Transparent Plastics Market Size To Touch USD 214.1 Bn By 2030

Published Date : 20 Feb 2023

The global transparent plastics market size was reached at USD 139.1 billion in 2022 and it is expected to touch around USD 214.1 billion by 2030, growing at a CAGR of 5.54% over the forecast period 2022 to 2030.

Lightweight plastic that may be made to be partially or completely stiff is known as transparent plastic. It is easily transparent to light. Transparent plastics have a repelling effect, which prevents food or liquid items from sinking out of them and prevents dust particles from entering. Plastic has the unusual ability to be molded into any shape while still being flexible and then quickly set into a somewhat elastic or hard form depending on the situation. 

The need for transparent plastic is rising throughout all end-to-end sectors, including consumer products, construction, and automobiles. The increased shelf life of integrated food items and the ease of self-assembly are further factors that are anticipated to support the expansion of the global transparent plastic market. Additionally, as plastic is frequently used in the packaging of food and drinks, there is likely to be an increase in demand for it in expanding plastic economies like China and India. 

Acrylic, also known as Poly Methyl Methacrylate (PMMA), is a thermoplastic clear substance used as a strong, lightweight glass. It is commonly used in sawmills and other items. Products like acrylic mirrors and acrylic plexiglass are frequently made using acrylic in sheet form. Transparent polymers like acrylic and polycarbonate, which are stronger than many other types of clear sheet metal, are frequently used in glazing systems for buildings that need to be transparent and high-performing mechanically.

Report Highlights

  • Due to the rising consumption of transparent plastics for packaging purposes across a variety of industries, including the automotive, food and beverage, chemical, pharmaceutical, and other sectors, Asia-Pacific is the region that consumes the most transparent plastics globally in terms of both value and volume.
  • The packaging and films segment in applications held a sizable share in the market and is anticipated to expand over the course of the forecast period. One of the key factors fueling the growth of the transparent plastics market is the rising demand for and production of plastics. China is one of the world's largest production sites for transparent plastics.
  • The rigid form is anticipated to expand at a faster rate of 6.3% over the course of the forecast period, and the rigid transparent plastics segment retains the largest portion of the market due to the fact that these materials are used in a variety of applications, including packaging, automotive, medical, and building & construction.
  • In 2021, the PET (Polyethylene Terephthalate) type category holds the biggest market share (22.4%).

Transparent Plastics Market Report Scope

Report Coverage Details
Market Size in 2023 USD 146.8 Billion
Projected Forecast Value in 2030 USD 214.1 Billion
Growth Rate 5.54% from 2022 to 2030
Rigid Segment Revenue Share In 2021 62.50%
Flexible Segment Revenue Share In 2021 37.50%
Asia Pacific Region Revenue Share In 2021 42%
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2022 To 2030
Segments Covered By Type, By Application, By Polymer Type and By Form
Regions Covered North America, Europe, Asia-Pacific, Latin America and Middle East & Africa


Regional Snapshots

As one of the economies with the quickest growth rates and one of the largest manufacturing hubs in the world, the Asia-Pacific region held the largest market share in the transparent plastics sector in 2021, up to 42%. By alone, China, one of the region's key manufacturing nations, contributes to the market for transparent plastics. 

Due to the existence of nations with cheap labor, the area has increased its manufacturing capacity to satisfy the rise in demand for clear plastics for packaging from a variety of sectors. China alone accounts for 32% of the world's plastics manufacturing, according to the Plastics Europe Organization. The Asia-Pacific region's growing plastic usage in nations like China and India is the primary driver of the robust transparent plastics industry.

Market Dynamics

Drivers

The growing need for plastics in the packaging business, particularly in the food and beverage industry, is the key factor driving the global market for transparent plastics. The longer shelf life of food goods is a result of their moisture barrier, corrosion resistance, and ability to repel microorganisms. Additionally, it is utilized in FMCG pharmaceutical packaging, which is anticipated to have an impact on the market throughout the course of the projected period. 

