Transparent Plastics Global Market Report 2024

The global transparent plastics market has grown strongly in recent years. It will grow from $133.79 billion in 2023 to $143.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. During the historic period, the growth of transparent plastics was propelled by several factors. These include advancements aimed at enhancing transparency, improved resistance to corrosion and chemicals, growing emphasis on recycling and sustainable practices, the expansion of global markets, and heightened concerns regarding environmental impact. These factors collectively contributed to the development and increased adoption of transparent plastics across various industries.

The global transparent plastics market 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%. In the forecast period, the growth of transparent plastics is anticipated due to various factors. This includes a rising demand for packaging solutions, the pursuit of cost-effective and high-performance materials, the versatility and customizability of transparent plastics, increased demand within the healthcare industry, and alignment with evolving consumer preferences centered around aesthetic appeal. Additionally, several significant trends are expected, such as an emphasis on supply chain sustainability, research and development focusing on biopolymers, a shift towards material substitution, and a greater emphasis on customization and design flexibility in transparent plastic products. These trends are likely to shape the trajectory of the transparent plastics industry in the coming period.

The transparent plastics market is poised for growth, propelled by the increasing demand for electric vehicles (EVs). As electric vehicles, either fully or partially powered by electricity, gain prominence, transparent plastics find extensive use in packaging and various vehicle components, including interior and exterior panels, windshields, car indicator covers, and windows. These materials are favored for their lightweight nature, fuel efficiency, and cost-effectiveness. Notably, in April 2023, the International Energy Agency (IEA) reported a significant surge in electric car sales, constituting 14% of all new global car sales in 2022, up from 9% in 2021. Anticipated to persist in 2023, the first quarter alone witnessed the sale of over 2.3 million electric cars, reflecting a 25% increase from the corresponding period in the previous year. Projections suggest that the full year could witness the sale of 14 million electric cars, marking a 35% year-on-year increase. This surge in electric vehicle demand is a driving force behind the transparent plastics market.

The transparent plastics market is experiencing growth driven by the escalating demand for consumer electronics. Consumer electronics, encompassing everyday electronic gadgets for private or professional use, heavily relies on transparent plastics for packaging and thermoforming applications. In May 2023, the Japan Electronics and Information Technology Industries Association reported a total electronic equipment production of 771,457 units in Japan. Additionally, consumer electronics production reached 32,099 units in May 2023, compared to 25,268 units in May 2022. This heightened demand for consumer electronics is a significant factor propelling the transparent plastics market forward.

A notable trend shaping the transparent plastics market is the increasing popularity of bio-based transparent plastics. In contrast to conventional plastics, bio-based plastics are derived, either entirely or partially, from biological sources. Bio-based transparent plastics utilize renewable biomass sources such as plant fats and oils, woodchips, sawdust, and recovered food waste. While not universally biodegradable or compostable, these materials are gaining attention from major market players focusing on sustainable alternatives. For instance, in October 2021, Lanxess, a Germany-based chemical company, introduced Durethan BLUEBKV60H2.0EF, a sustainable high-performance plastic with a carbon footprint at least 50% lower than conventional products or composed of at least 50% circular (recycled or biobased) raw materials. This trend toward bio-based transparent plastics reflects a commitment to environmentally friendly solutions in the market.

Prominent players in the transparent plastics market are strategically incorporating blockchain-based recycling platforms to enhance their competitive position. These platforms leverage blockchain technology to establish transparent, traceable, and secure networks for the efficient management of recycling processes. An illustrative example is the initiative by SK Geo Centric Co. Ltd., a South Korea-based chemical company, which, in June 2023, introduced a blockchain-based recycled plastic material history management platform. This innovative platform utilizes blockchain technology to document and oversee every stage of the recycling process, starting from the collection of waste plastics to their transformation into new products. Moreover, the platform enables customers to monitor and track key metrics, such as the collection, processing, and production of recycled plastic materials, including the composition rates of various materials. This approach contributes significantly to the transparent and effective distribution of recycled resources, offering a competitive advantage in the transparent plastics market.

In a strategic move from December 2021, Sonoco, a packaging company based in the United States, acquired Clear Pack Company for an undisclosed sum. This acquisition positions Sonoco to expand its operations in rigid plastics. Clear Pack Company, based in the United States, specializes in the manufacturing of thermoformed and extruded plastic materials. The acquisition aligns with Sonoco's growth strategy, reinforcing its presence and capabilities in the transparent plastics market, particularly in the realm of rigid plastic operations.

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

Asia-Pacific was the largest region in the transparent plastics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the transparent plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the transparent plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

They come primarily in two types such as rigid transparent plastics and flexible transparent plastics. Rigid transparent plastics find use in manufacturing products like aquariums, lighting fixtures, and various consumer goods. These materials are mechanically tough, amorphous, and allow light to pass through without crystal diffraction. They offer advantages such as being lightweight and resistant to shattering. Transparent plastics encompass various polymers, including polyethylene terephthalate (PET), polyvinyl chloride (PVC), polypropylene (PP), polystyrene (PS), polycarbonate (PC), polymethyl methacrylate (PMMA), and others. These plastics are extensively utilized in packaging, construction, electronics, automotive, consumer goods, healthcare, and diverse industrial applications.

This report provides transparent plastics market statistics, including transparent plastics industry global market size, regional shares, competitors with a transparent plastics market share, detailed transparent plastics market segments, market trends and opportunities, and any further data you may need to thrive in the transparent plastics industry. This transparent plastics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The transparent plastic market consists of sales of acrylic and PETG. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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