Overview:
The transparent plastics market is set for a remarkable expansion ahead owing to its allegiance with electric vehicles and packaging industries. The material is such that it can be molded at a given temperature and upon cooling, it starts showing a number of end-user industry-friendly features such as resistance to corrosion and chemicals, low electrical and thermal conductivity, shock resistance, durability, water resistance, and others. Being lightweight is an added advantage. At the same time, the Transparent Plastics Market is fast becoming popular for being a recyclable product which helps industries in adhering to government laws prioritizing on reducing carbon emissions. The global transparent plastics market is all set to witness robust growth during the forecast period (2030). Market Research Future (MRFR) in their extensive report on the same market covered segmental analysis and factors in detail to offer a holistic picture of the market in the coming years.
The packaging industry has the potential to accentuate the growth of the transparent plastics market. Especially when the food beverage segment is particularly witnessing a paradigmatic shift due to transforming lifestyle, urbanization, and booming industries. The ability of transparent plastics to seal off the consumables from moisture and microorganisms and resisting corrosion to improve shelf life can be considered a boon for the food beverage industry. Furthermore, the pharmaceutical sector is also receiving the bliss. Electric vehicles, on the other hand, has significant use of the product. High mechanical properties and reliable insulation features are creating the demand for the same. In addition, it reduces the weight of the car which marks low energy consumption as well. These factors are proving right for the burgeoning electric vehicle sector. Hence, a massive pull for the transparent plastics market.
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On the flip side, the prices of the raw materials are fluctuating quite frantically which is putting a dent on the prospects of the transparent plastics market during the forecast period. But with such heterogeneous applications, the transparent plastics market can stay clear of any long-time damage.
Segmentation:
The global transparent plastics market can be segmented by type, polymer type, and end-users.
Based on the type, the transparent plastics market can be segmented into rigid and flexible.
On the basis of polymer type, the transparent plastics market can be segmented into polyethylene, terephthalate (PET), polyvinyl chloride (PVC), polypropylene (PP), polystyrene (PS), polycarbonate (PC), acrylonitrile butadiene styrene (ABS), polymethyl methacrylate (PMMA), and others.
Based on end-users, the transparent plastics market comprises packaging, building construction, electrical electronics, automotive, consumer goods, and others.
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Regional Analysis:
Region-specific analysis of the transparent plastics market includes North America, Asia Pacific (APAC), Europe, Middle East Africa (MEA), and Latin America (LATAM).
The APAC market is growing with great gusto and is currently dominating the market. The region is receiving the benefits of booming packaging, construction, automotive, electronics, and consumer goods industries. Emerging countries are investing hard to make their economy flourish which is why the region is attracting so much investment and owing to that the transparent plastics market is accelerating.
North America assumes the second spot. Lightweight automotive parts in the automobile industry are driving the market ahead. Europe’s growth is also found upon similar reasons. In addition, stringent rules imposed by governments are ensuring further growth.
Competitive Analysis:
Some of the manufacturers operating in the global transparent plastics market are Eastman Chemical Company (U.S), SABIC (Saudi Arabia), LyondellBasell Industries Holdings B.V. (Netherlands), Covestro AG (Germany), BASF SE (Germany), INEOS (U.K), Asahi Kasei Corporation (Japan), PPG Industries, Inc. (U.S.), Evonik Industries (Germany), TEIJIN LIMITED (Japan), DowDuPont (U.S.), LG Chem (South Korea), LANXESS (Germany), Denka Company Limited (Japan), Trinseo (U.S.), and others.
Bio-based materials are hogging the limelight. For instance, in January 2018, Dow Packaging and Specialty Plastics have come up with an innovative formulation for polyethylene resin that is entirely recyclable. This can contribute significantly to the search for bio-friendly products. These products can be used in the manufacture of green transparent plastics.
In October 2017, Covestro announced the expansion of their North American facility by 25% so that they can meet the market demand.
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