The European polycarbonate sheet market is evaluated at US$553.725 million for the year 2020, growing at a CAGR of 6.92% reaching the market size of US$884.389 million by the year 2027.
Polycarbonate sheets are types of thermoplastic sheets which possess properties like moisture absorption, heat and cold insulation, lightweight, UV protection, and so forth. Polycarbonate sheets are also lighter and stronger than glass, which makes them a suitable alternative for use. The European market for polycarbonate sheets is projected to witness exponential growth, majorly owing to the Renovation Wave Initiative launched by the European Commission to renovate European buildings and make Europe carbon neutral by 2050. The rapid renovation of buildings will lead to an increase in the demand for polycarbonate sheets, thus increasing the overall market growth during the forecast period. Additionally, the increasing flexible electronics market in Europe is another vital driver for the anticipated future growth of polycarbonate sheets in the region owing to the flexibility and heat resistant characteristics demonstrated by polycarbonate sheets, which are crucial in the manufacturing of flexible electronics. However, the shortage of polycarbonate-related raw materials like plastics and other polymer resins is anticipated to restrain the market for polycarbonate sheets in Europe during the forecast period.
The coronavirus pandemic has negatively affected the polycarbonate sheet market in the European region. The halting of construction operations and declining demand for electronics led to the decline of polycarbonate sheets in the region. Moreover, the supply chain disruption of the already volatile raw material availability further fuelled the declination of the polycarbonate sheet market in Europe.
Renovation of buildings in Europe and flexible electronics
According to the October press release on the European Commission website, the European Commission on October 14 2020, published its Renovation Wave Strategy for improving the energy performance of the buildings in Europe. As per the EC website, 35 million buildings could be renovated by 2030, employing over 160,000 people for green jobs. The strategy includes various actions like increasing capacity for the preparation and implementation of renovation projects and expanding the market for sustainable construction by integrating new materials with nature-based solutions. Also, as per the World Green Building Council, 24 European cities have joined the EU-funded BUILD UPON2 project, the world’s largest collaborative project for the renovation of buildings With the rapid European government initiatives on renovating existing buildings in Europe, demand and usage of polycarbonate sheets in the region are expected to rise exponentially. Apartments and homes are highly subjected to replacing glass with materials like polycarbonate sheets, thus increasing the overall market share for polycarbonate sheets in the European region. Moreover, with new innovations and developments by companies in Europe, the market for polycarbonate sheets is further projected to increase during the forecast period. For example, in 2021,Covestro AG, a German polycarbonate-based producer, presented innovative polycarbonate solutions for various industries, including construction, automobile healthcare, and electronic appliances. Also, with the increasing popularity of flexible electronics in Europe, the demand for polycarbonate sheets is projected to grow. As per European Commission, Advanced Technologies for Industry – Product Watch Report of February 2021, estimates show that the flexible electronics market in Europe will grow from USD 41.2 billion in 2020 to USD 74 billion in 2030. The flexible, stretchable electronic appliances demand is projected to surge leading to the rise of the polycarbonate sheet market in Europe. The combined growth of construction and electronic innovation is anticipated to drive the growth of the polycarbonate sheet market in Europe during the forecast period.
Raw material shortage
The polycarbonate sheet market in Europe is anticipated to see robust growth owing to the rapid construction and electronic gadget innovations. However, the raw material shortage for producing polycarbonate sheets is a detriment that is anticipated to restrain the overall growth of the polycarbonate sheet in the European market. Polycarbonate sheets are mainly produced by processing raw materials like polymers and resins. According to the April 2021 press release by the European Union, 90% of converters in Europe are facing polymer raw material shortages. Also, as per the June 2021 press release of IVK Europe, the shortage of raw materials, especially the polymer and additives will continue to be present, and no easing of the situation for the market insight. The same source stated that the lack of available raw material along with high demand will have dramatic consequences. The non-uniform raw material supply-demand gap and lack of materials are projected to decline the overall market share for polycarbonate sheets in the European market during the forecast period.
3A Composites GmbH
Koscon Industrial S.A.
Dott. Gallina S.r.l
Evonik Industries AG
Arla Plast AB
Palram Industries Ltd.
Brett Martin Ltd.
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