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South Korean company, SK Chemicals has launched a transparent bio-plastic which claims to be an alternative for aluminum, glass and PET containers.
Market Research Future has released its report on the Global Transparent Plastics Market which projects consistent growth through the forecast period of 2018 to 2023. Transparent Plastics are highly pliable and can be molded into any shape which becomes solid once cooled. Transparent Plastics are witnessing increased demand due to their various desirable properties such as corrosion resistance, chemical resistance, recyclability, durability, shock resistance, water resistance and low electric and thermal conductivity among others. These properties have made transparent plastics highly desirable in the packaging industry, and in the automotive industry.
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In the packaging industry, Transparent Plastics find applications in sturdy packaging for food & beverages. Due to its non-reactive composition, moisture barrier and repelling of moisture, the packaged food or beverage item can achieve a longer shelf life, thus driving the demand for transparent plastics. Moreover, consumers show a greater preference for food and beverage items that are packed in transparent packaging, thus allowing them to look at the content before buying. Also used in pharmaceutical and FMCG products for similar reasons, the Transparent Plastics Market is expected to grow at a rapid pace as the F&B, FMCG and pharmaceutical sectors are all ever-growing industries with increasing demand for Transparent Plastics. In addition to being ideal for packaging, Transparent Plastics have reliable insulation and high mechanical properties among others which are finding application in electric vehicles. As the demand for electric vehicles skyrockets, it is expected that the demand for Transparent Plastics will also grow over the forecast period and offer market expansion opportunities despite fluctuating raw material prices.
Market leading players included in the analysis of the competitive landscape of the Global Transparent Plastics Market are BASF SE, DowDuPont, Evonik Industries, LG Chem, Asahi Kasei Corporation, Eastman Chemical Company, Covestro AG, TEIJIN LIMITED, SABIC, INEOS, Denka Company Limited, Trinseo, LyondellBasell Industries Holdings B.V., PPG Industries, Inc., and LANXESS.
The Global Transparent Plastics Market is segmented on the basis of Type, Polymer Type, End-Use Industry, and Region.
By Type, the market is divided between flexible and rigid.
By Polymer Type, the market is segmented into polypropylene (PP), polystyrene (PS), polyvinyl chloride (PVC), polymethyl methacrylate (PMMA), polycarbonate (PC), acrylonitrile butadiene styrene (ABS), polyethylene terephthalate (PET), and others.
By End-User Industry, the market is segmented into building & construction, electrical & electronics, automotive, consumer goods, packaging, and others.
By Region, the global market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific accounted for the largest share of the global market due to the presence of an industrial hub in the region and the flourishing packaging, construction, automotive and electronics industries therein. Changing lifestyles in the rapidly urbanizing region combined with rising per capita income has significantly augmented the growth of end-user industries which has resulted in an increased demand for transparent plastics.
North America accounts for the second largest market due to the high demand for Transparent Plastics in the regions massive F&B industry. Moreover, the region has a rapidly growing demand for electric vehicles and is home to one of the largest automotive industries across the globe. Rising demand for Transparent Plastics in automobiles is expected to increase the market value significantly.
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