Chicago, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The Polycarbonate Resin Market is valued at USD 15.3 billion in 2024 and is projected to reach USD 20.1 billion by 2029, growing at 5.5% CAGR in terms of value, as per the recent study by MarketsandMarkets™. The market growth is driven by influencing factors such as growing demand from automotive industry and rapid urbanization and infrastructure development.
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Browse in-depth TOC on “Polycarbonate Resin Market”.
206 - Market Data Tables
34 - Figures
201 - Pages
List of Key Players in Polycarbonate Resin Market:
- SABIC Innovative Plastics (US)
- Covestro (Germany)
- TEIJIN LTD. (Japan)
- Mitsubishi Engineering-Plastics corporation (Japan)
- and LG Chem (South Korea).
Drivers, Restraints, and Opportunities in Polycarbonate Resin Market:
- Driver: Rapid urbanization and infrastructure development
- Restrain: Residual BPA in food packaging and medical applications
- Opportunity: Growth in emerging economies to boost the market growth
- Challenge: Intense competition from alternative materials
Key Findings of the Study:
- The medical application is projected to be fastest growing application in the Polycarbonate resin market during the forecast period.
- Asia Pacific is the fastest growing in the Polycarbonate resin market, in terms of value.
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Based on application type, the polycarbonate resin market has been segmented into electrical & electronics, optical media, consumer goods, automotive, films & sheets, construction, packaging, medical and others. In the electrical and electronics industry, polycarbonate's exceptional electrical insulation properties and heat resistance make it ideal for manufacturing various components such as connectors, sockets, and switchgear housings. Additionally, its transparency and impact resistance render it valuable in optical media, where it is used to produce CDs, DVDs, and Blu-ray discs. In consumer goods, polycarbonate finds utility in the fabrication of durable yet lightweight products like water bottles, kitchen appliances, and luggage due to its high impact strength and aesthetic appeal. The automotive sector benefits from polycarbonate's ability to withstand high temperatures and impacts, making it suitable for producing headlamp lenses, interior trim components, and exterior body panels. Polycarbonate's versatility extends to the construction industry, where it is utilized in the fabrication of roofing panels, windows, and skylights owing to its excellent weatherability and clarity. Furthermore, in packaging applications, polycarbonate's toughness and resistance to chemicals and sterilization processes make it a preferred choice for food containers, medical device packaging, and beverage bottles. Finally, in the medical field, polycarbonate's biocompatibility, transparency, and stabilizability make it indispensable for manufacturing medical devices, such as IV connectors, surgical instruments, and blood oxygenators, ensuring both safety and reliability in critical healthcare settings.
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Asia Pacific is the fastest-growing market for polycarbonate resin. This growth is mainly attributed to the Its robust industrial infrastructure, coupled with rapid urbanization and burgeoning manufacturing sectors, drives substantial demand for polycarbonate resin across diverse applications. Moreover, the region's expanding middle class fuels consumer demand for durable goods, electronics, and automotive products, all of which heavily rely on polycarbonate. Additionally, Asia-Pacific economies often prioritize infrastructure development and construction projects, further boosting demand for polycarbonate resin in applications such as roofing, windows, and insulation. Furthermore, favourable government policies, coupled with the region's status as a manufacturing hub, attract investments from multinational corporations, fostering a conducive business environment for polycarbonate resin producers. With its burgeoning population and rising disposable incomes, the Asia-Pacific market presents unparalleled growth opportunities for polycarbonate resin manufacturers, making it the focal point for industry expansion and investment.
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