Global Polycarbonate Composites Market is expected to reach USD 3.5 Billion during the forecast period, registering a CAGR of 5.8%.
Polycarbonate composites exhibit unique mechanical properties such as heat resistance, dimensional stability, high tensile strength, and excellent insulation. They are widely used in the electronics, construction, machinery, packaging, and transportation industries.
Polycarbonate composites are used to manufacture connectors and cable ducts for electronic appliances. The growing adoption of smartphones, coupled with digitalization, has increased the application of polycarbonate composites in electronic appliances. The increasing disposable income of the middle-class population has increased the sale of electronics in developing countries, which is expected to positively influence the growth of the global polycarbonate composites market during the forecast period.
In the automotive industry, polycarbonate composites are used in the manufacturing of bumpers, bullet-proof glasses, side windows, and headlamp lenses. The automobile manufacturers are demanding polycarbonate composites owing to its unique lightweight properties. Further, the growing adoption of electric vehicles is surging the need for lightweight materials which is driving polycarbonate composite market growth. For instance, In June 2017, Teijin Limited developed the first polycarbonate composite for use in sporty electric vehicles produced by GLM Co., Ltd. Thus, the increasing production and sale of electric vehicles are estimated to drive the growth of the global polycarbonate composites market.
Global Polycarbonate Composites Market Share, by Application, 2018 (%)
Source: MRFR Analysis
The global polycarbonate composites market has been studied across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The Asia-Pacific market held the largest share in 2018 and is projected to be dominant owing to the increasing use of polycarbonate composites in automobiles. The demand for lightweight and fuel-efficient vehicles in the region is expected to boost regional market growth. The increasing automobile production in the India, Indonesia, and Malaysia on account of increased spending coupled with rising per capita disposable income of consumers is driving the growth of the automotive industry, which is likely to fuel the demand for polycarbonate composites.
North America is another prominent market for polycarbonate composites. The growth in medical, electronic, and automotive sectors is anticipated to drive the demand for the polycarbonate composites during the forecast period. The America Automotive Policy Council reported that the US automobile production is expected to exceed to 11 million in 2021 and estimated to reach 12 million in 2025, thus rise in automotive production is likely to impact polycarbonate composites market.
The demand for polycarbonate composites in Latin America and the Middle East & Africa is expected to grow substantially with the increase in demand for lightweight materials in the machinery, electronics, and automotive industries in the regions.
The global polycarbonate composites market has been segmented by reinforcement, application, and region. By reinforcement, the global market has been classified into glass fiber filled, carbon fiber filled, aramid fibers filled, graphene, others. The glass fiber filled segment is estimated to register a CAGR of~4.5% owing to increasing application in medical instruments and devices during the forecast period. Based on application, the global market has been divided into automotive plastic, medical instruments, electrical engineering, consumer electronics, and others. Automotive plastic and medical instruments segments are likely to witness remarkable growth owing to high demand for lightweight plastic in electric vehicles and consumers electronic appliances.
The global market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||reinforcement, application, and region|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa|
|Key Vendors||The Bond Laminates GmbH (Germany), Chi Mei Corporation (China), SABIC (Saudi Arabia), Asahi Kasei Advance Corporation (Japan), LG Chem (South Korea), Formosa Chemicals & Fibre Corporation (China), Trinseo (US), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Samyang Corporation (South Korea), Nudec (Spain), and Covestro (Germany).|
|Key Market Opportunities||The growing adoption of electric vehicles is surging the need for lightweight materials which is driving polycarbonate composite market.|
|Key Market Drivers||The increasing disposable income of the middle-class population has increased the sale of electronics in developing countries|
Valuation of the global Polycarbonate Composites Market is estimated to reach USD 3.5 BN by the end of 2024
Polycarbonate Composites Market is projected to expand at over 5.8% CAGR during the assessment period (2017-2024).
Automotive is the largest application segment in the global Polycarbonate Composites Market.
Asia Pacific holds the largest share in the global Polycarbonate Composites Market, followed by North America and Europe, respectively.
Chi Mei Corporation (China), The Bond Laminates GmbH (Germany), SABIC (Saudi Arabia), LG Chem (South Korea), Asahi Kasei Advance Corporation (Japan), Formosa Chemicals & Fibre Corporation (China), Mitsubishi Chemical Corporation (Japan), Trinseo (US), Teijin Limited (Japan), Nudec (Spain), Samyang Corporation (South Korea), and Covestro (Germany), are some of the major players operating in the Polycarbonate Composites Market.