NEW YORK, Jan. 25, 2018 (GLOBE NEWSWIRE) -- The global polycarbonate market is expected to grow at a CAGR of 5.8% during 2017 – 2023 to reach USD 25.21 Billion by 2023. Factors propelling the growth of the polycarbonate market include development of bio-based polymers, growth of electrical and electronics industry, and increased consumption of polycarbonates in the automotive sector.
The report segments the polycarbonate market by Product Type (Polycarbonate Resins and Polycarbonate Products), by End-User Industry (Automobile, Electrical and Electronics, Building and Construction, Aerospace and Defense, Medical Equipment, Optical Devices, Packaging, Agriculture, and Others), and by Region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report studies the global polycarbonate market over the forecast period (2017-2023).
Polycarbonate is a crystalline thermoplastic polymer produced by the reaction between Bisphenol (BPA) and phosgene gas. Properties such as transparency, high impact strength, ductility, and easy molding makes polycarbonate suitable for various applications. It possesses unusually high impact strength and toughness even at low temperatures, has low moisture absorption, good heat and electrical resistance, and good oxidative and thermal stability. It is biologically inert, provides good chemical and UV resistance. It may be processed by most of the injection molding and extrusion techniques to produce components that exhibit good dimensional stability. Additionally, it can be sterilized by most standard techniques and can be used in the medical field.
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Key Findings of the Global Polycarbonate Market
- On the basis of product type, polycarbonate resin was dominating the polycarbonate market, in 2016 and is anticipated to dominate the market, throughout the forecast period. The growth of this segment is attributed to its high demand in electrical and electronics industry
- Polycarbonate sheets segment of polycarbonate product type was holding the second largest share of global polycarbonate market, in 2016. The demand for polycarbonate sheets is mainly driven by the increasing demand for window and non-window applications in various industries
- On the basis of end-user industry, electrical and electronics was holding the largest share of global polycarbonate market, in 2016 and is expected to remain the largest market, throughout the forecast period
- The automobile industry is expected to be the fastest growing end-user industry for polycarbonates, over the forecast period. The growth in the aforementioned segment is primarily attributed to high impact resistance and durability of polycarbonates at lower weights compared to conventional materials along with the increasing production of lightweight vehicles
- Geographically, Asia-Pacific was holding the largest market share for polycarbonate, in 2016 and is anticipated to dominate the market, throughout the forecast period. Growth of polycarbonate market in this region is attributed to the rapid growth in electrical and electronics industry
- Key players in the global polycarbonate market are Convestro, SABIC, Mitsubishi Engineering Plastics Corp., Teijin Industries, Trinseo, LG Chemicals, Chi Mei Corporation, Lotte Chem, Entec Polymers, Idemitsu Kosan Co. Ltd., among others
Polycarbonate- Medical Applications
Polycarbonates properties provide an ideal solution in medical devices and processes, such as cardiac surgery, renal dialysis, IV connectors, and surgical instruments. Renal dialysis, involves removing and screening blood in an effort to remove toxins, depends on passing blood through a semi-permeable membrane cartridge. Polycarbonate often forms the clear and sturdy products that houses the membrane, protecting the process and enabling doctors to monitor the procedure. Polycarbonate resists chipping, shattering, and can withstand several types of sterilization, it can easily be re-used and still deliver the same high-level of performance. In terms of surgical instruments, polycarbonate is replacing metal in some applications. Trocars, tube-like instruments used to insert other instruments into the body, are often made of polycarbonate because it prevents the trocar from bending and allows doctors to track the progress of the instrument being installed. Furthermore, easy sterilization and chemical resistance provide an innovative advantage for polycarbonate in the medical industry.
Polycarbonate Market- Regional Insight
Asia-Pacific was holding the largest market share of polycarbonate market, in 2016 and is anticipated to continue holding the major market share, throughout the forecast period. Increasing demand for electrical and electronics, especially in China and Japan is fostering the growth of the polycarbonate market, in this region. Additionally, automobile manufacturers are shifting their focus on Asia-Pacific owing to the availability of cheap labor and rapid industrialization. North America was the second largest market for the polycarbonate, in 2016. The major demand for polycarbonates comes from the automobile industry attributed to the increasing demand for reducing the weight of automobiles and increasing their fuel efficiency. European polycarbonate market is mainly driven by the growing demand for polycarbonate sheets in building and construction activities. Middle East and Africa region is anticipated to witness a moderate growth during the forecast period owed to the rising demand in the packaging industry.
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