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According to a recently published study by Transparency Market Research (TMR), ~3.3 Mn square meters worth of automotive polycarbonate glazing market was sold in 2018, and is projected to grow at a volume CAGR of ~11% during 2019-2027. This spurt in growth is highly attributable to the pursuit of automakers for lightweight materials to enhance the fuel efficiency of automotive vehicles. The lightweight feature of polycarbonate glazing material allows design freedom, which offers the desired space for innovation to automakers.
Since consumers resonate better with features over functions, automotive sunroofs are gradually being a viable proposition in vehicles. Since the glass used for sunroofs, windshields, and other parts of an automotive are highly susceptible to damage during a road mishap, numerous vehicle safety protocols require automakers to incorporate only tampered glass, laminated glass, and glass plastic. However, to ensure complete safety, automakers are evincing high reliance on automotive polycarbonate glazing as a replacement to traditional glass, which is likely to create sustainable growth opportunities for the industry.
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Environmental Concerns of Polycarbonates Despite Adoption in Electric Vehicles
Recently, Toyota announced that the company will begin testing a solar roof that has the capacity of adding as much as 45 Km to an electric vehicle a day, using solar cells. These solar cells that are merely 0.03 mm thick, and deliver around 860 watts of power, and even possess the competency to charge the EV while it is being driven. With shifting focus towards solar energy as a source of fuel to drive the penetration of futuristic cars, panels manufactured from polycarbonate will remain integral in underpinning this movement.
However, polycarbonate is but a form of plastic from the polymer family, with its own environmental concerns. Increasing awareness among companies and government entities regarding the environment implications of polycarbonates drives their attention towards the environmental performance of their business operations. A check on carbon footprints has instigated numerous countries such as the U.S., and Japan to implement a ban on the use of polycarbonates for automotive glazing, which will act as a throttle to the growth of the global market.
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North America to Gain Attractiveness in Automotive Polycarbonate Glazing Market
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.
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.
How automotive polycarbonate glazing market will recover after covid19- https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=23351
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