Transparent plastics such as polycarbonate and acrylic provide excellent optical clarity, transparency and resistance to fading. They are highly durable and lightweight substitutes to glass. Key applications of transparent plastics include packaging for food & beverages, consumer goods, pharmaceutical and healthcare industries. Packaging manufacturers prefer transparent plastics over glass due to advantages such as lightweight and shatter resistance properties which reduces packaging costs and risks of breakage during shipping. Properties such as high impact strength and flexibility of transparent plastics make them suitable for rigid and flexible packaging of products.
The global Transparent Plastics Market is estimated to be valued at US$ 167.1 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the transparent plastics market is the growing demand for bio-based and recyclable transparent plastics. Stringent environmental regulations coupled with rising awareness about sustainability have increased focus on Developing transparent plastics from renewable resources. Major players are investing in R&D to commercialize bio-polyethylene terephthalate(PET) and polylactic acid(PLA) which can replace petroleum-based plastics. Additionally, incorporation of recyclable content in plastic formulations help maximise resource efficiency and minimise environmental footprint. This trend is expected to shape future growth strategies of transparent plastic manufacturers.
Porter’s Analysis
Threat of new entrants: The transparent plastics market has moderate threat of new entrants due to large capital requirement and established customer base of existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of many established players.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials for transparent plastics are commodity and widely available.
Threat of new substitutes: Threat of new substitutes is low as transparent plastics have established applications and no direct substitutes available.
Competitive rivalry: The transparent plastics market witnesses high competitive rivalry due to presence of many international players.
Key Takeaways
Global Transparent Plastics Market Size is expected to witness high growth. Regional analysis Northern America holds the major share in transparent plastics market owing to high demand from packaging and construction industries in U.S. and Canada. Asia Pacific transparent plastics market is expected to grow at fastest rate during the forecast period with China, India, Japan being the major contributors.
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. Growing demand for lightweight and durable materials in automotive and packaging industries is encouraging key players to invest in R&D to develop innovative products.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it