Rigid Transparent Plastic Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1452
Rigid Transparent Plastic Market size is likely to witness a significant rise during the forecasted period owing to continuous rise in disposable income and frequently changing lifestyle promotes the product market for packaging purposes. Upsurge in demand for online shopping and packaged food products will also drive industry growth. Also, rising need for ready to use products is expected to bring a substantial upswing in the industry over the forecasted period.
Significant rise in demand for clear grade plastics possesses an effective impact on the global rigid transparent plastic market. Replacing glass with these products in several number of applications in automotive industry including vehicle lighting systems and spectacles will fuel industry growth. High product demand will propel advancement in technologies, which will enlarge its application base over the forecasted period. Various key manufacturers are focusing on new designs and molding techniques of the product to enhance durability and effective compact packaging solutions, especially in personal care products to attract more customers, which in turn will have a positive impact on rigid transparent plastic market.
Rigid transparent plastic is thermoplastic in nature owing to its superior properties including lightweight and shatter resistance. They are used in end number of applications in aircraft, aquariums, bottles, electronic equipment, pipes, floorings and eyeglasses. Expansion in the product application scope in numerous industries is likely to drive the high demands for rigid transparent plastic market over the forecasted period.
On the basis of types, rigid transparent plastic market is segmented into polycarbonate, polystyrene, polyvinyl chloride, ABS, SBC and polypropylene. Among these, polycarbonates are expected to grow in demand due to its widespread applications in construction, electronics, automotive and aircraft industries. Advancement in economic conditions of several emerging economies including India and China will propel the product industry.
Rigid transparent plastic market can be categorized based on its applications in numerous industries including packaging, infrastructure, food & beverages, automotive, pharmaceuticals, housewares, toys and electrical & electronics. Construction industry is anticipated to grow in demand owing to tremendous product features including high molecular weight, energy efficiency, lightweight and low thermal and electrical conductivity. Also, packaging industry is growing strongly due to polyethylene terephthalate (PET) used in malleable bottles and containers are strong and translucent. They can resist gas and moisture in extreme conditions which is expected to drive the rigid transparent plastic market demand substantially.
North America is projected to observe high demand in the rigid transparent plastic market owing a varied range of applications in various chemicals and medical devices. Growing application in chemical industry in the region will boost the demand for PET, used in chemical storage activities due to its low cost and maintenance. Several manufacturers are engaged in research and development operations to develop innovative products offering high performance due to stringent government regulations for reducing harmful greenhouse effects.
Europe is also expected to grow in demand owing to its large automotive and construction base. Rigid transparent plastic market in the region is expected to rise moderately with expanding usage of PT, PC and PVC in various industrial and consumer goods including cables, insulation wires, electrical devices, toys, housewares and spectacles.
Asia Pacific, led by China, India and Indonesia is projected to grow with high in various industries including packaged mineral water, food & beverages, medicines and personal care goods, in turn driving rigid transparent plastic market growth. Increasing use of these products for packaging purposes over other substitutes due to their high sturdiness will flourish the rigid transparent plastic market. Changing lifestyle in the region is also a vital driving force for the rigid transparent plastic market growth over the forecasted period.
Rigid transparent plastic market is highly fragmented and competitive in nature owing to the presence of various large and small scale industry players at global as well as local levels. Some of the key industry player include BASF, Dow Chemical Company, Reliance Industries, PPG Industries, DuPont, ExxonMobil, Evonik Industries and Eastman Chemical Company. Other prominent players are LG Chem, Total Petrochemicals, Chi Mei, Plaskolite, Sinopec Group, Ineos ChlroVinyls, Braskem and Hanwha Chemical.
In 2017, British packaging company, RPC group acquired the U.S. based Letica Group for a total amount of USD 640 million in order to expand its operations outside Europe. The acquisition was carried out to strengthen the product portfolio and increase their overall industry share.
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