Worldwide transparent plastic market is anticipated to reach over US$ 177.43 billion by the year 2026, demonstrating a CAGR of 6.8%, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
In the coming years, the global transparent plastic market is expected to witness huge growth owing to the varied applications of transparent plastic in sectors such as healthcare, packaging, consumer goods, automotive, and construction among others. Based on the finding of the report, the demand for transparent plastic has augmented drastically due to enhanced shelf life of packaged food items and customization ease. Furthermore, increasing adoption of electric vehicles, surging demand for packaging solutions from the food & beverages industry, as well as advancement of bio-based transparent plastics are some other significant factors fueling the growth of the global transparent plastic industry.
The worldwide transparent plastic industry gets substantial boost, with a multitude of growth prospects from the rising demand by developing nations, technological developments, and recycling of PVC. On the other hand, rising concerns over environmental pollution and ascending demand for environment-friendly packaging material would impede market growth over 2019-2026.
PVC possess high transparency, impact strength, brilliant mechanical properties, and strong resistance to chemicals & fire. Clear PVC products demonstrate optical properties like high light transmission, anti-glare surface, and high clarity. PVC is generally employed in the construction segment for greenhouse, day lighting & safety glazing applications, while in the packaging industry it is used for manufacturing cling films, blister packs, clear wraps, etc., and the healthcare industry employs it for making bags, drips, tubing, valves, connectors, and more. Reportedly, the packaging segment is said to have led the global transparent plastic industry in the year 2018.
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The latest report encompasses a detailed geographical fragmentation of the transparent plastic market bifurcating it into five major regions including Europe, North America, Asia-Pacific, Latin America, and Middle East & Africa. The North American market is further bifurcated into the US and Canada; the European market is sub-divided into the UK, France, Spain, Russia, Italy, Belgium, the Netherlands, Germany, and the rest of Europe; the Asia Pacific market comprises India, Japan, China, Korea, Indonesia, Malaysia, Singapore, Thailand, Philippines, and the rest of APAC; the Latin American market covers Argentina, Mexico, Brazil, and the rest of LATAM; and the MEA market is segmented into the UAE, South Africa, Saudi Arabia, and the rest of MEA.
Based on the regional outlook, Asia Pacific bagged the highest revenue in the global transparent plastic industry in 2018, the report predicts this regional segment to be the biggest contributor to the worldwide market over the predicted timeframe. Primary factors propelling the growth of the APAC transparent plastic market include the existence of emerging industries like construction, packaging & healthcare, promising research & development initiatives, and favorable government policies. The market growth is further promoted by rapid industrialization, expansion of the electronics industry, and increasing demand from the healthcare, and packaged food & beverages sectors.
Speaking of the broad competitive spectrum, the key market players profiled in the report include LG Chem, BASF SE, Asahi Kasei Corporation, PPG Industries, E. I. Du Pont De Nemours & Company, The Dow Chemical Company, Eastman Chemical Company, Evonik Industries AG, Exxon Mobil Corporation, Teijin Limited, PolyOne Corporation, and Chevron Phillips Chemical Company. These companies have been unfailingly introducing new products to cater to the escalating needs of consumers and scale up their market offerings. Also, in a bid to expand their market reach, the companies are currently focusing on acquiring and collaborating with other firms.