Transparent Plastics Market to Surpass 214.1 Billion by 2030 Drives Due to Growing Demand for Sustainable Packaging Solutions
SkyQuest projects that the transparent plastics market will attain a value of USD 214.1 billion by 2030, with a CAGR of 5.54% over the forecast period (2023-2030). One of the latest trends in the transparent plastics market is the growing demand for reinforced plastics. These plastics have gained widespread use in the automotive industry as a substitute for metal components as they offer exceptional strength and durability while being significantly lighter.
Westford, USA, July 27, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the global transparent plastics market has experienced a significant benefits from the increased investment in medical research and medicines. This growth is expected to drive the demand for transparent plastics in the healthcare industry. These plastics offer numerous benefits, such as excellent optical clarity, chemical resistance and lightweight properties, making them ideal for medical applications.
Browse in-depth TOC on “Transparent Plastics Market”
- Pages – 202
- Tables – 120
- Figures – 75
Transparent plastics are known for their flexibility and moldability at certain temperatures and they solidify upon cooling. In addition, transparent plastics market are highly resistant to corrosion and chemicals and possess other beneficial properties such as recyclability, lightweight, moderate electrical conductivity.
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Prominent Players in Transparent Plastics Market
- Dow Chemical Company
- LyondellBasell Industries N.V.
- ExxonMobil Corporation
- Covestro AG
- INEOS Group Holdings S.A.
- BASF SE
- Eastman Chemical Company
- Mitsubishi Chemical Holdings Corporation
- LG Chem Ltd.
- Teijin Limited
- Arkema S.A.
- Asahi Kasei Corporation
- Evonik Industries AG
- Formosa Plastics Corporation
- Solvay S.A.
- Sumitomo Chemical Co., Ltd.
- Toray Industries, Inc.
- Celanese Corporation
- RTP Company
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Packaging Segment is Expected to Grow in the Market Due to the Growing Demand for Transparent Materials
The transparent plastics market witnessed a significant contribution from the packaging sector and this trend is expected to continue with the highest growth rate during the forecast period. With the growing demand for lightweight, durable, and transparent materials, the packaging industry is increasingly adopting polyethylene terephthalate (PET) films and sheets. PET’s properties make it an ideal material for packaging applications as it meets customer demands and is cost-effective.
The markets in North America accounted for the second-largest share of the transparent plastics market, representing 27.3% of the total market share. This can be attributed to large and well-established players in the region who have contributed significantly to the market’s growth. In addition, these organizations are continuously determined to stay updated with the latest market trends and consumer preferences.
Rigid Transparent Plastics Segment is Expected to Dominate in the Market Due to its Versatility
The rigid transparent plastics segment was the dominant force in the transparent plastics market and this trend is expected to continue during the forecast period. The unique properties of rigid transparent plastics make them highly desirable for various applications, such as their inherent strength, excellent optical clarity, ease of processing and versatility in shape and size. These advantages have contributed to the continued dominance of the market.
Regional markets in Asia Pacific is estimated to be the largest during the forecast period. Countries such as China, Japan, and India offer lucrative growth opportunities, driving the transparent plastics market’s growth. The growth of various end-use industries, including packaging, construction, automotive, electronics, consumer goods and others, has generated significant demand for transparent plastics. In addition, the growing population, increasing per capita income, and changing lifestyles in the region are some factors driving the market’s growth.
A comprehensive analysis of the major players in the transparent plastics market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Transparent Plastics Market
- Tipa, a company that specializes in sustainable packaging solutions, introduced two new home compostable transparent products, T.LAM 608 and Tipa 303, at the PACK EXPO International in 2022. T.LAM 608 is a certified, transparent laminate that is home-compostable, and Tipa 303 is a transparent film that is also home-compostable. Introducing these products is a significant step towards more sustainable packaging solutions, as they offer a viable alternative to traditional non-biodegradable plastics.
- Saudi KAPSARC launched the second Circular Carbon Economy Index in 2022. This tool allows for the comparison of how 64 different countries are reducing their CO2 emissions through various methods and technologies, promoting the adoption of more sustainable practices across the globe. In addition, this tool provides valuable insights into the efforts being made towards a more sustainable future, encouraging the implementation of more sustainable practices across different industries.
Key Questions Answered in Transparent Plastics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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