by Transparent plastics offer a wide range of advantages like light weight, durability and design flexibility. They are extensively used in automotive, construction and packaging industries. Transparent plastics provide chemical and impact resistance while allowing visibility.
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 key trends: Rising adoption of transparent plastics in automobiles is one of the major factors driving the growth of the global transparent plastics market. Transparent plastics are increasingly being used to manufacture car parts like instrument panels, rear windshields, and roof panels. They provide excellent impact resistance and facilitate easy integration of display panels in vehicles. Growing demand for lightweight vehicles to improve fuel efficiency has also boosted the use of transparent plastics in automobiles. Furthermore, transparent plastics help automakers achieve product differentiation through innovative designs. With growing automobile production worldwide, especially in emerging economies, the demand for transparent plastics from the automotive industry is expected to increase substantially over the forecast period.
SWOT Analysis
Strength: Transparent plastics have wide applications in various end-use industries like construction, automotive, consumer goods etc. They provide high strength, light weight and durability to products.
Weakness: Disposal and recycling of transparent plastics poses a big challenge. Most transparent plastic products have a short life span and end up in landfills. This increases environmental pollution.
Opportunity: Growth in construction and automotive industries in developing nations offer huge opportunities for transparent plastics market. Rise in residential and commercial construction will spur demand for products made using transparent plastics.
Threats: Stringent environment regulations around the world regarding use of plastics may restrict the market growth. Additionally, fluctuating raw material prices can threaten profitability.
Key Takeaways
Global Transparent Plastics Market Size is expected to witness high growth. Asia Pacific accounts for the largest share of the transparent plastics market currently. Growing construction and automotive industries in China, India and other Southeast Asian countries are driving demand.
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.
Rising disposable incomes and improving standards of living in developing nations are increasing consumption of consumer products made using transparent plastics. Products like food packaging, bottles and containers account for a major portion of demand. Additionally, construction of new highways and increasing vehicle ownership is fueling transparent plastics consumption in the automotive industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
