Transparency Market Research has published a new report on the global automotive polycarbonate glazing market for the forecast period of 2019–2027. According to the report, the global automotive polycarbonate glazing market is projected to reach ~US$ 4.5 Bn by 2027, expanding at a CAGR of ~9% during the forecast period.
Global Automotive Polycarbonate Glazing Market: Key Findings
- According to the report, the global automotive polycarbonate glazing market is likely to be driven by the demand for fuel-efficient cars.
- Polycarbonate materials are easier to shape as compared to glass, when used in applications for automotive glazing. Polycarbonate glazed components and parts offer superior thermal strength as compared to that offered by glass; however, they weigh less.
- Rising vehicle sales and growing stringency in emission norms are expected to drive the automotive polycarbonate glazing market.
Expansion of Global Automotive Polycarbonate Glazing Market
- The surge in the demand for vehicles is primarily due to an increase in global population, which increased from 7.55 billion in 2017 to 7.63 billion in 2018. Reduction in vehicle loan interest rates; easy availability of finance with customized financial schemes offered by banks, OEMs, and vehicle dealers; and increase in per capita income of customers are key factors driving the production and sales of vehicles.
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- Europe, which produced an average vehicle emission of 118.1 grams of CO2 per km in 2015, intends to reduce vehicle emissions to 95 grams of CO2 per km by 2021.
- Economic expansion in developing regions, rise in SMEs, and expansion of the freight logistics industry are driving the sales of commercial vehicles, which, in turn, is anticipated to boost the automotive polycarbonate glazing market.
Regional Analysis of Global Automotive Polycarbonate Glazing Market
In terms of region, the global automotive polycarbonate glazing market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is anticipated to hold a significant share of the global automotive polycarbonate glazing market. High volume production of vehicles in China and Japan, and rising purchasing power of consumers, are boosting the demand for automotive polycarbonate glazing in the region. Europe and North America are estimated to hold notable shares of the global market, due to stringent emission norms and higher sales of premium and luxury vehicles in these regions.
In 2015, Europe scrapped the illegal status of polycarbonates and encouraged its use in the automotive sector. This offered a huge momentum to the adoption of automotive polycarbonate glazing for the manufacturing of windscreens. In 2019, Europe will account for ~29% of the market share, while Asia Pacific will retain its traditional lead with a market share of ~41%. Asia Pacific’s lead in the industry is attributable to the high concentration of OEMs such as Honda, Tata, Suzuki, Toyota, Hyundai, and SAIC.
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Apart from the high-value growth of the Asia Pacific market, North America holds a mine of potential for the automotive polycarbonate glazing market. The quest for safety and convenience is leading to an underway shift towards the incorporation of polycarbonates in automotive, away from glass, which will upkeep the attractiveness of the region during the forecast period.
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