India’s Polycarbonate Demand to Uptrend and Register a CAGR of 6.85% by 2030
by Chem Analyst Chemical Database PriceAccording to
ChemAnalyst report, “India Polycarbonate Market: Demand &
Supply, End Use, Type, Grade, Distribution Channel, Region, Competition, Trade,
Customer & Price Intelligence Market Analysis, 2015-2030”. India Polycarbonate market is anticipated to project a healthy CAGR
of 6.85% in the forecast period, highly influenced by the demand for the
product for manufacturing of various devices such as LED system and optical
storage in rapidly expanding Asian electronic sector. Polycarbonate is a
transparent thermoplastic synthesizing Bisphenol A and Phosgene as feedstock.
Properties such as high ductility, high impact resistance and light weight
gives Polycarbonate a competitive edge over other plastics. Furthermore, high
requirement for Polycarbonate medical syringes and single-use medical packaging
in the medical industry in wake of Coronavirus to drive the growth of India
Polycarbonate market in the forecast period.
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Polycarbonate (PC) Prices
As automotive industry constitutes a high
percentage share in the consumption of Polycarbonates in India. Government
initiatives such as the new vehicle safety legislation act in 2019 followed by
shift to BS VI emission scheme , requiring the production of BS VI fuel
compatible vehicles , led to an incredible rise in the demand for Polycarbonate
in the past few years.
Chemical-Pricing: https://www.chemanalyst.com/ChemicalPricing/ChecmPriceYearlyChart?Customer=False
The global pandemic has given rise to a remarkable
shift in the consumption pattern of Polycarbonate in various end-use
industries. Outbreak of Coronavirus in Q4 of FY 20 has negatively impacted the
demand for Polycarbonates in automotive and construction industry as several
companies were compelled to halt production in compliance to the lockdown put
up by the government to contain Coronavirus spread. Even after the ease in restrictions of
lockdown, certain automotive companies did not resume the production due to
high inventory build up and the ones that resumed the production operated their
plants at less than 20% operating rates to restrain the loss in revenue due to
subdued demand. Similarly, the reduction in funding’s for construction projects
due to slowdown in Indian economy has led to a prolong halt in activities in
construction line, thereby, reducing the demand for polymers like Polycarbonate
and ABS utilized in the manufacturing of interior and exterior elements of a
building. In contrast, sudden upsurge in demand for polycarbonate medical
syringes and face masks from medical industry on high requirement for medical
facilities to grapple Coronavirus has bolstered the demand for the product.
This demand from medical industry is perceived to accelerate in the next five
years on high stress in expansion of Medical and healthcare sector after
Coronavirus outbreak. Moreover, the demand in major end-use segments of
Polycarbonate, electric and electronics and consumer goods remained considerate
at the back of rapidly expanding Asian electronic sector and consistent demand
for consumer goods. Government initiative of self-reliant India which is
emphasized on making India a manufacturing hub is anticipated to further propel
the demand for Polycarbonates in electronic industry as manufacturers will
enhance their production to cater the overall domestic demand as a result of
cut in electronic imports from its major manufacturing country, China. In
addition, rise in demand for single-use Polycarbonate packaging in food and
beverage industry on panic over reducing the risk of virus contagion is likely
to emerge as a potential segment to push the growth of India Polycarbonate
market in the forecast period.
According to ChemAnalyst report, “India
Polycarbonate Market: Demand & Supply, End Use, Type, Grade, Distribution
Channel, Region, Competition, Trade, Customer & Price Intelligence Market
Analysis, 2015-2030”. Till date, India accounts for no
domestic production of Polycarbonates, hence primarily all the demand in the
market is fulfilled by imports. As the market embarks huge potential for new
players, GAIL India Limited, has proposed to set up a Polycarbonate plant with
an installed capacity between 1.6-2.0 million metric tons in the coming years. As
of now, the major players operating in the India Polycarbonate market include Thai
Polyacetal Company Limited and Thai Polycarbonate Company Limited, Saudi Basic
Industries Corporation, Formosa Idemitsu Petrochemical Corporation, LG Chem
Ltd, Chi Mei Corporation, etc. Due to massive demand for Polycarbonate in the
Indian market, the proposed plant of GAIL is anticipated to be a boon for the India
Polycarbonate market and is expected to consolidate huge revenue after
completion.
“Chemical industry is witnessing a huge shift in the market
sentiments owing to the change in lifestyle of people in wake of Coronavirus
outbreak. Earlier petrochemical sector upheld the profit in chemical industry
but due to unprecedented dive in the value of crude oil at the back of high
inventories and reduced consumption after Coronavirus outbreak, the demand for
petrochemicals apart from the ones utilized in hygiene products has dived
proportionally. In contrast, Polymer and
Resin sector has witnessed huge gains influenced by the increasing requirement
for plastic in packaging, healthcare, and pharmaceuticals. As Polycarbonate is
utilized in appreciable quantity in the manufacturing of medical syringes and
face masks, the demand for the product is expected to grow at an incredible
pace under high requirements from Medical Industry till the complete abatement
of virus. Moreover, packaging industry is likely to further push up the demand
for Polycarbonates as it is considerably being utilized in manufacturing of
single-use plastics for food and pharmaceuticals. However, the demand for
Polycarbonates from automotive and construction industry will take time to regain
momentum after prolonged slowdown due decline in Indian economy. Government
initiatives such as self-reliant India, stressed on making India a
manufacturing hub, prompts large gain in electric and electronic sector as the
domestic manufacturers can cater to majority of domestic demand, after the
reduction in imports from China. The enhanced manufacturing in the electrical
and electronic industry, the prime end-use industry for Polycarbonates will largely
drive the demand for Polycarbonate in the coming years.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global
management consulting firm promoting ChemAnalyst.
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