Press release
Transparent Plastics Global Market Worth $189.24 Billion By 2028 Rapid Growth Predicted CAGR of 7.2% | Covestro AG, BASF SE, PPG Industries Inc., Evonik Industries AG, Lanxess AG
Transparent Plastics Market
The transparent plastics market size is expected to see strong growth in the next few years. It will grow to $189.24 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to increasing demand for packaging, cost-efficiency and performance, versatility and customizability, healthcare industry demand, consumer preferences and aesthetic appeal. Major trends in the forecast period include supply chain sustainability, r&d in biopolymers, shift in material substitution, customization and design flexibility.
Market Overview -
Transparent plastic is a non-crystalline (amorphous) material such as acrylic or polymethyl methacrylate (PMMA) in which light can pass through without being diffracted by crystals. Transparent plastics are used in optical products as a lightweight, shatter-resistant alternative.
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The Surge In Electric Vehicles Boosting The Transparent Plastics Market
An increase in demand for electric vehicles is expected to propel the transparent plastics market. Electric vehicles (EVs) are either entirely or partially powered by electricity. Transparent plastics are used in electric vehicles for packaging and vehicle parts such as interior and exterior panels, windshields, car indicator covers, windows, and other parts as they are lightweight, less fuel-hungry, and affordable. For instance, in April 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, electric car sales accounted for 14% of all new cars sold globally in 2022, a considerable rise from 9% in 2021. This trend is expected to continue in 2023, with over 2.3 million electric cars sold in the first quarter alone, representing a 25% increase from the same period last year. Furthermore, it is projected that 14 million electric cars will be sold by the end of 2023, marking a 35% year-on-year increase, with new purchases accelerating in the second half of the year . As a result, the increase in demand for electric vehicles is driving the transparent plastics market.
Competitive Landscape -
Major companies operating in the transparent plastics market report are DuPont de Nemours Inc., Dow Chemical Company, LyondellBasell Industries NV, Saudi Basic Industries Corporation, Covestro AG, BASF SE, Ineos Group Limited, PPG Industries Inc., Evonik Industries AG, Lanxess AG, Teijin Limited, LG Chem, Denka Company Limited, Trinseo plc, Asahi Kasei Corporation, Eastman Chemical Company, Chi Mei Corporation, Arkema S.A., Braskem SA, Chevron Phillips Chemical Company, China National Chemical Corporation, Formosa Plastics Corporation, Huntsman Corporation, Idemitsu Kosan Co. Ltd., Ineos Chlorvinyls Ltd., Mitsubishi Chemical Corporation, Samyang Foods Co. Ltd., Shin-Etsu Chemical Co. Ltd., Solvay SA, Westlake Corporation
Bio-Based Transparent Plastics Gain Traction In Transparent Plastics Market
Bio-based transparent plastics are a key trend gaining popularity in the transparent plastics market. Bio-based plastics, as opposed to conventional plastics, are manufactured entirely or partly from biological sources. Bio-based transparent plastics are made from renewable biomass sources, such as plant fats and oils, woodchips, sawdust, and recovered food waste. They are not always biodegradable or compostable. Major players in the market are focusing on launching bio-based polymers and plastics for market growth. For instance, in October 2021, Lanxess, a Germany-based chemical company, launched Durethan BLUEBKV60H2.0EF. It is a sustainable high-performance plastic which either have a carbon footprint that is at least 50% lower than that of conventional products, or at least 50% made from circular (recycled or biobased) raw materials.
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Key Segments -
The transparent plastics market covered in this report is segmented -
1) By Type: Rigid Transparent Plastics, Flexible Transparent Plastics
2) By Polymer Type: Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polypropylene (PP), Polystyrene (PS), Polycarbonate (PC), Polymethyl Methacrylate (PMMA), Other Polymers
3) By Application: Packaging, Building And Construction, Electrical And Electronics, Automotive, Consumer Goods, Healthcare, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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