The global rigid transparent plastics market size was worth around USD 17.89 Billion in 2023 and is predicted to grow to around USD 30.74 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 5.90% between 2024 and 2032.
With the presence of a large pool of participants, the Global rigid transparent plastics market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Formosa Plastics Group, LyondellBasell Industries, Chevron Phillips Chemical Company, Eastman Chemical, and ExxonMobil Chemical Company are some of the key vendors of rigid transparent plastics across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the rigid transparent plastics market study.
In an unprecedented move that can benefit rigid transparent plastics sector, on September 6th 2018, Toray Plastics extended its white films product portfolio through launching of five new Torayfan white-pigmented metalized biaxially oriented polypropylene (BOPP) films. Sources cite that the new products are capable of providing strong barrier durability along with extended shelf life and clean bright white appearance for the brand, thereby improving its equity.
As estimated in this report, the global rigid transparent plastics market stood at US 17.47 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2023, the revenue in this rigid transparent plastics market is expected to reach US$ 23.81 billion by the end of the forecast period. The main products available in this rigid transparent plastics market are Plastics Polycarbonate, Acrylonitrile Butadiene Styrene (ABS), Polypropylene, Polysulfones & Polyvinyl Chloride (PVC), Styrene Acrylonitrile (SAN), and Nylon Acrylic-Styrene Copolymers (SMMA). Among them, the demand for polypropylene is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Superior & Beneficial Product Features To Drive Growth Of Market
“Favorable product features such as chemical & impact resistance, durability, weather resistance, light- weightiness, and brittleness will drive the growth of rigid transparent plastics market in the years ahead,” says the author of this study. Apart from this, mounting global demand for clear grade plastics is anticipated to prominently leverage the exponential expansion of rigid transparent plastics market over the next few years. In addition, thriving construction activities across the globe will further uplift the growth trajectory of rigid transparent plastics market in the forthcoming years.
Mounting ecological concerns, however, can adversely affect the growth of rigid transparent plastics market in the near future. Nevertheless, the rampant application of rigid transparent plastics in lieu of glass will sustain the expansion of rigid transparent plastics market in the ensuing years. This, in turn, is likely to normalize the impact of hindrances on the rigid transparent plastics market, reports the study.
Massive Demand for Rigid Transparent Plastics To Aid APAC’s Dominance
Regionally, Asia Pacific has been leading the worldwide rigid transparent plastics market and is anticipated to continue on the dominant position in the years to come, states the rigid transparent plastics market study. Large-scale consumption of packaged mineral water, packaged food & beverages, and medicines as well as other consumer products in countries such as Indonesia, India, and China is the main factor behind the dominance of the Asia Pacific rigid transparent plastics market. The high number of market players being headquartered in Asia Pacific is another significant factor that is driving the growth of this regional rigid transparent plastics market.
Some of the key manufacturers included in the study are
- Braskem
- Chevron Phillips Chemical Co.
- Chi Mei Corporation
- China National Petroleum Corporation (Cnpc)
- DOW Chemical Co.
- Eastman Chemica
- Exxonmobil Chemical Co.
- Formosa Plastics Group
- Hanwha Chemical Corporation
- Ineos Chlorvinyls Ltd.
- LG Chem Ltd.
- Lyondellbasell Industries
- Reliance Industries Ltd. (Ril)
- Shin-Etsu Chemical Co. Ltd.
- Sinopec Group
The global rigid transparent plastics market is segmented as follows:
By Type
- Plastics Polycarbonate
- Acrylonitrile Butadiene Styrene (ABS)
- Polypropylene
- Polysulfones & Polyvinyl Chloride (PVC)
- Styrene Acrylonitrile (SAN)
- Nylon Acrylic-Styrene Copolymers (SMMA)
By Application
- Building & construction
- Electrical & electronics
- Automotive
- Packaging
- Medical
- Others
By Region
- North AmericaThe U.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- The Middle East and Africa
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