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”. 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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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.
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.