India Polycarbonate Resin Market to Grow with a CAGR of 5.75% through 2029
Growing demand of polycarbonate resin in medical
industry is expected to drive the India Polycarbonate Resin Market growth in
the forecast period, 2025-2029.
According to TechSci Research report, “India
Polycarbonate Resin Market- By Region, Competition, Forecast
and Opportunities, 2019-2029”, the India Polycarbonate Resin Market stood at USD 389.09 million in 2023 and is anticipated to grow with a CAGR of 5.75% in the forecast
period, 2024-2029. Initiatives taken by government based on polycarbonate resin
has led to favorable market conditions for the India Polycarbonate Resin Market.
Several factors contribute to the growth of various polycarbonate resin
products.
Recognizing the urgent need to address the escalating
issue of plastic pollution, the Indian government has taken bold and decisive
steps. In an effort to curb the use of single-use plastic items, particularly
those with low utility, the government has implemented a comprehensive ban.
Moreover, several state governments have gone the extra mile by declaring their
offices and marketplaces as single-use plastic-free zones.
In light of these formidable challenges, the
government is actively promoting the use of polycarbonate resin, considering
its numerous environmental benefits. Polycarbonate resin, renowned for its
durability and lightweight properties, emerges as a sustainable alternative to
traditional plastics. Notably, it can also be recycled, further contributing to
the cause of environmental sustainability.
By embracing such measures and championing the
adoption of polycarbonate resin, the Indian government demonstrates its
unwavering commitment to combat plastic pollution and pave the way for a
greener and more sustainable future.
Polycarbonate resins are highly regarded for their
exceptional biocompatibility and sterilizability, making them an ideal choice
for various medical applications. Their remarkable properties have found
significant utility in the production of surgical instruments, medical devices,
and drug delivery systems. Notably, the ability to withstand high-temperature
sterilization processes without compromising structural integrity provides a
substantial advantage in the medical field, ensuring the safety and efficacy of
these critical tools.
India's healthcare sector is currently experiencing
robust growth, driven by a remarkable increase in both public and private
healthcare expenditure. This growth is directly proportional to the escalating
demand for advanced medical devices and equipment, many of which extensively
utilize polycarbonate resin. The durability, transparency, and impact
resistance of this versatile material make it an excellent choice for meeting
the evolving needs of the healthcare industry. By incorporating polycarbonate resin
into these essential medical tools, India is paving the way for enhanced
healthcare delivery, ultimately benefiting the well-being of its population.
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The India Polycarbonate Resin Market is segmented into
resin type, product type, end user, regional distribution, and company.
Based on its product type, the injection molded
products segment held the largest market share in the forecast period. The
economic advantages of high-volume production through injection molding are
significant. This manufacturing process enables the mass production of
components with exceptional precision, ensuring consistent quality and
reliability. Moreover, the scalability and efficiency of injection molding
result in cost savings compared to alternative manufacturing methods. With its
ability to achieve complex geometries and intricate details, injection molding
has become a preferred choice for various industries seeking both quality and
cost-effectiveness in their production processes.
Based on region, West India segment is expected to
grow during the forecast period.
The demand for polycarbonate resin in West India is
primarily driven by various end-use sectors, including electrical &
electronics and automotive & transportation industries. For instance, in
the automotive sector, polycarbonate is extensively used for manufacturing
parts like headlamps and automotive components, due to its exceptional
durability and impact resistance properties. Additionally, the electrical &
electronics industry relies on polycarbonate for the production of electronic
components and housings, thanks to its excellent electrical insulation
capabilities. The versatility and reliability of polycarbonate make it a
sought-after material in these sectors, contributing to the growing demand in
West India.
Major companies operating in India Polycarbonate Resin
Market are:
- Covestro India Pvt. Ltd.
- SABIC Innovative Plastics India Pvt. Ltd.
- Lotte India Corporation Limited
- MG Polyplast Industries Pvt. Ltd.
- Power Chem Plast Ltd.
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“Growing application of polycarbonate resin in various
end user industries are key drivers of the polycarbonate resin market. Growth
in competitive landscape and presence of well-established companies in the
market who are dedicated to enhance their productivity of polycarbonate resin with
every passing year are anticipated to register an impressive growth to India
Polycarbonate Resin Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“India Polycarbonate Resin Market By Resin Type (Virgin Polycarbonate, Regrind
Polycarbonate), By
Product Type (Injection Molded Products, Polycarbonate Sheets,
polycarbonate Tubes/Pipes, Polycarbonate Films, Others), By End User (Electrical
& Electronics, Automotive, Building & Construction, Medical, Optical,
Others), By
Region, By Competition Forecast
& Opportunities, 2019-2029”, has evaluated the future growth potential of India
Polycarbonate Resin Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in India
Polycarbonate Resin Market.
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