The global polycarbonate sheets market size is estimated to reach ~USD 7 Billion by the end of 2035 by growing at a CAGR of ~8.10% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of polycarbonate sheets market was ~USD 3 Billion. The growth of the market can be attributed to the global commitment to driving toward a circular economy for plastics, by increasing the availability of more sustainable products and recyclable thermoplastics worldwide. For instance, it was found that in 2020, the production of thermoplastics around the world reached nearly 400 million metric tons. Moreover, the rising demand for engineering thermoplastics globally is further expected to boost the market growth.
In addition to these, factors that are believed to fuel the market growth of polycarbonate sheets include the rise in research and development and collaboration between major key players to manufacture more sustainable thermoplastics such as polycarbonate, which is in soaring demand in many end-use industries. For instance, a joint study proposal selected by Japan’s New Energy and Industrial Technology Development Organization (NEDO), joined by many stakeholders and managed by Tosoh Corporation and Mitsubishi Gas Chemical Company, Inc. collaborated to reduce CO2 emissions during the manufacture of polycarbonate and polyurethane. The aim is to eliminate the usage of conventional raw material phosgene from the process. Additionally, the increasing demand for more sustainable solutions, in particular with post-consumer-recycled (PCR) plastics is predicted to present the potential for market expansion over the projected period.
Base Year |
2022 |
Forecast Year |
2023-2035 |
CAGR |
~8.10% |
Base Year Market Size (2022) |
~ USD 7 Billion |
Forecast Year Market Size (2035) |
~ USD 3 Billion |
Regional Scope |
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Growth Drivers
Challenges
The global polycarbonate sheets market is segmented and analyzed for demand and supply by type twin wall, multiwall, corrugated, and solid. Out of the three types of polycarbonate sheets, the multiwall segment is estimated to gain the largest market share of about ~38% in the year 2035. The growth of the segment can be attributed to the rapidly growing infrastructure worldwide as well as the augmenting global leisure and entertainment industry with an increasing number of theme parks, amusement parks, resorts, and others. It was found that in 2021, the revenues of the global leisure and entertainment industry reached more than USD 2 trillion. Multiwall polycarbonate sheets are most widely used for conservatories and lean-to roofs and hence are best suited for conservatories, canopies, vertical glazing, displays, roof lights, signage, walkways, swimming pool covers, insulation, and more.
The global polycarbonate sheets market is also segmented and analyzed for demand and supply by end-user into electrical and electronics, aerospace, defense, building and construction, automotive, and others. Amongst these three segments, the electrical and electronics segment is expected to garner a significant share of around ~46% in the year 2035. The segment growth can be attributed to the radically burgeoning global population as well as their increasing disposable income owing to which there is a surge in the demand for many consumer electronics such as laptops, printers, copiers, and mobile chargers for smartphones, among others. Moreover, the growing demand for waterproof and shockproof electrical components from the industrial sector is further expected to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global polycarbonate sheets market includes the following segments:
By Type |
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By End User |
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The market share of polycarbonate sheets in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about ~31% by the end of 2035. The growth of the market can be attributed majorly to the growing industrial sector as well as the increased production output of many end-use industries such as automotive, construction, and others besides the rising investment in polycarbonate production projects by major key players to serve the growing demand of the product in the region. For instance, it was found that a major player Covestro AG invested in the production of more sustainable polycarbonates in the Asia Pacific. The delivery capability of recycled polycarbonates of the company’s first dedicated mechanical recycling production line in Shanghai is anticipated to be more than 60,000 tons per year annually by 2026.
The North American polycarbonate sheets market is estimated to be the second largest, registering a share of about ~28% by the end of 2035. The growth of the market can be attributed majorly to the increasing demand for lightweight, impact resistant, and break-resistance materials from many end-use industries, including packaging, food & beverages, eyewear, medical, and others in the region. Moreover, the growing urbanization as well as the increasing demand for various types of thermoplastics from the construction industry which is radically prospering in the region is further anticipated to propel the market growth in the region. As per findings, the construction sector in the U.S. contributes ~ 4.3% to the total U.S. GDP.
Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growing demand for sustainable products, as well as the increasing research and development investments to develop products from renewable raw materials along with the growing demand for recyclable plastics with high strength, lightweight, and relatively low processing costs to adhere to the sustainable development goals in the region, is expected to boost the market growth in the region in the provided time period.
Covestro AG one of the world’s leading manufacturers of high-quality polymer materials and their components shipped the first climate-neutral polycarbonate from its Uerdingen, Germany site, in 2021. This polycarbonate is climate neutral from cradle to the factory gate, according to a verified life cycle analysis.
Saudi Basic Industries Corporation (SABIC), a global leader in the chemical industry, launched its certified circular polycarbonate (PC) resin and blends made from the upcycling of post-consumer mixed plastic.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The increasing use of polycarbonate sheets by end-use industries, such as construction & building, electronics, and automotive are the major factors driving the market growth.
Ans: The market size of polycarbonate sheets is anticipated to attain a CAGR of ~8.10% over the forecast period, i.e., 2023 – 2035.
Ans: Adverse effects on environment and human health are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Airex AG, Arla Plast AB, AGC Inc., Brett Martin Ltd, Covestro AG, Evonik Industries AG, Palram Industries Ltd., SABIC, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, end-user, and by region.
Ans: The multiwall segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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