by The transparent plastics market is estimated to be valued at US$ 161.2 Bn in 2022 and is expected to exhibit a CAGR of 3.66% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Transparent plastics are polymers that allow light transmission of more than 80% with a thickness range of 1mm to 5mm. They offer various advantages such as durability, impact resistance, weight optimization and weather resistance. Transparent plastics are extensively used in building & construction, automotive & transportation, aerospace applications, consumer goods, healthcare, electronics & electrical industries owing to their cost-effective attributes and versatility.
Market key trends:
The increasing demand from end-use industries such as automotive, packaging, and consumer goods is driving the growth of the transparent plastics market. Transparent plastics are replacing traditional materials like glass owing to advantages such as light weight, durability, and impact resistance which makes them suitable for automotive parts and consumer goods. The expanding automotive industry and easy availability of cost-effective polymers are propelling the demand for transparent plastics during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the transparent plastics market is moderate. Significant capital investment is required to construct large-scale production facilities. However, new technology and innovation offers opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers in the transparent plastics market is high due to the presence of many established manufacturers. Buyers can negotiate price discounts for high volumes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Raw material prices fluctuate regularly which impacts production costs. However, key raw materials like petroleum feedstock are widely available.
Threat of new substitutes: The threat of substitutes is low. Transparent plastics have better chemical and moisture resistance than glass and other materials.
Competitive rivalry: Intense competition exists among existing players.
SWOT Analysis
Strength: Transparent plastics have excellent optical clarity, light weight, impact resistance and customizability for diverse applications. Growing demand from construction and automotive sectors bolsters growth.
Weakness: Fluctuating raw material prices affect production costs. Regulations on plastic pollution limit growth opportunities.
Opportunity: Increasing R&D to develop bio-based and recyclable transparent plastics offers opportunities. Emerging markets in Asia Pacific region are expected to drive future volumes.
Threats: Stringent environmental regulations on plastic usage pose challenges. Substitution threat from new sustainable materials.
Key Takeaways
The Global Transparent Plastics Market Growth is expected to witness high, exhibiting CAGR of 3.66% over the forecast period, due to increasing demand from construction and automotive industries. Asia Pacific currently dominates the market, accounting for over 40% share due to rapid industrialization and increasing disposable incomes in China, India.
Regional analysis – North America and Europe are also significant markets for transparent plastics. The Asia Pacific region is projected to grow at the fastest rate during the forecast period with China and India being the major countries.
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, LG Chem Ltd. These players focus on product innovation and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
