Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "Transparent Plastics Global Market 2023" report has been added to ResearchAndMarkets.com's offering.
The global transparent plastics market is expected to grow from $125.33 billion in 2022 to $136.57 billion in 2023 at a compound annual growth rate (CAGR) of 8.97%. The market is expected to grow to $172.67 billion in 2027 at a CAGR of 6.04%.
Where is the largest and fastest growing market for transparent plastics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An increase in demand for electric vehicles is expected to propel the transparent plastics market. Transparent plastics are used in electric vehicles for packaging and vehicle parts such as interior and exterior panels, windshields, car indicator covers, windows, and other parts as they are lightweight, less fuel-hungry, and affordable. For instance, the International Energy Agency, an independent intergovernmental agency with headquarters in France, reports that global sales of electric vehicles climbed by 43% in 2020. As a result, the increase in demand for electric vehicles is driving the transparent plastics market.
Bio-based transparent plastics are a key trend gaining popularity in the transparent plastics market. Major players in the market are focusing on launching bio-based polymers and plastics for market growth. For instance, in October 2021, Lanxess, a Germany-based chemical company, launched Durethan BLUEBKV60H2.0EF. It is a sustainable high-performance plastic which either have a carbon footprint that is at least 50% lower than that of conventional products, or at least 50% made from circular (recycled or biobased) raw materials.
In December 2021, Sonco, a US-based packaging company, acquired Clear Pack Company for an undisclosed amount. Through this partnership, Sonoco will expand its rigid plastic operations. Clear Pack Company is a US-based manufacturer of thermoformed and extruded plastic materials.
Asia-Pacific was the largest region in the transparent plastics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the transparent plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Transparent PlasticsMarket Segmentation
Segmentation by Type
- Rigid Transparent Plastics
- Flexible Transparent Plastics
Segmentation by Polymer Type
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Polystyrene (PS)
- Polycarbonate (PC)
- Polymethyl Methacrylate (PMMA)
- Other Polymers
Segmentation by Application
- Packaging
- Building and Construction
- Electrical and Electronics
- Automotive
- Consumer Goods
- Healthcare
- Other Applications
Major players in the transparent plastics market are:
- DuPont
- The Dow Chemical Company
- LyondellBasell
- SABIC
- Covestro AG
- BASF SE
- INEOS Group
- PPG Industries
- Evonik Industries
- Lanxess AG
- Teijin Limited
- LG Chem
- Denka Company Limited
- Trinseo PLC
- Asahi Kasei
- Eastman Chemical Company
- Chi Mei Corporation
- Arkema SA
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $136.57 Billion |
| Forecasted Market Value (USD) by 2027 | $172.67 Billion |
| Compound Annual Growth Rate | 6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/auga0g
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