Polycarbonate Sheets Market Size Expected to Reach $2.6 billion by 2031
According to a new report published by Allied Market Research, titled, "Polycarbonate Sheets Market By Type and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031," the global polycarbonate sheets market size was valued at $1.5 billion in 2021, and is projected to reach $2.6 billion by 2031, registering a CAGR of 5.7% from 2022 to 2031.
Polycarbonate sheets are used in different industries including, automotive, building & construction, and electrical & electronics. These are used for producing vandal-proof glazing, electric components, headlamp lenses, baby-feeding bottles, and safety helmets. Growth in automotive industry along with increased demand from the construction sector for roofing application, modern building wall, decoration of commercial building, and others are the key drivers for the growth of the global polycarbonate sheets market. However, the negative environmental impact of polycarbonate sheets is predicted to hamper the global polycarbonate sheets market growth during the forecast period. Nevertheless, increase in demand for polycarbonate sheets for building green house is anticipated to offer ample growth opportunities for the market during the forecast period.
The global polycarbonate sheets market is segmented on the basis of type, end-use industry, and region. By type, the market is classified into solid, multiwall, corrugated, and others. By end use-industry, the market is categorized into building & construction, electrical & electronics, automotive & transportation, aerospace & defense, packaging, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among the regions, Asia-Pacific holds the highest global polycarbonate sheets market share owing to the surge in demand for these sheets in commercial applications in the region.
The key players profiled in the report include COVESTRO AG; Emco Industrial Plastics; Exolon Group; Jiaxing Innovo Industries Co., Ltd; PALRAM INDUSTRIES LTD.; Polyvalley Technology Co., Ltd.; SABIC; Spolytech; TEIJIN LIMITED; and UVplastic Material Technology Co., Ltd. Other players in the value chain of the polycarbonate sheets market include Suzhou Omay Optical Materials co., Ltd., Gallina, Spartech, Koscon Industrial S.A., ISIK Plastik, Safplast Company, Brett Martin Ltd., and others. These players compete for the share of the market through product launch, joint venture, partnership, and expansion of production capabilities to meet the demand for polycarbonate sheets market during the forecast period. For instance, in 2021, SABIC announced ISCC certified LEXAN polycarbonate film & sheet products based on certified renewable feedstock. The new film and sheet product offering connects with the company’s existing TRUCIRCLE initiative and responds to increasing demand for further sustainable material solutions in an increasingly more circular plastics economy. These products are available worldwide and target demanding applications in different markets, including building & construction, automotive, mass transportation, electrical and electronics, and specialty glazing.
IMPACT OF COVID-19 ON GLOBAL POLYCARBONATE SHEETS MARKET
Emergence of COVID-19 crisis negatively impacted the global polycarbonate sheets market. This impact is mostly attributed to substantial disruptions in raw material transportation and shutdown of the end-use industries, such as building & construction, automotive & transportation, and other industries; thereby resulting in decline in demand for polycarbonate sheets during this period. For instance, For instance, as per McKinsey & Company, construction sites in many countries have shut down and most sites that are open have faced disrupted supply chains and operational restrictions during COVID-19.
Key Findings of Study
- By region, Asia-Pacific accounted for the largest global polycarbonate sheets market share in 2021.
- By type, multiwall segment dominated the global polycarbonate sheets market in terms of revenue, in 2021.
- By end-use industry, the electrical & electronics segment is expected to dominate the global polycarbonate sheets industry during the forecast period.