period

Rising demand for luxury passenger cars and prompt development and rise in production and sales of a passenger car in emerging countries such as India, China, and Indonesia, and an increase in purchasing power of consumers is further expected to raise the segment over the forecast period. Owing to its growing consumer focus on improving aesthetic appeal, rising focus on safety and life of exterior components, and supportive government initiatives for automotive polycarbonate glazing in research and development centers further grows the demand for passenger car applications during the forecast period.

The Aftermarket segment is expected to have the highest CAGR during the forecast period

Rising aftermarket industry, rising demands for replacements, and an increase in the number of private levels shops are some of the factors expected to increase the aftermarket demand, and the availability of fewer quality products in the aftermarket is further expected to raise segment over the forecast period.

Region with highest share:

The Asia Pacific is projected to hold the highest market share; the province is experiencing the maximum growth owing to the rapid consumption of automotive polycarbonate glazing in several applications, the existence of automotive polycarbonate glazing companies, and rapid growth in the automotive aftermarket industry. Furthermore, growing demand for glazing materials for passenger vehicles from various countries in the area, such as China, India, and Thailand, growing manufacturing facilities owing to low manufacturing costs and supportive government incentives, and expanding manufacturing base are also propelling the growth of the market in the Asia-Pacific province.

Region with highest CAGR:

North America is projected to have the highest CAGR, The rising automobile production in the US and Canada and upsurge in modernization and development in automotive polycarbonate glazing, and growing automotive industry in Mexico, are expected to enhance the market growth. North America is the largest market for automotive polycarbonate glazing owing to its high vehicle production and demand in the region, with significant growth potential.

Key players in the market:

Some of the key players profiled in the Automotive Polycarbonate Glazing Market include Chi Mei Corp, Corning Incorporated, Covestro, Covestro AG, Engle Machinery Inc., Evonik, Freeglass, Idemitsu, KRD Sicherheitstechnik, Mitsubishi Chemical, Saint-Gobain, Saudi Basic Industries Corporation (SABIC), Sicherheitstechnik, Sumitomo Corporation, Teijin Limited, Trinseo, Webasto.

Key developments:

In October 2019: Covestro launched its new interior design concept for autonomous, electric, and shared mobility wherein a three-dimensional multifunctional display was made using Makrolon Ai polycarbonate and Makrofol polycarbonate film. A combination of in-mold decoration and film insert molding was used for surface design and durability.

In October 2019: SABIC launched polyester-based, high heat technology XENOY HTX resin for automotive structural application, which is light in weight, impact-resistant, and has high performance. Applications include body in white components, structural reinforcement, and battery protection system for electric vehicles.

In December 2018: Covestro announced that it started to build a new manufacturing line for polycarbonate films at Map Ta Phut Industrial Estate, Thailand. With this new capacity, the company will serve the fast-growing demand in Asia Pacific and strengthen its position as a market leader.

Vehicle Types Covered:
Passenger Cars
Commercial Vehicles

Technology’s Covered:
Conventional
Hydrophobic
Sun Control Glazing
Switchable
Window Glazing

Electric & Hybrid Vehicles Covered:
Battery Electric Vehicle
Plug-in Hybrid
Hybrid Electric Vehicle

Applications Covered:
Front Windscreen
Sidelites
Backlite
Sunroof
Rear quarter glass
Panoramic Roof/ Roof Modules
Large Windscreen
Head-Up Display

Sales Channels Covered:
Original Equipment Manufacturer (OEM)
Aftermarket

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances