Categories: Market Research

Polycarbonate Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Polycarbonate Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Polycarbonate Global Market Report 2024, The polycarbonate market size has grown strongly in recent years. It will grow from $22.82 billion in 2023 to $24.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to automotive industry growth, consumer electronics boom, environmental regulations, medical device applications, building and construction projects, aerospace industry demand.

The polycarbonate market size is expected to see strong growth in the next few years. It will grow to $30.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to sustainable and bio-based polycarbonates, rising demand in electronics, electric vehicle market growth, led lighting applications, expansion of 3d printing applications. Major trends in the forecast period include advancements in processing technologies, anti-reflective coatings, electronics miniaturization, smart building integration, lightweighting initiatives in automotive, collaborations for material innovation.

The rising demand for electric vehicles is expected to boost the growth of the polycarbonate market going forward. An electric vehicle (EV) is powered by one or more electric motors using electrical energy stored in rechargeable batteries or another energy storage device. Polycarbonate is commonly used in electric vehicles due to its lightweight, high impact resistance, and optical clarity, providing enhanced safety, improved energy efficiency, and design flexibility. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, in 2021, electric car sales nearly doubled to 6.6 million as compared to 2020, reached 6.5 million electric vehicles on the road. Therefore, rising demand for electric vehicles is driving the growth of the polycarbonate market.

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The polycarbonate market covered in this report is segmented –

1) By Type: Foil, Strips, Sheets, Film, Plates, Tubes, Fibers, Other Types

2) By Processing Technology: Injection Molding, Extrusion

3) By Grade: General Purpose Grade, Flame Retardant Grade, PC Alloyed Grade, Medical Grade, Food Grade, Other Grades

4) By Application: Transportation, Electrical And Electronics, Construction, Packaging, Consumer Goods, Optical Media, Medical Devices, Other Applications

Innovative solutions are a key trend gaining popularity in the polycarbonate market. Major companies operating in the polycarbonate market are focused on innovative solutions to meet demand and sustain their position in the market. For instance, in May 2023, Essentium Inc., a US-based chemical manufacturing company, launched Essentium Altitude, the first polycarbonate material to withstand extreme cold temperatures. Up to -60°C. Because of this, business players have a unique opportunity to quickly make parts that can resist freezing temperatures when needed, saving money, cutting waste, and simplifying the supply chain at the pace of relevance. It is the most recent innovative material that greatly increases the use of 3D printing for outdoor and high-altitude applications. Essentium Altitude, designed to survive extreme cold, UV rays, and fires, establishes a new benchmark for high-performance components in the aerospace, automotive, cold storage, maintenance, and construction sectors.

The polycarbonate market report table of contents includes: