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How Is the Transparent Plastics Market Growth Forecast from 2025 to 2029?
The transparent plastics market size has grown strongly in recent years. It will grow from $142.33 billion in 2024 to $150.91 billion in 2025 at a compound annual growth rate (CAGR) of 6.0%. .
The transparent plastics market size is expected to see strong growth in the next few years. It will grow to $202.48 billion in 2029 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing demand for packaging, cost-efficiency and performance, versatility and customizability, healthcare industry demand, consumer preferences and aesthetic appeal. Major trends in the forecast period include supply chain sustainability, R&D in biopolymers, shift in material substitution, customization and design flexibility.
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What Are the Key Growth Factors Supporting the Transparent Plastics Market Expansion?
An increase in demand for electric vehicles is expected to propel the transparent plastics market. Electric vehicles (EVs) are either entirely or partially powered by electricity. 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, in April 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, electric car sales accounted for 14% of all new cars sold globally in 2022, a considerable rise from 9% in 2021. This trend is expected to continue in 2023, with over 2.3 million electric cars sold in the first quarter alone, representing a 25% increase from the same period last year. Furthermore, it is projected that 14 million electric cars will be sold by the end of 2023, marking a 35% year-on-year increase, with new purchases accelerating in the second half of the year . As a result, the increase in demand for electric vehicles is driving the transparent plastics market.
What Segments Are Covered in the Transparent Plastics Market Report?
The transparent plastics market covered in this report is segmented –
1) By Type: Rigid Transparent Plastics, Flexible Transparent Plastics
2) By Polymer Type: Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polypropylene (PP), Polystyrene (PS), Polycarbonate (PC), Polymethyl Methacrylate (PMMA), Other Polymers
3) By Application: Packaging, Building And Construction, Electrical And Electronics, Automotive, Consumer Goods, Healthcare, Other Applications
Subsegments:
1) By Rigid Transparent Plastics: Polycarbonate (PC), Acrylic (PMMA), Polyethylene Terephthalate Glycol (PETG), Polystyrene (PS)
2) By Flexible Transparent Plastics: Polyvinyl Chloride (PVC), Thermoplastic Polyurethane (TPU), Ethylene-Vinyl Acetate (EVA), Flexible Polyethylene (PE)
How Are Current Trends Influencing the Transparent Plastics Market Growth?
Bio-based transparent plastics are a key trend gaining popularity in the transparent plastics market. Bio-based plastics, as opposed to conventional plastics, are manufactured entirely or partly from biological sources. Bio-based transparent plastics are made from renewable biomass sources, such as plant fats and oils, woodchips, sawdust, and recovered food waste. They are not always biodegradable or compostable. Major players in the market are focusing on launching bio-based polymers and plastics for market growth. For instance, in June 2024, Lignin Industries AB, a Swedish company, pioneering the production of bio-based plastics, launched a bio-based plastic made from forest residues. The company asserts that it has found a way to eliminate dependence on fossil fuel-based plastics by converting lignin, an organic material, into renewable, circular bioplastics. Lignin, an organic polymer primarily found in trees, provides structural support, aids in water retention, and helps prevent toxins from entering. The new product, Renol, is having industrial applications in materials such as Polyethylene (PE), Acrylonitrile Butadiene Styrene (ABS), and Polypropylene (PP), with uses ranging from domestic products to consumer electronics, automotive parts, and PE films, among others.
Who Are the Key Players Driving the Transparent Plastics Market?
Major companies operating in the transparent plastics market are DuPont de Nemours Inc., Dow Chemical Company, LyondellBasell Industries NV, Saudi Basic Industries Corporation, Covestro AG, BASF SE, Ineos Group Limited, PPG Industries Inc., Evonik Industries AG, Lanxess AG, Teijin Limited, LG Chem, Denka Company Limited, Trinseo PLC, Asahi Kasei Corporation, Eastman Chemical Company, Chi Mei Corporation, Arkema S.A., Braskem SA, Chevron Phillips Chemical Company, China National Chemical Corporation, Formosa Plastics Corporation, Huntsman Corporation, Idemitsu Kosan Co. Ltd., Mitsubishi Chemical Corporation, Shin-Etsu Chemical Co. Ltd., Solvay SA, Westlake Corporation
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How Does Transparent Plastics Market Growth Vary Across Major Regions?
Asia-Pacific was the largest region in the transparent plastics market in 2024. 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, Africa.
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