CHICAGO, May 16, 2024 /PRNewswire/ -- The report "Polycarbonate Resin Market by Application (Electrical & Electronics, Optical Media, Construction, Consumer, Automotive, Packaging, Medical), and Region (Asia Pacific, Europe, North America, Middle East & Africa) - Global Forecast to 2029", is projected to reach USD 20.1 billion by 2029, at a CAGR of 5.5% from USD 15.3 billion in 2024.
The polycarbonate resin market is driven by several factors, including technological advancements, shifting consumer behaviors, favorable economic conditions, expanding applications in various industries, and growing demand. The increasing use of polycarbonate resin in various end-use industries, such as electrical & electronics, optical media, consumer goods, automotive, construction, packaging, medical, is a significant driver for market growth.
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206 - Tables
34 - Figures
201 - Pages
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"Medical application is the fastest growing end-use industry of the polycarbonate resin, in terms of value."
Polycarbonate resin plays a pivotal role in the medical sector, offering properties that align with stringent industry standards. Renowned for its biocompatibility, transparency, and sterilizability, polycarbonate resin serves as an optimal choice for crafting medical devices and equipment. Widely utilized in applications like IV connectors, surgical instruments, blood oxygenators, and medical tubing, its resilience against repeated sterilization cycles ensures sustained structural integrity. With exceptional impact resistance, polycarbonate resin guarantees durability in demanding healthcare settings, while its optical clarity facilitates seamless observation during medical procedures. Its versatility enables the production of intricate medical components, thereby driving advancements in patient care and treatment methodologies.
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"Asia Pacific captures the largest share in the polycarbonate resin market during the forecast period, in terms of value."
The Asia-Pacific region's dominance in the polycarbonate resin market stems from various factors. Firstly, its rapidly expanding population and burgeoning middle class are driving substantial demand for consumer goods, electronics, and automotive products, all of which heavily rely on polycarbonate resin. Secondly, robust industrialization and urbanization across Asia-Pacific economies are fueling increased construction activities and infrastructure development, creating a significant need for polycarbonate resin in applications like roofing, windows, and insulation. Moreover, the region benefits from well-established manufacturing industries in countries such as China, Japan, South Korea, and Taiwan, further bolstering demand for polycarbonate resin as a vital raw material.
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Key Players
Mergers, new product launches, partnerships and expansions are the major growth strategies adopted by the key players in the market. The key global players in the polycarbonate resin market include Covestro AG (Germany), SABIC (Saudi Arabia), Mitsubishi Engineering-Plastics Corporation (Japan), Lotte Chemical Corporation (South Korea), Teijin Limited (Japan), LG Chem (South Korea), Formosa Chemicals and Fibre Corporation (Taiwan), Trinseo PLC (US), Chimei (Taiwan), Idemitsu Kosan Co., Ltd. (Japan) and others.
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