Optical Polycarbonate Films Market to witness a CAGR of 7% CAGR from automotive applications over 2018-2024, rising demand for household appliances to drive the industry expansion
Owing to the strong, tough and lightweight characteristics of polycarbonates (PC), the polycarbonate films market has garnered tremendous popularity lately, driven by the product’s application in numerous industrial sectors. Being highly elastic and resistant to chemicals, PC films are considered apt for automotive and electrical components, even preferred in the assembly of medical devices. Furthermore, heat, moisture and flame resistance makes them ideal for construction purposes and in agricultural equipment, where they face challenging weather conditions.
U.S. Polycarbonate (PC) Films Market Size, By Product, 2017 & 2024, (Kilo Tons)
The global polycarbonate films industry has gained traction from the rapid urbanization taking place in developing economies, where changing income trends have had a positive impact on the demand for appliances and automobiles. With increasing number of gadgets and electrical accessories being made that require components made from optical PC films, the global polycarbonate films market registered a valuation of over USD 1.4 billion in 2017.
Apparently, a typical passenger car emits nearly 4.6 metric tons of CO2 every year and estimates show that in 2016, approx. 1.9 billion tons of CO2 were emitted in the U.S. from the overall transportation sector. Consequently, the optical grade polycarbonate films market has advanced from the extensive adoption in auto components due to the lightweight and high-performance properties of PC, besides adding to the aesthetic value. Reduction in the weight of a vehicle invariably results into improved fuel efficiency and external parts made from PC also allow for better aerodynamics. Add to it, the stringent government regulations forcing automakers to find ways for reducing vehicle emissions has encouraged them to substitute heavier materials, reinforcing the polycarbonate films market.
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Studies have shown that nearly 35% reduction in the overall vehicle weight can be achieved at reasonable costs, even after the addition of several advanced safety features available today, indicating a lucrative avenue for the growth of the polycarbonate films industry. Such a weight reduction can account for 12% to 20% cut down in fuel consumption, without compromising on vehicle performance and safety. Subsequently, manufacturers have been successful in using transparent optical PC films for making light auto components that also provide a stylish and effective appearance to vehicles. The optical polycarbonate films industry has enabled the manufacturing of parts that are impact resistant and can endure sunlight, heat, rain and snow – features necessary for durable transparent sections in a car.
As PC films will be consistently used in the production of door handles, headlight bezels, inner lenses and radiator grills owing to their dimensional stability and rigidity, the optical polycarbonate films market is anticipated to record a 7% growth rate from the automotive segment over 2018 to 2024. The industry should also benefit from constant innovations in the field of material development and integrated automobile technologies. Covestro, a Bayer spin-off, recently unveiled new film technologies for car interiors, stating that the number of touchscreens and displays in vehicles has increased to a great extent, mostly due to wide digital networks and smart connectivity. The company has developed Makrofol HF, a film suitable for the edging and trimming of such displays and for touchscreens having 3D surface that allow drivers to using functions without looking away from the road.
Polycarbonates are known to meet the requirements of different other consumer segments where properties like thermal stability, sturdiness, transparency and flame retardance are essential, for instance electric home appliances. The replacement of glass and metal in appliances with lightweight PC material has offered better safety and flexibility of design to producers of consumer durables, propagating the significance of the polycarbonate films market. Apart from small appliances like food mixers and coffee machines, PC films are widely utilized in washing machines to give a light tint to transparent washer windows. PC forms a vital portion of led displays that show information and functions being performed along with some internal parts of an appliance. It is projected that by 2020, the worldwide consumption of household appliances could reach nearly USD 590 billion.
Evidently, the critical role of PC films in manufacturing reliable and durable home appliances will generate a substantial valuation for the overall polycarbonate films industry. The efforts of industry players such as Covestro, SABIC, Wiman and Teijin will further augment the commercialization landscape of PC films industry, that will accumulate over USD 2.4 billion by 2024.
Author Name : Pankaj Singh