The global polycarbonate market is expected to post a CAGR of almost 5% during the period 2019-2023, according to the latest market research report by Technavio.
End-users across various industries are increasing the use of engineering thermoplastics (ETP) as they exhibit superior mechanical and thermal properties when compared to conventional plastics. For instance, in the construction industry, they are used to manufacture windows, roofs, glazing applications, translucent facades, and others. Similarly, in medical and pharmaceutical applications, ETP is used in the production of cardiovascular, drug delivery, IV access, dialysis, and respiratory devices. The increased use of ETP in various applications is one of the key factors driving the growth of the market.
As per Technavio, the rising demand from new technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Polycarbonate Market: Rising Demand from New Technologies
The growing popularity of technologies such as wearables, augmented reality (AR) devices, virtual reality (VR) devices, sensors, and drones are increasing the use of polycarbonate materials. For example, manufacturers of wearable medical devices are increasing the use of polycarbonate materials due to their low weight, high compatibility, durability, and excellent impact resistance. Similarly, polycarbonates are used in the manufacture of VR devices due to their cost-effectiveness, high transparency, and durability. The growing adoption of these devices is positively impacting the growth of the global polycarbonate market.
“Rise in M&A activities and capacity expansion and product development are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Polycarbonate Market: Segmentation Analysis
This market report segments the global polycarbonate market by application (electrical and electronics, consumer goods, automotive, construction, and others) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the growth of the construction, automotive, electrical and electronics, and healthcare industries in the region.
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