North America Polycarbonate For Electrical And Electronics Market Size, Share & Trends Analysis Report By End Use (IT Electronics, Electrical Enclosures), By Country (Canada, U.S.)- Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030
The North America Polycarbonate For Electrical And Electronics market size was valued at US$ 960.08 million in 2021 and is expected to hit US$ 2.06 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.40% from 2022 to 2030.
Rising consumer disposable income and shifting preferences towards smart homes and smart offices environment are primarily driving the market growth. The trend of smart offices and smart homes is augmenting the demand for consumer electronics products, such as smart air conditioners, smart refrigerators, smart TV, and more. Polycarbonate possesses good UV and chemical resistance. They are used to produce materials with high impact resistance, high tolerance to extreme temperatures, and transparency. Polycarbonate resins are naturally transparent, tough amorphous polymers produced from Bisphenol A (BPA). The electrical and electronic industry mainly uses polycarbonate for different products, such as electrical connectors, plugs, laptop enclosures, mobile phones and tablet casings, television frames, and audio/video components. In lighting applications, they are used for LED outer casings due to their transparency and are also used in the production of headlamp diffusers in automotive vehicles.
Report Scope of the North America Polycarbonate For Electrical And Electronics Market
Market Size in 2021
USD 960.08 million
Revenue Projection By 2030
USD 2.06 Billion
CAGR of 3.40% from 2022 to 2030
2017 - 2020
2022 to 2030
Trinseo S.A.; Formosa Chemicals & Fibre Corp.; Chimei Corp.; Teijin Ltd.; Covestro AG; SABIC; Lotte Chemical Corp.; LG Chem; Samsung SDI Co., Ltd.; Mitsubishi Chemical Corp.
The emergence of advanced technologies, such as virtual reality, robotics, and IoT solutions, in the manufacturing of consumer electronic products to achieve high efficiency, will drive the market in North America. The entertainment and gaming application sectors have further boosted the growth of the consumer electronics industry in North America, thereby driving the demand for polycarbonate resins.
The U.S. accounted for a significant revenue share of the North America regional market in 2021. Manufacturers in the electrical and electronics industry are continuously upgrading smartphones, computers, laptops, smartwatches, and other consumer electronic devices, and home appliances to cater to the rising demand from the growing population. Polycarbonates have emerged as an alternative to replacing metal alloys by reducing the overall weight of the devices but simultaneously maintaining heat dissipation and toughness. Polycarbonate exhibits a good refractive index, which makes it suitable in lighting applications.
Rapid digitalization across industries in North America has propelled the consumer electronics market in the region. Polycarbonate is used for manufacturing enclosures for electronic and electrical components due to its higher flexibility, resistance against chemicals & high temperatures, insulating properties, and durability. Technological advancements and the rise of high-speed browsing have propelled telecom service providers to introduce technologies, such as 5G. This is further expected to propel the regional market growth in the years to come.
The electrical enclosures end-use segment dominated the market in 2021 with a revenue share of more than 37%. Based on end-use, the market is categorized into electrical components, entertainment, IT electronics, electrical enclosures, fuse boxes, meter boxes, and lighting. The dependency on the internet and digital gadgets has increased in the past few years. The smart home concept in North America is witnessing growth due to the availability of wireless solutions enabling smartphones and tablets to wirelessly connect with smart appliances via the Bluetooth or internet and has been a major technological advancement in the home appliances market.
In electrical components, PC is used as a material in the manufacturing of electrical connectors, plugs, sockets, and wall plates. The COVID-19 pandemic resulted in the government imposing stay-at-home orders and companies also introduced work-from-home policies, which increased the consumption of electrical and electronic devices, such as laptops, smartphones, tablets, and internet service devices. This, in turn, further drove the polycarbonate market.
The U.S. dominated the market in 2021 accounting for more than 81% of the overall revenue. The country’s automotive industry has witnessed a rise in automotive production due to an increasing shift towards electrification of vehicles and the strategic initiatives undertaken by major automotive players to expand their production and reach within the country. This is expected to drive the product demand in the automotive lamps application.
Investments by the government of Canada for infrastructure development have boosted the growth of the construction industry in the country for commercial and residential structures. The Investing in Canada Infrastructure Program is delivering funding to communities through the Investing in Canada Plan. This program is expected to encourage infrastructure development in each of the provinces and territories in the country. This is anticipated to augment the demand for PC in the manufacturing of electrical connectors, plugs, sockets, wall plates, electrical enclosures, and electrical fuse & meter boxes used in residential and commercial buildings.
The strong presence of the world’s leading manufacturers in Mexico will drive the market growth in the country. Moreover, Mexico has been touted as the new capital of the automotive industry and is well-known for its availability of cost-effective wage laborers experienced in complex assembly. The Mexican government incentives and the country’s proximity to the world’s largest vehicle importer add to its appeal as a manufacturing location. The Center for Automotive Research notes that Mexico’s strong network of Free Trade Agreements (FTAs) also makes it appealing as a global export base. Polycarbonate is widely used in headlamps diffusers of passenger vehicles and commercial vehicles. Thus, the growing automotive sector in Mexico is anticipated to boost the product demand in automotive lighting applications.
Key Companies & Market Share Insights
Leading market players compete based on their product development capabilities and new technologies used in product formulations. Established players, such as Covestro AG, are developing polycarbonate to be used in various electrical components. This gives them an edge over their competitors. For instance, in May 2021, Covestro AG developed Markolon TC8030 polycarbonate, which was used by a major light truck OEM and stood in the finalist position in the 49th Annual SPE Automotive Innovation Awards Competition in the Materials category. This application of polycarbonate as a material in the manufacturing of housing fog lamps is expected to open new possibilities in lighting applications in the automotive sector. Some of the prominent players operating in the North America polycarbonate for electrical and electronics market are:
- Trinseo S.A.
- Formosa Chemicals & Fibre Corp.
- Chimei Corp.
- Teijin Ltd.
- Covestro AG
- Lotte Chemical Corp.
- LG Chem
- Samsung SDI Co., Ltd.
- Mitsubishi Chemical Corp.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at U.S. for the period of 2017 to 2030
- By End-use
- Electrical Components
- Electrical Connectors
- Wall Plates
- Handheld Devices (mobile phones & tablets)
- IT Electronics
- 5G Applications
- Audio/Video Equipment
- IT Servers
- Electrical Enclosures
- Electrical Fuse Boxes
- Electrical Meter Boxes
- Residential & Commercial
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
- By Country
Key Points Covered in North America Polycarbonate For Electrical And Electronics Market Study:
- Growth of North America Polycarbonate For Electrical And Electronics in 2022
- Market Estimates and Forecasts (2017-2030)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for North America Polycarbonate For Electrical And Electronics and How to Navigate
- Key Product Innovations and Regulatory Climate
- North America Polycarbonate For Electrical And Electronics Consumption Analysis
- North America Polycarbonate For Electrical And Electronics Production Analysis
- North America Polycarbonate For Electrical And Electronics and Management