Transparent Plastics Market to Witness Growth Due to Rising Demand from Building & Construction Industry
Transparent plastics are made from synthetic polymers and are characterized by having transparency up to 90% or more. They find wide application in packaging films, electronic components, automobile components, household appliances, and construction materials due to their properties such as impact resistance, workability, and durability. Transparent plastics such as polycarbonate, acrylic, polymethyl methacrylate, and polystyrene are used to make products ranging from transparent sheets to bottles and medical devices.
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 Dynamics:
One of the key drivers for the transparent plastics market is the rising demand from the building & construction industry. Transparent plastics have emerged as a preferable substitute for conventional building materials such as glass owing to their lightweight and durable properties. Acrylic and polycarbonate sheets are increasingly being used in roofing, façade construction, greenhouses, and skywalks due to their high optical clarity, weather resistance, and structural strength. Further, the high demand for transparent plastic resins such as acrylic and polycarbonate from end-use industries such as automotive, consumer electronics, and medical is also fueling the market growth.
Transparent plastics provide advantages such as transparency, impact strength, durability, and easy manufacturability making them an excellent choice for various industrial applications. However, volatile petroleum prices and increasing environmental regulations regarding non-biodegradability and recyclability of plastics may hamper the market growth during the forecast period.
SWOT Analysis
Strength: Transparent plastics have superior flexibility and lightweight properties which make them ideal for various applications. They offer durability and withstand harsh conditions. Transparent plastics provide shatter resistance which makes them safer than glass.
Weakness: Transparent plastics have lower thermal resistance compared to other materials like glass. Raw material prices for transparent plastics are volatile which impacts the overall production cost. Transportation and disposal of plastic waste raises environmental concerns.
Opportunity: Growing construction industry worldwide is expanding the market for transparent plastics in applications like windows, doors, and roofing. Increasing use of transparent plastics in automotive and aerospace industries due to their impact and shatter resistance properties offers new opportunities.
Threats: Stringent environmental regulations regarding plastic waste disposal poses a major threat. Population concerns about health impacts of plastic additives can negatively influence the market. Development of new sustainable materials is a threat to replace traditional plastics.
Key Takeaways
Global Transparent Plastics Market Size is expected to witness high growth. The market size is projected to reach US$ 167.1 Billion in 2023 from US$ 155.2 Billion in 2020, at a CAGR of 3.6% during the forecast period 2023 to 2030.
Regional analysis: Asia Pacific dominates the global transparent plastics market currently and is expected to maintain its leading position during the forecast period. Rapid urbanization and industrial development in China and India is driving the demand in the region. North America is another major regional market supported by well-established end-use industries in the US and Canada.
Key players: 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 major players are focusing on new product innovations and geographical expansions to strengthen their market positions.
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