Market Research Future (MRFR) predicts modest gains for the Global Polycarbonate Panels Market 2020, as it is set to progress at a decent rate of close to 4.4% between 2017 and 2024 (forecast period).
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Main Boosters and Key Barriers
The polycarbonate panels market is largely supported by the rising application in a variety of end-use industries like electrical and electronics; building and construction and automotive and transportation and others. These panels offer safety, aesthetic and structural features to automobiles. For example, given their durability, glass-like transparency and light weight, the polycarbonate panels find widespread use in the headlamps of cars.
Furthermore, more and more manufacturers are shifting their focus on replacing glass with lightweight polycarbonate panels in automotive glazing processes, which also boosts market demand to a large extent. This factor has also led to an increase in investments in advanced plastic glazing technologies by leading automotive manufacturers like Fiat S.p.A. and Volkswagen Group, with the aim to achieve structural efficiencies.
The rising use of ultraviolet-resistant polycarbonate roof panels in agricultural outbuildings, including greenhouses and barns, also boosts the market growth. These panels can be single walled, which allows less heat retention and no light diffusion, or they can be thin walled, which offers extra strength, improved insulation and more light diffusion. With the availability of a variety of polycarbonate panels and their varying uses in the agricultural sector, the market is bound to note significant growth in the approaching years.
The growth opportunities in the polycarbonate panels market lie in the rising use of the product in the medical sector, to replace high-priced resins like polyetheretheketone, polysulfone, polyaryletherketone and polyphenylsulfone in different devices. The main reason for the surge in the product use can be the high deployment of standard formulations coupled with developments in the existing formulations that are able to sustain processing or end-use conditions like autoclaving and of medical devices as well as radiation treatment. The primary application areas of these panels and sheets in the medical field are cardiac surgery products, renal dialysis, intravenous connection components and surgical instruments.
The top segments based on which the polycarbonate panels market has been studied in the report include type and application.
The main type-based market segments are multiwall panels, corrugated panels and solid panels. In 2018, solid panels were the leading segment in the polycarbonate sheets market and can secure the highest growth rate in the coming years. More and more consumers are going for solid panels since they offer better physical properties compared to other polycarbonate panels.
The significant applications of polycarbonate panels are electrical & electronics, building & construction, automotive and others. The building & construction segment leads the market, on account of the surge in the number of construction projects in developing countries. The increasing urbanization has led to a boost in the need for residential spaces, which pushes the demand for polycarbonate panels. Polycarbonate roofing sheets are the most popular choice in residential spaces given their properties, like temperature resistance and light weight.
The polycarbonate panels market is spread across the regions like North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
APAC is the most attractive market for polycarbonate panels, followed by North America and Europe. The APAC market stands to benefit from the expanding building & construction industry, especially in India and China. The construction industry in the region is thriving because of the high number of construction projects either ongoing or are set to take place in the near future. Also, the mounting demand for consumer electronic products due to innovation, education attainments, increasing household incomes and rapid urbanization, can add to the regional market strength during the appraisal period.
The polycarbonate panels market in Europe can note somewhat slower growth owing to stringent environmental rules and regulations that discourage the use of polycarbonate panels. However, the region’s well-established automotive sector and the simultaneously increasing demand for polycarbonate panels can lead the regional market to a better position in the following years.
Leading companies in the global market for polycarbonate panels are Spartech (US), Brett Martin Plastic Sheets (UK), Covestro AG (Germany), Ug Plast Inc (US), SABIC (Saudi Arabia), Excelite (China), Trinseo (US), 3A Composites GmbH (Germany), Stabilit Suisse SA (Europe), Plazit Polygal (US), DS Smith (UK), Gallina USA (US), Palram Industries Ltd. (Israel), Evonik Industries AG (Germany), MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan), and others.
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