The global Transparent Plastics Market is estimated to be valued at US$ 167.1 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Transparent plastics are transparent or translucent synthetic materials made from petrochemicals and can withstand exposure to sunlight and moisture well over a period of time. They find applications in packaging, construction, consumer goods and automotive industries due to properties such as weather resistance, durability, lightweight and versatility. Transparent plastics like polyethylene terephthalate, polyvinyl chloride and polycarbonate are used in manufacturing of food packaging, bottles, films and sheets. They provide barrier against oxygen, moisture, which helps extend the shelf life of products. The demand for packaged food & beverages has been increasing globally with changing lifestyles, which is expected to drive the transparent plastics market.

Market key trends:

One of the key trends in the transparent plastics market is shift towards bio-based and recyclable plastics. Rising concerns over plastic waste and focus on sustainability has pushed manufacturers to develop bio-plastics made from renewable feedstock like sugarcane, corn starch or cellulosic biomass. Bio-polyethylene (bio-PE) and bio-polypropylene (bio-PP) are gaining demand as an alternative to conventional plastics. Another trend is the growing demand for optical clear plastics in automotive industry, with increasing use of head-up displays, information & entertainment screens in vehicles. Transparent plastics are also finding increased usage in solar energy applications such as photovoltaic modules as encapsulants or front sheets.

Porter’s Analysis:

• Threat of new entrants: Low barrier of entry, however, existing large players have strong brand recognition and economies of scale that make it difficult for new players to gain market share.
• Bargaining power of buyers: Buyers have moderate to high bargaining power as there are many producers supplying transparent plastics. Buyers can leverage this competition to negotiate on price and quality.
• Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of substitute raw materials. However, suppliers of specialized raw materials may have higher bargaining power.
• Threat of new substitutes: Threat of substitutes is moderate as other plastic materials and non-plastic alternatives offer substitutability based on requirement.
• Competitive rivalry: Intense competition exists among existing players to gain market share through product differentiation, pricing and integrated supply chain management.

Key Takeaways:

The Global Transparent Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 3.6% over the forecast period, due to increasing demand from construction and packaging industries. The construction industry is a major consumer of transparent plastics such as polycarbonate and PMMA sheets for roofing and glazing applications.

The Asia Pacific region dominates the global transparent plastics market with a share of over 35% in 2023, with China and India being the major markets. This can be attributed to strong growth in the construction and packaging industries in the region. The market in North America is expected to grow at a CAGR of around 2.5% during the forecast period due to mature markets in the US and Canada.

Key players operating in the transparent plastics market are Dow Inc., Covestro AG, Eastman Chemical Company, SABIC, Arkema S.A., Mitsubishi Chemical Corporation, Evonik Industries AG, Sumitomo Chemical Co., Ltd., Teijin Limited, and LG Chem Ltd. Dow Inc. and Covestro AG hold a significant share of the global market, owing to their integrated product portfolio and global production footprint.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it