by Transparent plastics find vast application in various end-use industries such as automotive, construction, aerospace, healthcare, and electronics. Transparent plastics are extensively utilized in automotive applications for interior trims, lighting applications, and external components to enhance design aesthetics, improve visibility, reduce weight, and increase fuel efficiency. Plastics provide enhanced impact strength and durability compared to glass. The rapid growth of the automotive industry, especially in emerging economies, augments the demand for transparent plastics. Rising per capita income and improving standards of living fuel the demand for automobiles. Improving road infrastructure drives the sale of passenger and commercial vehicles, thereby propelling the transparent plastics market.
The global transparent plastics market is estimated to be valued at US$ 192.5 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The booming automotive industry is one of the key drivers propelling the transparent plastics market growth. As mentioned in the heading, the increasing automobile production and sales boost the demand for transparent plastics from the automotive industry for applications such as lighting, exterior components, and interior trims. According to the International Organization of Motor Vehicle Manufacturers, global automobile production reached over 95 million units in 2021 with strong sales growth projected over the coming years. This exponential growth of the automotive industry creates high demand for transparent plastics.
Another driver augmenting the transparent plastics industry is the increasing utilization of transparent plastics in the construction sector. Transparent plastics such as polycarbonate glazing and acrylic are extensively utilized in the construction of greenhouses, skylights, and windows owing to their high light transmission, durability, design flexibility, and lower cost compared to glass. Rising infrastructure development activities worldwide, especially in developing regions, accelerate the consumption of transparent plastics in the construction industry.
Segment Analysis
The Transparent Plastics Market Growth is dominated by the packaging segment which accounts for over 35% of the market share. The packaging segment requires materials that can provide protection to products being packaged along with visibility. Transparent plastics meet both the criteria as they are durable and allow consumers to view the product inside without opening the package. They provide an advantage over other materials used for packaging. The building and construction segment is the fastest growing segment in the transparent plastics market growing at a CAGR of 12% during the forecast period. This is due to increasing utilization of transparent plastics sheets and rolls in windows, doors, roofing etc. for construction of buildings where visibility and lighting is an important design factor.
PEST Analysis
Political: Regulations around the use of toxic and non-renewable materials can impact the transparent plastics market. However, no major political risks exist currently.
Economic: A growing economy favors the market as transparent plastics have wide applications in industries like packaging, construction, automotive etc. which see increased demand in times of economic growth.
Social: Focus on sustainability and eco-friendly materials is making companies shift toward bio-based transparent plastics produced from renewable resources like sugarcane.
Technological: Advances in polymer science has enabled development of high-performance plastics with improved strength, durability and optical properties fueling the demand.
Key Takeaways
The global transparent plastics market is expected to witness high growth at a CAGR of 10% during the forecast period of 2024 to 2031. The market size is projected to reach US$ 192.5 Bn by 2024.
Regional analysis:
Asia Pacific accounts for over 35% of the transparent plastics market led by China, India and other developing countries experiencing strong growth in end-use industries. The region’s market is projected to grow the fastest during the forecast period.
Key players operating in the transparent plastics market are DigiLens Inc, Corning Incorporated, OPPO, Meta, AGC INC., and CORNING INCORPORATED. Key players are focusing on developing sustainable and innovative product offerings to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
