The global automotive polycarbonate glazing market is predicted to exhibit a strong growth streak in the coming years, according to a report by Transparency Market Research (TMR). The market’s competitive ecosystem is marked by fierce competition, with vendors competing at cut-throat prices for the latest, most innovative products. Vendors are seen investing heavily into the development of improved, stable and durable automobile components, to offer vehicles with robust mechanical resistance. This will help them gain traction in the global automotive polycarbonate glazing market. Initiatives taken by top vendors, such as AGP eGlass, who introduced ‘Ultralite Plus’ and “Impact Plus’ as a part of their lightweight hybrid glazing solution, are predicted to influence new vendors and drive market growth.
Key vendors operating in the global automotive polycarbonate glazing market include KRD Sicherheitstechnik GmbH, Exatec LLC, Covestro AG, Engle Machinery Inc., SABIC, Gallina, Teijin Ltd, and Freeglass GmbH & Co. KG.
According to TMR’s report, the global automotive polycarbonate glazing market was envisaged to be at US$ 816.1 mn in 2016. With a robust 9.0% CAGR over the forecast period of 2017 to 2025, the market is predicted to touch US$ 1,770.5 mn by the end of the forecast period. Based on the type of application, the segment of sunroofs is predicted to emerge dominant in the global market. Geography-wise, Asia Pacific is expected to lead the global market for automotive polycarbonate glazing.
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Incrementing Demand for Energy Efficiency to Propel Market
The rising pollution levels and depletion of conventional fuel resources, the rising need for energy reducing fuel consumption and energy efficiency is fuelling the adoption of polycarbonates for automotive glazing. The use of polycarbonates helps in reducing the weight of the vehicle, which in turn, enhances the fuel efficiency and reduces vehicular emission. The market for automotive polycarbonate glazing thus exhibits high growth potential with the surge in demand for fuel-efficient vehicles across the world.
Rising Preference for Lightweight Vehicles to Provide Lucrative Opportunity
A number of vehicles now have sunroofs, which let light inside a vehicle. When the vehicle rooftop is covered by a transparent material which enables additional light to enter is known as panoramic sunroof. When polycarbonate materials are utilized in place of glass in panoramic sunroofs, vehicle weight reduces substantially. This further enhances the vehicle’s fuel efficiency and reduces emission.
Currently, transport regulations in developed regions could act as a major restraint to the automotive polycarbonate glazing market. For instance, the transport regulation in the U.S. under the Federal Motor Vehicle Safety Standards (FMVSS) 205 allows only laminated and tempered glass in automotive glazing. Polycarbonate materials being non-resistant to scratches, need to be coated with special coating chemicals through plasma coating or wet coating technology. This inflates the cost of glazing in automobiles when polycarbonate materials are used.
Surge in Production of Hybrid and Electric Vehicles to Stoke Growth
However, a number of automobile giants such as Volvo Car Corp. BMW AG, and Daimler AG are expected to increase production of electric vehicles in years to come. Polycarbonate glazing being a key factor to reducing weight of electric vehicles, is expected to gain uptake in the forthcoming years by prominent vendors across the globe. Another major opportunity for automotive polycarbonate glazing is for automotive lighting. These are some of the significant areas due to which the global automotive polycarbonate glazing market is expected to get a lift.