India Polycarbonate Resin Market to Cross 290 KT by 2025
Rising
government focus on construction sector coupled with anticipated recovery in
electronics & automotive industry to escalate demand for Polycarbonate
Resin in India through 2025
According
to TechSci Research report, “India
Polycarbonate Resin Market By Resin Type, By Product Type, By End User, By
Region, Competition, Forecast & Opportunities, 2015 - 2025”, India Polycarbonate
resin market was valued over 196 KT in 2019 and is forecast to reach 290 KT by
2025 on account of increasing demand for polycarbonate resin across end user
industries such as automotive, electrical & electronics, aerospace &
defence, among others due to its properties such as outstanding toughness,
optical transparency and rigidity.
Polycarbonate
resin is a high-performance engineering resin which is produced by reacting bisphenol-A
and phosgene through step-growth polymerization process. Another method for
manufacturing polycarbonate resin involves usage of carbon dioxide in place of
phosgene. Use of polycarbonate is gaining preference and popularity amongst its
alternative engineering plastics in various fields like electrical &
electronics, automotive lighting systems, roofing & glazing sheets, medical
devices and various consumer applications. Demand for polycarbonate resin is
met through imports as there is no polycarbonate manufacturing plant in India.
In 2019, India imported 125 KT of virgin polycarbonate from Thailand, South
Korea and Spain. These three countries accounted for around 70% of total
imports to the country in 2019. Rising
government focus on construction, electrical & electronic and aviation
sectors is further anticipated to positively influence India polycarbonate
resin market in the coming years.
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On the basis of product type, India polycarbonate resin market is
segmented into injection molded products, polycarbonate sheets, polycarbonate
tubes/pipes, polycarbonate films, and others. Of these, polycarbonate injection
molded product segment leads the market in 2019 and is expected to maintain its
dominance during forecast period as well. The dominance of this segment is led
by its high demand due to various properties such as high durability, light
weight and break resistance. Among different resin types, virgin polycarbonate
resin is the largest segment and is likely to continue dominating during
forecast period as well. However, share of regrind polycarbonate resin segment is
anticipated to increase in the upcoming years owing to rising demand for
recycled polycarbonate resin keeping in view the environmental benefits. Moreover,
major government initiatives such as Swachh Bharat, mission to reduce the load
of all types of wastes including plastic waste and Atal Mission for
Rejuvenation and Urban Transformation (AMRUT) are expected to augment demand for polycarbonate resin in the coming years.
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Covestro (India) Pvt. Ltd., SABIC Innovative Plastics India
Pvt. Ltd., Samsung SDI Corporation Limited, Lotte India Corporation Limited,
Mitsubishi Chemical Corporation, Formosa Chemicals & Fibre Corporation
& Trinseo S.A., Everest Industries Ltd., among others are the leading
companies operating in the polycarbonate resin market. “West region of India is
the largest demand generator of polycarbonate resins, as major listed
industrial regions such as Mumbai-Pune, Chotanagpur, Gujarat industrial region fall
in western part of India. Irreplaceable usage of polycarbonate resins in
medical sector is hugely contributing to the growing demand for polycarbonate
resins across the country. Moreover, growing end use industries such as
electrical & electronics, automotive, building & constructions, etc., are
expected to continue boosting the demand scenario in the country’s polycarbonate
resin market over the course of next five years.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based
global management consulting firm.
“India Polycarbonate Resin Market By
Resin Type, By Product Type, By End User, By Region, Competition, Forecast
& Opportunities, 2015 - 2025” has
evaluated the future growth potential of India polycarbonate resin market and
provides statistics and information on market structure, size, share and future
growth. The report is intended to provide cutting-edge market intelligence and
help decision makers to take sound investment decision. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities present in India polycarbonate resin market.
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