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Asia-Pacific Polycarbonate (PC) Market Size

The Asia-Pacific polycarbonate market is projected to experience significant growth, driven by its extensive applications across various industries such as electrical and electronics, automotive, aerospace, and healthcare. Despite a temporary decline due to the COVID-19 pandemic, the market has shown resilience and is expected to continue its upward trajectory. The region's demand is particularly robust in countries like China and India, where industrial activities are rapidly expanding. The trend of replacing traditional materials with polycarbonates is anticipated to further boost the market's expansion.

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Market Size of asia-pacific polycarbonate (pc) Industry

Asia-Pacific Polycarbonate (PC) Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 12.93 Billion
svg icon Market Size (2029) USD 18.32 Billion
svg icon Largest Share by End User Industry Electrical and Electronics
svg icon CAGR (2024 - 2029) 7.22 %
svg icon Largest Share by Country China
svg icon Market Concentration Medium

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Asia-Pacific Polycarbonate (PC) Market Analysis

The Asia-Pacific Polycarbonate (PC) Market size is estimated at 12.93 billion USD in 2024, and is expected to reach 18.32 billion USD by 2029, growing at a CAGR of 7.22% during the forecast period (2024-2029).

12.93 Billion

Market Size in 2024 (USD)

18.32 Billion

Market Size in 2029 (USD)

7.89 %

CAGR (2017-2023)

7.22 %

CAGR (2024-2029)

Largest Market by End-user Industry

47.49 %

value share, Electrical and Electronics, 2023

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Owing to its widespread application of polycarbonate materials, majorly in device enclosures and screen panels, the electronics segment held the largest market share.

Fastest Growing Market by End-user Industry

7.93 %

Projected CAGR, Electrical and Electronics, 2024-2029

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Due to its physical properties, heat resistance, and versatility, polycarbonate is suitable for electronic components, which is expected to witness the fastest growth during the forecast period.

Largest Market by Country

60.14 %

value share, China, 2023

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With a 64.29% share in the production of machine tools and a 70.56% share in the production of electronic devices in Asia-Pacific, China held the largest market share.

Fastest Growing Market by Country

7.79 %

Projected CAGR, India, 2024-2029

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India is anticipated to be the fastest-growing nation in the market owing to its growing construction and electrical and electronics industries, coupled with cheap labor costs.

Leading Market Player

22.21 %

market share, Covestro AG, 2022

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Covestro is the largest polycarbonate producer in the Asia-Pacific region, with a production capacity of 910 kilotons. It has several expansions coming up in the region, making it the market leader.

Electrical and electronics industry to maintain its dominance

  • Polycarbonates are widely utilized in various industries due to their versatile and durable nature. They find applications in refrigerators, agricultural houses, industrial and public buildings, facades, surgical instruments, drug delivery systems, hemodialysis membranes, blood reservoirs, and blood filters. The electrical and electronics industry has been the largest consumer of polycarbonate in the region, and it accounted for over 45% of the market share in 2022.
  • Between 2017 and 2019, polycarbonate demand experienced steady growth, with Y-o-Y rates of 5.14% and 3.53%, respectively. The increasing production in the electronics industry primarily drove this growth.
  • In 2020, the COVID-19 pandemic led to operational, travel, and trade restrictions, resulting in a decline in the demand for polycarbonates by 3.71% compared to the previous year. The automotive and industrial machinery industries were particularly affected, experiencing declines of 12.52% and 16.65% in their 2019 volumes, respectively. However, as the restrictions eased, the demand for polycarbonates gradually recovered, with China and India playing a significant role in driving the growth.
  • The growing trend of substituting traditional acrylics and glass with polycarbonates is expected to drive the demand for the material in the forecast period. Among all end-user industries in the Asia-Pacific region, the electrical and electronics industry in India is projected to witness the highest growth, with a CAGR of 7.63% in terms of volume during the forecast period. Overall, the regional demand for polycarbonates is expected to record a CAGR of 5.66% in volume terms and 7.22% in value terms throughout the forecast period.
Asia-Pacific Polycarbonate (PC) Market

China to maintain its dominance both in terms of volume and value

  • The Asia-Pacific region is the largest consumer of polycarbonates globally, occupying a share of over 63.07% in 2022. In the Asia-Pacific region, polycarbonates find various applications in the electrical and electronics, automotive, aerospace components manufacturing, and healthcare devices manufacturing industries.
  • During 2017-2019, the demand for polycarbonates witnessed steady growth, mainly driven by the rapid growth in the plastic packaging industry in countries like China and India. In 2020, various restraining factors, like worker unavailability and raw material shortages caused by operational and trade restrictions during the pandemic, severely affected various end-user industries, thereby negatively affecting the polycarbonate demand in the region. Among all countries, the polycarbonate demand in Australia was affected severely. In 2020, the country's Y-o-Y demand volume declined by 40.96%, whereas the regional Y-o-Y decline was 3.71%.
  • In 2021, as the restrictions eased, the polycarbonate demand rose back to its pre-pandemic level. This growth was majorly driven by the rapid growth in industrial activities in countries like India. This growth trend is expected to continue throughout the forecast period, with India witnessing the highest growth in polycarbonate demand among all countries. Overall, the polycarbonate demand in the Asia-Pacific region is expected to record a CAGR of 5.60% (in volume) during the forecast period.

