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Transparent Plastics Market Business Analysis By Cagr, Share, Revenue And Prominent Key Players 2023
Transparent Plastics are flexible or moldable when placed above a specific temperature and returned to a solid state upon cooling. These plastics boast various properties like low electrical and thermal conductivity, recyclability, lightweight, shock resistance, water resistance, durability, corrosion and chemical resistance, and others. The Global Transparent Plastic Market is slated to experience an impressive CAGR over the forecast period of 2018-2023.
The market is primarily driven by the proliferating demand for plastics from the packaging industry, particularly from the F&B packaging industry. This demand can be attributed to the plastic’s moisture barrier, corrosion resistant nature, and micro-organisms repelling characteristics. All these aids to provide an improved shelf life of the food products. Transparent Plastics are even used extensively in the pharmaceutical and FMCG packaging industry, which is most likely to propel the demand of the market in the forthcoming years. Moreover, the increasing usage of these products in electric vehicles due to its reliable insulation properties, high mechanical properties, ...
... safe operations, and others is also believed to have a major positive impact on the market growth of Transparent Plastics. As from the environmental point of view, the burgeoning growth of electric vehicles globally is a major factor that is expected to drive the market. However, amidst all these, the fluctuating state of the raw material prices can go on to pose a challenge to the market and hamper its growth trajectory during the forecast period.
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The Transparent Plastics Market is segmented on the following basis: Polymer Type, Type, and End-User Industry.
By Polymer Type, the market comprises polyvinyl chloride (PVC), polycarbonate (PC), acrylonitrile butadiene styrene (ABS), polystyrene (PS), polypropylene (PP), polymethyl methacrylate (PMMA), polyethylene terephthalate (PET), and others. The PET segment is anticipated to be the most dominant of the various polymer types due to its shatterproof, recyclable, and water & moisture resistant nature. These properties make it highly ideal for bottling and packaging purposes.
By Type, the market divides into flexible and rigid. The flexible type holds the highest market share due to its low cost, customizable nature, and sustainability. Add to this, flexible packaging boasts reusable capability in addition to features such as zip locks and spouts, making it the preferred choice in terms of convenience.
By End-Users, the market includes electrical & electronics, building & construction, packaging, consumer goods, automotive, and others. The packaging segment is the most dominant market due to the increasing demand from the F&B packaging industry.
The global geographical segmentation of the Transparent Plastic Market covers five regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Asia-Pacific dominates the global regional market for Transparent Plastics as per the market study in 2016. This is primarily due to the increasing demand for the product from various major end-user industries like construction, consumer goods, automotive, electronics, and packaging. Changing lifestyle of consumers, rapid rate of industrialization, and the increasing per capita income of individuals are stimulating the growth of these end-user industries. This, in turn, is increasing the demand for Transparent Plastics.
North America holds the second spot in terms of market share due to the reviving automobile and construction industries and a high demand from the food packing industry. The regional market is expected to grow further due to the growing demand for lightweight automotive parts.
The European region is said to grow in a rapid fashion due to the high production and sales volume of automotive parts across the Western European nations like the UK, Germany, France, and others. Latin America is also expected to witness considerable growth over the forecast period due to the growing automotive industry across various Latin countries. The Middle East & Africa market is expected to garner high demand for these plastics due to the increasing construction and infrastructural activities in the Gulf nations.
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LyondellBasell Industries Holdings B.V. (Netherlands), BASF SE (Germany), PPG Industries, Inc. (U.S.), Denka Company Limited (Japan), Trinseo (U.S.), LG Chem (South Korea), Evonik Industries (Germany), INEOS (U.K), LANXESS (Germany), SABIC (Saudi Arabia), DowDuPont (U.S.), Asahi Kasei Corporation (Japan), Trinseo (U.S.), Covestro AG (Germany), Eastman Chemical Company (U.S), and Teijin Limited (Japan) are some of the major market players here.
February 2019, some of the biggest brands in the world like McDonalds, Starbucks, Coca Cola, Nestle, and so on are coming together to tackle a big issue in the environment – the piling up cups each year in landfills. These brands are awarding USD 1 million to a total of 12 companies who can come up with the ultimate disposable cup, which can be composed as well as recycled, anywhere.
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