Growing automotive industry across the globe shall drive the polycarbonate composites market over the forecast period. Automotive production in emerging economies increasing with a prominent CAGR. This can be attributed to the increasing urbanization and disposable income in countries such as China, India, Indonesia and Malaysia. Consumer electronics was the having the prominent market share in polymer composited market in 2018 and forecast to grow with a healthy CAGR in next few years.
Increasing smartphone adoption across the globe fueling the consumer electronics market growth from recent past and likely to grow with rapid pace during the forecast timespan. In addition, introduction of new technologies in the market are projected to help the consumer electronics market to grow further in near future. This positive growth in a consumer electronics market will propel the polycarbonate composites market growth in near future.
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According to a new research report by Global Market Insights, Inc. Polycarbonate Composites Market size will exceed USD 3.2 billion by 2025.
Glass fiber filled polycarbonate composites was the major product segment in 2018 and forecast to remain the prominent in near future. Glass fiber filled PC composites are light weight, exhibit low brittleness and cost effective. Automotive will be the major product end-use segment during the forecast period. Glass fiber filled PC composites are highly used in automotive industry owing to its high strength, low density, oxidation corrosion resistance and excellent creep. Healthy growth in automotive industry in Asia Pacific anticipated fuel the glass fiber filled polycarbonate composites demand in next few years.
Rapidly growing electrical & electronics industry is projected to drive the Polycarbonate Composites Market during the forecast period. This can be attributed to the growing middle-class, changing lifestyle and increasing smart electronic devices penetration across the globe. PC composites usage in electrical & electronics industry growing with an accelerated pace owing to its properties such as good heat temperature resistance, high strength and superior electrical insulation.
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Asia Pacific was the largest market for polycarbonate composites in 2018 and forecast to grow with a highest CAGR during the forecast period. This can be attributed to the rapidly growing end-use industries in the region. Medical industry in the region is growing with a highest CAGR from past few years and forecast to grow with a highest CAGR during the forecast period.
Increasing medical tourism in countries such as India, China owing to the cost effectiveness will propel the PC composites demand over the forecast period. In addition, automotive production in the region is highest compared to the other regions, according to the OICA more than 60% global automotive is produced and sold in Asia.
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With the presence of many multinational giants’ global PC composites market is highly competitive. Some major players operating in the industry includes SABIC, LG Chem, Mitsubishi Chemical Corporation, Chi Mei Corporation, Innovative Plastics, and Covestro. Many companies operating in the industry are increasing their production capacity to make product more cost competitive and to increase the customer reach. For instance, Covestro AG is increasing its production capacity in China due to the increasing product demand in a country.