The global polycarbonate market is expected to rise at a healthy pace in the next few years. The rising focus of the players on the technological advancements and research activities are projected to enhance the growth of the overall market and offer promising growth opportunities in the next few years.
According to the market research study that has been recently published by Transparency Market Research stated that the global market for polycarbonates is projected to reach a value of US$19.6 bn by the end of 2020. The market is likely to exhibit a promising 6.20% CAGR between 2014 and 2020.
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The growing demand for fuel-efficient lightweight vehicles is considered as one of the key factors that is projected to encourage the growth of the global polycarbonate market in the next few years. The rapid development of the automotive industry is predicted to enhance the growth of the market in the near future. An excellent structural rigidity and a high level of promising efficient usability for the material in the packaging sector, which is likely to accelerate the growth of the overall market in the coming years. Furthermore, in the consumer electronics industry, the material finds its use, thanks to its impact resistance, excellent flame retardancy, and optical clarity. Moreover, the demand for polycarbonates is likely to remain healthy across the globe, owing to the significant growth of several end use industries.
The global polycarbonates market has been classified on the basis of application into electronics, automotive, optical media, construction, packaging, and others. The others segment has been further sub-classified into tableware and medical implants. Among these, the automotive segment is projected to hold a major share of the market and is predicted to remain in the similar position in the coming few years. Furthermore, the electronics segment is likely to witness a healthy growth in the next few years.
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The global market for polycarbonate has been categorized on the basis of geography into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In the last few years, Asia Pacific accounted for a large share of the market and is projected to remain in the similar position in the next few years. The high growth of this region can be attributed to the rising demand for polycarbonate from diver end use industries. In addition to this, the presence of a large number of consumer electronics manufacturers, the growing demand for vehicles, and the rising contribution from India and China are projected to enhance the growth of this region in the coming few years. Furthermore, Europe is estimated to remain on the second position in the next few years, thanks to the rising demand for lightweight vehicles and the development of the automotive industry.
The global market for polycarbonates is considered as highly concentrated in nature, owing to the presence of a few players who are holding a major share of the market. The competition among these key players is projected to get intense in the next few years. Some of the key players operating in the polycarbonate market across the globe are SABIC Innovative Plastics, Bayer MaterialScience AG, Asahi Kasei Chemical Corporation, Chi Mei Corporation, Royal DSM, Teijin Limited, Mitsubishi Engineering-Plastics Corporation, Trinseo (Styron), Centroplast Engineering Plastics GmbH, and Idemitsu Kosan Co., Ltd. These players are making notable efforts to maintain their dominance in the next few years by focusing on research and development activities and expansion of the product portfolio. In addition to this, the rising number of mergers and acquisitions and collaborations is further predicted to support the growth of the market in the near future.
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