Additionally, due to their dependable insulating qualities, high mechanical characteristics, safe operations, and other factors during the course of the forecast period, transparent plastics are anticipated to become increasingly prevalent in electric vehicles (EVs), supporting the market's expansion. From an environmental standpoint, the explosive rise of the market for electric cars is anticipated to fuel the growth of the transparent plastics market size.

Restraints

Plastics are enduring and do not break down quickly. Plastic waste that is disposed of improperly might pollute the environment. One of the biggest dangers to marine life is plastic. For instance, a number of marine turtles suffer injury as a result of unintentional intake of transparent plastics, which frequently resemble jellyfish or crab larvae. 

Environmental rules prohibiting the use of plastic packaging materials have increased as a result of a number of plastic packaging-related difficulties, including biodegradability and recycling. The market for transparent plastics is being held back by these strict laws on improper plastic debris disposal.

Opportunities

Transparent bioplastics are currently being developed, however they are still constrained by their high cost and poor physical qualities. The creation of common resins (PET, PS, and PVC) using bio-based materials is the most promising.

Biodegradable polymers are increasingly in demand. Future market growth is anticipated to be driven by transparent biodegradable polymers that can be disposed of in landfills. One of the primary areas that is anticipated to provide enormous prospects for bio-based plastics is food and beverage packaging. To further the anti-plastic cause, significant disinformation and fear tactics are being deployed. The industry is crippled by this, although the creation of new materials is predicted to lessen the long-term effects of this false information and scare tactics.

Challenges

The main variables that determine the pricing of finished goods are the cost and availability of raw materials. One of the main basic resources used to make plastic packaging materials including polystyrene, polypropylene, PVC, and polycarbonate is crude oil. The price of raw materials has been shifting in recent years on the global plastics market, particularly for transparent plastics, as a result of erratic energy costs. Customers that are price conscious have an impact on transparent plastics makers. 

The majority of raw materials are petroleum-based and hence susceptible to changes in commodity pricing. Recently, there has been a lot of volatility in oil prices. The plastics sector faces a significant issue in predicting future prices, which has led to a lack of funding for initiatives involving transparent plastics.

Recent Developments

  • SABIC unveiled the LEXAN CXT resin, a new series of high-precision, high-temperature, and injectable polycarbonate copolymer frames, in January 2018. These applications include optical electronics, consumer & manufacturing, and healthcare. The business has expanded its selection of transparent polymers as a result of this recent development.
  • In March 2019, Flexo Transparent, a leading bespoke plastic manufacturing and printing solutions supplier, was acquired by C-P Flexible Packaging, a prominent producer of flexible packaging goods. According to them, the purpose of this purchase is "to reach exciting new end markets." A well-established portfolio brand of First Atlantic Capital, a private investment firm with its headquarters in New York, is C-P.
  • A. Schulman, Inc. and LyondellBasell Industries Holdings B.V. inked a binding contract in 2018. A. Schulman was acquired by LyondellBasell via this deal for a total sum of USD 2.25 billion. With this purchase, the firm will expand its global reach, get access to cutting-edge technology, and diversify its product offering in the market for advanced polymer solutions.

Major Key Players:

  • EI. Du Pont De Nemours and Company
  • Dow Chemical Company
  • Lyondellbasell Industries, 
  • Holdings B.V.
  • SABIC, Covestro
  • BASF SE
  • INEOS
  • PPG Industries
  • Evonik Industries AG
  • LANXESS AG

Market Segmentation:

By Type

  • Rigid
  • Flexible

By Application

  • Packaging
  • Building & Construction
  • Electrical & Electronics
  • Automotive
  • Consumer Goods
  • Healthcare
  • Others (Aerospace, Agriculture)

By Polymer Type

  • Polyethylene Terephthalate (PET)
  • Polyvinyl Chloride (PVC)
  • Polypropylene (PP)
  • Polystyrene (PS)
  • Polycarbonate (PC)
  • Polymethyl Methacrylate (PMMA)
  • Others (Polyamide, ABS & SAN, Polyethylene, TPU)

By Form

  • Rigid Transparent Plastics
  • Flexible Transparent Plastics

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