The polycarbonate panels market is expected to witness a CAGR of around 4.4% over the forecast period.
The market of polycarbonate panels has been witnessing moderate growth in the past couple of years. The demand for polycarbonate panels is expected to be driven by the government support for construction and rise in demand from industries, such as automotive and electricals and electronics. Governments, across all regions are focused on promoting and developing their infrastructure and introducing various reforms and regulations to boost their infrastructure and real-estate industries. Such reforms are expected to enable the growth of the construction industry, driving the polycarbonate sheet market. Polycarbonate panels are used extensively for roofing in the construction of buildings. Moreover, polycarbonate panels are preferred over the panels in automotive industry owing to its properties, such as excellent elasticity, high strength, light weight, and high functionality at an extensive range of temperatures. However, the growth of the market might be hindered by the environmental impact of polycarbonate sheets and the fluctuating raw material prices.
Global Polycarbonate Panels Market: Regional Analysis
The global polycarbonate panels market has been segmented into regions of North America, Europe, Asia-Pacific and Rest of the world (RoW). Asia-Pacific held the largest share in the global polycarbonate sheets market, followed by North America and Europe in 2018. Asia-Pacific will continue with its dominance until 2024. This is attributed to the increase in the number of construction projects backed by investments in both, commercial and residential construction in the countries such as China and India. Moreover, in the year 2018, Asia-Pacific was one of the important regions for automotive industry and held a high share of global vehicle sales, which is expected to continue over the forecast period. Growth of automotive and construction industry in the region is expected to raise the demand for polycarbonate panels in Asia-Pacific during the forecast period.
Global Polycarbonate Panel Market: Segmentation
The global polycarbonate panels market has been segmented based on type and application. On the basis of type, the market has been classified into solid panels, multiwall panels and corrugated panels. The solid panels segment held the largest market share in polycarbonate sheets market in 2018 and is expected to grow at the highest CAGR during the forecast period. Consumers are inclined toward solid panels because of better physical properties than other polycarbonate panels.
On the basis of application, the market has been segmented into building & construction, electrical & electronics, automotive and others. The building & construction segment held the largest market share in the polycarbonate panel market due to the various construction projects in emerging countries. With the growing urbanization, there has been a corresponding need for residential spaces. Polycarbonate roofing sheets are highly preferred in residential spaces because of its properties, such as light weight, and temperature resistance, which lead to the demand for polycarbonate panels.
The global polycarbonate panels market is fairly competitive with a moderate number of players, across the globe. The players are expected to adopt various strategies to expand their global presence and increase their market shares. Some of the key strategies adopted by the players include focus on high quality product, cost-effectiveness, strategic partnerships and collaborations with the manufacturing companies.
|Market Size||2030: Significant Value|
|CAGR||4.4% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||SABIC (Saudi Arabia), Covestro AG (Germany), Trinseo (US), Palram Industries Ltd. (Israel), Ug Plast Inc (US), Plazit Polygal (US), Gallina USA (US), Stabilit Suisse SA (Europe), Brett Martin Plastic Sheets (UK), DS Smith (UK). MITSUBISHI GAS CHEMICAL COMPANY Evonik Industries AG (Germany), Excelite (China), 3A Composites GmbH (Germany) Spartech (US)|
|Key Market Opportunities||
|Key Market Drivers||Rise in demand from industries, such as automotive and electricals and electronics|
Polycarbonate panels market is projected to grow at a 4.4% CAGR between 2022-2030.
The APAC region is predicted to have the largest share in the polycarbonate panels market.
Growing demand from the automotive sector is a key factor driving the polycarbonate panels market.
Fluctuating raw material prices and environmental impact may limit the polycarbonate panels market.
The building & construction segment will lead the polycarbonate panels market.