Asia-Pacific Polycarbonate (PC) Industry Segmentation

Aerospace, Automotive, Building and Construction, Electrical and Electronics, Industrial and Machinery, Packaging are covered as segments by End User Industry. Australia, China, India, Japan, Malaysia, South Korea are covered as segments by Country.

  • Polycarbonates are widely utilized in various industries due to their versatile and durable nature. They find applications in refrigerators, agricultural houses, industrial and public buildings, facades, surgical instruments, drug delivery systems, hemodialysis membranes, blood reservoirs, and blood filters. The electrical and electronics industry has been the largest consumer of polycarbonate in the region, and it accounted for over 45% of the market share in 2022.
  • Between 2017 and 2019, polycarbonate demand experienced steady growth, with Y-o-Y rates of 5.14% and 3.53%, respectively. The increasing production in the electronics industry primarily drove this growth.
  • In 2020, the COVID-19 pandemic led to operational, travel, and trade restrictions, resulting in a decline in the demand for polycarbonates by 3.71% compared to the previous year. The automotive and industrial machinery industries were particularly affected, experiencing declines of 12.52% and 16.65% in their 2019 volumes, respectively. However, as the restrictions eased, the demand for polycarbonates gradually recovered, with China and India playing a significant role in driving the growth.
  • The growing trend of substituting traditional acrylics and glass with polycarbonates is expected to drive the demand for the material in the forecast period. Among all end-user industries in the Asia-Pacific region, the electrical and electronics industry in India is projected to witness the highest growth, with a CAGR of 7.63% in terms of volume during the forecast period. Overall, the regional demand for polycarbonates is expected to record a CAGR of 5.66% in volume terms and 7.22% in value terms throughout the forecast period.
End User Industry
Aerospace
Automotive
Building and Construction
Electrical and Electronics
Industrial and Machinery
Packaging
Other End-user Industries
Country
Australia
China
India
Japan
Malaysia
South Korea
Rest of Asia-Pacific
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Asia-Pacific Polycarbonate (PC) Market Size Summary

The Asia-Pacific polycarbonate market is experiencing significant growth, driven by its extensive applications across various industries such as electrical and electronics, automotive, aerospace, and healthcare. The region's demand for polycarbonates is bolstered by the material's versatility and durability, making it a preferred choice over traditional materials like acrylics and glass. The electrical and electronics sector, particularly in India, is a major consumer, contributing significantly to the market's expansion. Despite challenges posed by the COVID-19 pandemic, which temporarily disrupted supply chains and reduced demand, the market has shown resilience and is on a recovery trajectory, with China and India playing pivotal roles in this resurgence.

The Asia-Pacific region stands as the largest global consumer of polycarbonates, with a substantial share of the market. The region's robust industrial activities, especially in electronics production, have been a key driver of demand. Countries like Thailand, Malaysia, and China are at the forefront of electronics manufacturing, benefiting from integrated production networks that enhance trade within the region. The market is moderately consolidated, with major players like Covestro AG and Mitsubishi Chemical Corporation leading the charge. Recent developments, such as Covestro AG's introduction of new polycarbonate applications and initiatives for sustainable solutions, underscore the dynamic nature of the market and its potential for continued growth.

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Asia-Pacific Polycarbonate (PC) Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 End User Industry

      1. 1.1.1 Aerospace

      2. 1.1.2 Automotive

      3. 1.1.3 Building and Construction

      4. 1.1.4 Electrical and Electronics

      5. 1.1.5 Industrial and Machinery

      6. 1.1.6 Packaging

      7. 1.1.7 Other End-user Industries

    2. 1.2 Country

      1. 1.2.1 Australia

      2. 1.2.2 China

      3. 1.2.3 India

      4. 1.2.4 Japan

      5. 1.2.5 Malaysia

      6. 1.2.6 South Korea

      7. 1.2.7 Rest of Asia-Pacific

Asia-Pacific Polycarbonate (PC) Market Size FAQs

The Asia-Pacific Polycarbonate (PC) Market size is expected to reach USD 12.93 billion in 2024 and grow at a CAGR of 7.22% to reach USD 18.32 billion by 2029.

In 2024, the Asia-Pacific Polycarbonate (PC) Market size is expected to reach USD 12.93 billion.

Asia-Pacific Polycarbonate (PC) Market Report Snapshots

Asia-Pacific Polycarbonate (PC) Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029