Saudi Arabia Polycarbonate Market to Grow at a CAGR of 8.2% until 2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Polycarbonate Market is expected to grow at a CAGR of 8.2%, by the end of 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Polycarbonate Market is expected to grow at a CAGR of 8.2%, by the end of 2028. The Saudi Arabia Polycarbonate Market is booming because of the expanding use of polycarbonates in automotive applications. Also, numerous corresponding pieces of equipment are made from polycarbonates in the electrical and electronics industries. Due to their small weight and great impact strength, some of the most popular parts include switching relays, sensor components, LCD sections, connectors, cell phones, and computers. The majority of wire insulation applications in the electrical and electronics sector favor hollow polycarbonates because they are ideal thermal insulators. Moreover, consumer purchasing habits are changing toward necessities including food, medicine, and healthcare products as a result of the coronavirus epidemic, resulting in rising the demand for polycarbonate in applications for consumer products. However, polycarbonates have advantages such as strong greenhouse insulation, lightweight properties, and ease of processing outweigh. This, in turn, may act as a huge restraining factor for market growth.
Surging Demand for Plastics Containing Polycarbonates
In light of the continuing coronavirus pandemic, medical polycarbonates and other plastic-intensive goods are becoming more significant. This is due to a rise in the demand for IV components and polycarbonate syringes. As a result, the global polycarbonate market is predicted to experience a rapid rise in the revenue of fluid supply and IV connection components. For coronavirus doctors, novel devices like one-piece plastic face shields are being produced. Researchers from prestigious colleges are working harder to develop disposable face shields and are asking polycarbonate market suppliers to build them in large quantities. All these factors boost the growth of the Saudi Arabia Polycarbonate Market during the forecast period (2022-2028).
Synthetic Leather Innovations Using Polycarbonate Diols
As manufacturers diversify their production into polycarbonate diols, synthetic leather is gaining popularity in the polycarbonate market. Polycarbonate diols contribute to the softness and toughness of leather. Leather jackets, shoes, and other accessories are in high demand due to the growing fashion and apparel industry. However, manufacturers frequently struggle to strike a balance between stain resistance for things like creams and beverages and creating a supple feel and flexibility for leather materials. Because polycarbonate diols solve this problem, such discoveries translate into revenue opportunities for manufacturers in the polycarbonate market. Moreover, Polycarbonate diols add softness and flexibility to leather finishes and synthetic leather coatings. Furthermore, polycarbonate diols make polyurethane coatings highly resistant to UV (ultraviolet) rays, heat, chemicals, and other environmental factors.
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Challenge: Polycarbonate Sheets are being Examined for Scratch Sensitivity and Unprecedented Expansion
Even though the polycarbonate market is expected to grow at a positive CAGR throughout the assessment period, drawbacks such as scratch sensitivity and unprecedented expansion of polycarbonate sheets are limiting its widespread use in building and construction projects. For example, if a branch falls on a polycarbonate patio canopy, it may cause scratches on the surface of the polycarbonate sheet. As a result, technicians should polish polycarbonate sheets and ensure that mounting holes are large enough to prevent the bolt or screw from sticking as the panel expands. Flexible glue or sealant must be used. Although it has drawbacks, perks like strong greenhouse insulation, lightweight properties, and processing ease make up for them.
Saudi Arabia Polycarbonate Market – By Product Type
Based on product type, the Saudi Arabia Polycarbonate Market is segmented into Polycarbonate Sheets, Polycarbonate Films, Polycarbonate Fibers, Polycarbonate Blends, Polycarbonate Tubes, and Others. Among these, the polycarbonate sheets segment holds the largest market share owing to its good homogeneity, and enhanced ductility. Moreover, polycarbonate sheets have high strength and are lightweight as well as simple to utilize. Also, architectural designers choose polycarbonate sheets over alternatives when choosing building materials because they facilitate the execution of creative structural ideas while also speeding up construction and lowering overall construction costs. All these factors boost the growth of the Saudi Arabia Polycarbonate Market during the forecast period (2022-2028).
Impact of COVID-19 on Saudi Arabia Polycarbonate Market
The Saudi Arabia Polycarbonate Market experienced a modest reduction in growth rate in 2020–2021 as a result of Covid–19. The fall in demand for solid, multiwall, and corrugated polycarbonates used in the building and construction, electrical and electronics, aerospace and defense, and automotive and transportation industries is to blame for the modest decline. Several end-use industries experienced a decline in demand as a result of Covid-19, including building and construction, electrical and electronics, automotive, and transportation, among others. Furthermore, because building operations were first suspended but later resumed with COVID-19 operational precautions, the pandemic has harmed new construction and the aftermarket. The availability of workers and raw materials was impacted by supply chain interruptions. Demand from end-use industries is gaining traction as economies grow more open and stable, which is anticipated to boost demand for polycarbonate.
The leading market players in the Saudi Arabia Polycarbonate Market are Sabic Innovative Plastics, Covestro Saudi Arabia Company, Al-Kayan Petrochemical, Saudi Light Industries Co.Ltd, United Arab Aluminium Company, Dome Tech Factory for Plastics, Arabian Gulf Manufacturers Ltd, ROWAD National Plastic Company, Abdullah Company, SJB Plastics, and other prominent players. The Saudi Arabia Polycarbonate Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
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