Polycarbonate Composites Market Share, Growth Prospects, Key Vendors, Future Scenario Forecast To 2030
Market Summary
The Polycarbonate Composites Market Size is expected to register a CAGR of 5.8% and reach around USD 3.5 Billion during the forecast period. Polycarbonate composite is produced from bisphenol A and carbonyl chloride. It is majorly used as an alternative to polyvinyl chloride in the medical, electronic, and automotive industries due to its high flexibility, high impact resistance, stiffness, and strength.
Segment Analysis
Based on applications, the Polycarbonate Composites Market Size has been segmented into automotive plastic, medical instruments, electrical engineering, consumer electronics, and others.
The automotive plastic segment is the fastest growing segment due to the shift in trend towards lightweight vehicles. Electrical engineering is expected to grow with healthy CAGR owing to consumers inclination towards smart devices and home appliance. Moreover, polycarbonate composite is used in the manufacturing of medical equipment and devices such as drug delivery, cardiovascular, respiratory devices, and surgical instrument. Its properties such as eco-friendly processing, recyclability, toughness, high impact strength, chemical resistance, heat resistance, and light weight make it ideal for application in medical devices and equipment. For instance, in October 2018, Covestro AG announced to expand its polycarbonate business by ramping up the production in China. The company has decided to increase the total capacity of the China-based plant by 150 kilotons per annum to meet the demand in the medical, automotive, and electrical & electronic industries.
Competitive Analysis
Some of the key players operating in the Polycarbonate Composites Market Size are polycarbonate composites are The Bond Laminates GmbH (Germany), Chi Mei Corporation (China), SABIC (Saudi Arabia), Asahi Kasei Advance Corporation (Japan), LG Chem (South Korea), Formosa Chemicals & Fibre Corporation (China), Trinseo (US), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Samyang Corporation (South Korea), Nudec (Spain), and Covestro (Germany)
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Regional Analysis
The Polycarbonate Composites Market Size, by region, has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific market is estimated to register healthy CAGR owing to increasing production of electronics in India, Indonesia, and Malaysia. For instance, the Electronic Industries Association of India has reported that Indian consumer electronic application production was worth USD 7,836 million in 2016, which has increased to USD 9,090 million in 2017. Thus, the shift in consumers lifestyle towards smart lives has surged the demand for convenience electronic goods, which is positively influencing the polycarbonate composite market.
The North American market is estimated to witness a substantial growth due to the growing use of polycarbonate composite in the medical industry. The Middle East & African and Latin American markets are expected to register health CAGRs owing to the high demand for polycarbonate composites in countries such as Mexico, Brazil, and GCC due to increase in automobile production.
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