Polycarbonates (PC) are a type of thermoplastic polymers, which are easy to mold, thermoform, and work with. These impressive characteristics of these products have created numerous applications across different industries. Today, polycarbonate resins have become one of the most dominant engineering plastics with increasing applications and demand. Global polycarbonate resin market is steadily driven by growth in the applications of these products and their widespread popularity as commodity plastics. Strong chemical formulation and a better replacement for plastics are expected to be the key features for the industry, which is aiming at steady progress in coming future.
Segmentation and Drivers
Global polycarbonate resin market is segmented on the basis of their applications and demand across different regions of the world. Polycarbonate has numerous industrial applications, which range from consumer goods, automotive, packaging, food and beverages, medical, electrical, and such other industries. On the basis of demand in different geographic regions, the market is divided into four basic regions, which include Western Europe, North America, Asia Pacific, and rest of the world. The industry is making impressive growth since past few years. This growth is attributed to the steady progress in demand and replacement of plastics with these engineered plastics. Cost effectiveness, impact resistance, adaptability, flexibility, and optical properties are some of the strongest industry drivers.
Strong characteristics and rising applications are helping the polycarbonate resin market to grow in terms of volume, global presence, and revenue. The market has witnessed healthy growth in the past few years, which is expected to continue in the years to come. This is a vital sign, especially for the businesses that are aiming to enter this industry in the near future. The market is also creating potential business activities for the existing customers. Rising demand from emerging markets like Asia Pacific and rest of the world are helping the global market to grow in terms of revenue and reach. From 2013 to 2018, global polycarbonate resin market is expected to grow at a CAGR of over 7%. At the estimated rate, the market is projected to grow worth $18.3 billion by the end of 2018. In 2012, the market was worth $12.1 billion.
Asia Pacific region is expected to dominate the global polycarbonate resin market. Asia Pacific region is dominated by China, which is followed by North America. The North American segment is dominated by United States of America. Indian markets on the other hand projected to record impressive growth during the forecasting period. This growth is largely driven by offshore business activities of key market players. Many leading businesses are aiming to spread their business across the globe, which is driving the market.