by The Transparent Plastics market is estimated to be valued at US$ 161.2 Bn in 2022 and is expected to exhibit a CAGR of 3.66% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Transparent plastics finds wide applications in various end-use industries such as packaging, automotive & transportation, building & construction, electrical & electronics, and consumer goods. They are used to manufacture products such as sheets, films, bottles, containers, medical devices, fibers, and tapes. The growing building & construction industry is augmenting the demand for transparent plastics such as polycarbonate sheets and acrylic sheets for roofing, windows, doors, and signage application.
Market Dynamics:
The expanding building & construction sector across the globe coupled with increasing renovation & remodeling activities is fueling the demand for transparent plastics such as polycarbonate and acrylic. According to the Construction Industry Research Board, the global construction industry was valued at US$ 13 trillion in 2022 and is projected to grow at 4% annually till 2030. Additionally, growing electrical & electronics industry is also boosting the consumption of transparent plastics like polycarbonate for manufacturing appliances, devices, and LED lighting which requires impact resistance and transparency. However, stringent environmental regulations regarding plastic waste disposal may hamper the market growth over the forecast period.
SWOT Analysis
Strength: Transparent plastics have high durability which increases their shelf life. They are lightweight and easy to mold into various shapes. Their transparency property allows visibility of products packed using transparent plastics.
Weakness: Transparent plastics are non-biodegradable in nature and increase environmental pollution. Their production process consumes high amount of energy.
Opportunity: Growing food and beverage packaging industry worldwide is driving the demand for transparent plastics. Increasing use of transparent plastics in construction industry for windows, doors etc offers growth opportunities.
Threats: Stringent environmental regulations regarding use of plastics pose threat to market growth. Fluctuating crude oil prices affect the raw material costs.
Key Takeaways:
The Global Transparent Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 3.66% over the forecast period, due to increasing use in food and beverage packaging industry. Transparent plastics provide visibility and durability in food packaging. Their lightweight property reduces logistics cost for FMCG companies.
Asia Pacific dominates the global transparent plastics market with over 40% share. China alone contributes to around one-third of global demand due to robust manufacturing sector in the country. Growing population and improving living standards drive the packaging industry in India and Southeast Asian countries, augmenting the regional market growth.
Key players operating in the Transparent Plastics market are Dow Inc., Covestro AG, Eastman Chemical Company, SABIC, Arkema S.A., Mitsubishi Chemical Corporation, Evonik Industries AG, Sumitomo Chemical Co., Ltd., Teijin Limited, LG Chem Ltd. The companies are investing in developing bio-based transparent plastics with enhanced properties to cater growing demand for sustainable packaging worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
