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The U.S. polycarbonate market size was worth USD 1.23 billion in 2022 and is projected to grow at a CAGR of 4.3% during the forecast period.
Polycarbonate, a high-performance thermoplastic known for its strength and dimensional stability, exhibits resistance to impact and fatigue. Its transparency and lightweight properties position it as an ideal alternative to glass, finding significant use in building and construction applications. Due to its UV resistance and weatherability, it is employed in various glazing applications, including agricultural houses, facades, security windows, skylights, and more.
Over the past three years, the U.S. building and construction industry experienced fluctuations due to the COVID-19 pandemic, impacting the product demand in the country. However, following a full recovery from COVID-19, the building & construction industry is anticipated to undergo substantial growth, consequently driving increased consumption of the product in the U.S. market.
Development of Bio-Based Polycarbonate Solutions is the Latest Trend
The chemical industry is shifting toward green and sustainable solutions, a trend evident in the U.S. polycarbonate market. Numerous new developments are emerging in the industry. For example, some companies have succeeded in producing the product from plant-based monomers, meeting or even surpassing the necessary qualities of synthetic resin. In September 2021, Toyota Motor Corporation utilized a plant-based plastic named DURABIO in its new fuel cell electric vehicle, developed by Mitsubishi Chemical Corporation. Mitsubishi Chemical Corporation has created a plant-based product named DURABIO, with properties such as transparency and optical homogeneity yielding superior results compared to conventional resin. Similarly, other companies such as Teijin and SABIC have also introduced their bio-based products. This ongoing trend and the continuous investments by manufacturers are poised to drive growth in the U.S. market.
Many Advantages Associated with the Product to Fuel its Demand
Due to its strength and lightweight nature, polycarbonate has become an essential raw material utilized in numerous applications. These include automotive headlamps, electronics, eyewear, medical devices, sporting equipment, and various other products. Beyond its strength and lightweight properties, this resin also offers energy savings and reduced carbon emissions, making it more environmentally friendly compared to its alternatives. Additionally, the product exhibits excellent compatibility with a range of polymers, widely used as a blend to enhance their strength and resistance properties. Moreover, product sheets serve as ideal materials for roofing, farming, skylight windows, and DIY applications. These significant advantages and the wide array of applications are propelling the market in the U.S.
Greenhouse Gas Emission to Squeeze the Production from Traditional Technologies
The existing manufacturing process of the product relies on oil-based feedstock, a method currently restricted in the U.S. due to environmental concerns. Traditional polycarbonate is produced through the incomplete combustion of hydrocarbon oil, generating harmful gases such as SOx and NOx. These emissions pose risks to both human health and the environment, thereby restricting its demand to some extent. Annually, the industry contributes to the production of 35 to 40 million tons of CO2 (carbon dioxide). Government bodies are prioritizing stringent norms, and consumers are displaying a greater inclination toward greener products. This places additional pressure on manufacturers to comply with these regulations.
Based on grade, the market is segmented into standard purpose grade, flame retardant grade, medical grade, food grade, and others.
The standard purpose grade segment held the largest U.S. polycarbonate market share in 2022 and is expected to maintain its dominance throughout the forecast period. The high demand for this grade is foreseen due to its extensive use in building & construction and electrical applications, which collectively account for nearly half of the global market.
Moreover, food grade and flame retardant grade are projected to grow at a faster rate compared to other grades over the assessment period.
On the basis of application, the market includes electrical, construction, packaging, automotive, medical equipment, and others. Since the past decade, the material has become an important commercial product as its blend exhibits high melt flow and exceptional toughness at low temperatures.
In terms of the competitive landscape, the industry comprises emerging and established companies. The U.S. market is characterized by a few companies holding a considerable share, including TEIJIN LIMITED, ETEX Group, Covestro AG, SABIC, and Mitsubishi Gas Chemical Company, Inc. Players such as Covestro, SABIC, and Ube Corporation are actively engaged in numerous organic strategic initiatives to establish a strong foothold in new lucrative opportunities. For example, as part of their organic strategies, companies such as SABIC, Teijin Limited, and Mitsui Chemicals Inc. are focusing on product development to align with the market's ever-changing demands.
An Infographic Representation of U.S. Polycarbonate Market
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The study report thoroughly examines key factors such as leading companies, grade, and application. It also provides market trends and highlights significant industry advancements. The study includes different variables that have contributed to the market growth in recent years and the factors listed above. Moreover, it examines the industry's latest dynamics, opportunities, historical data, and revenue growth estimates at the country level.
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 4.3% from 2023 to 2030 |
Unit | Value (USD Billion) and Volume (Kiloton) |
Segmentation | By Grade
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By Application
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Fortune Business Insights says that the U.S. market was worth USD 1.23 billion in 2022.
The market is expected to exhibit a CAGR of 4.3% during the forecast period (2023-2030).
By grade, the standard purpose grade accounted for the largest market share in 2022
Covestro, SABIC, and TEIJIN LIMITED are among the major players in the market.
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