Global Rigid Transparent Plastics Market - Segmented by Polymer Type, by End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global rigid transparent plastics market is expected to register a CAGR of around 6% during 2018 to 2023 (the forecast period). Asia-Pacific accounted for the largest market in 2017. Asia-Pacific is also expected to register the fastest growth during the forecast period.
Increasing Demand in Developing Economies
The rigid transparent plastics market is driven by its easy-to-handle, durable, and lightweight characteristics. These are widely employed in the food & beverage industry for manufacturing packaging covers or materials. Growth in the food & beverage industry has a direct impact on the consumption of rigid transparent plastics for packaging. Rigid plastic packaging accounted for more than 15% share of usage in the food & beverages industry. Many developed countries are shifting to packaging covers made from clear plastics; primarily, polypropylene and polystyrene. The demand for rigid transparent plastics for the packing of food & beverages is estimated to expand at a significant rate during the forecast period.
Packaging Dominated the Market Growth
The packaging industry was the largest consumer of rigid transparent plastics in 2015. Increasing food packaging activities are estimated to boost the demand for rigid transparent plastics; primarily polycarbonate, polypropylene, and polystyrene across the globe. The packaging industry is estimated to grow at a faster pace in regions, such as Asia-Pacific and North America. The growing demand for lightweight packaging with long durability is one of the key factors boosting the demand for rigid transparent plastics in the packaging industry.
Asia-Pacific to Dominate the Market
Asia-Pacific includes major countries, such as China, India, Japan, and South Korea. Asia-Pacific was the largest consumer of rigid transparent plastics and it is estimated to continue its dominance even during the forecast period. Among all the polymers, the polypropylene (PP) and polycarbonate (PC) segments together occupy a major share in rigid transparent plastics market. The market for polycarbonate (PC) is expanding at a lucrative rate, due to the growing demand from the electronics industry. Asia-Pacific accounts for more than 40% of the global polycarbonate demand. With the growing demand from major end-user industries, the market for rigid transparent plastics is projected to increase during the forecast period.
Key Developments in the Market
February 2018: Plaskolite, North America’s largest manufacturer of acrylic sheet products, announced that it will acquire continuous cast acrylic sheet business of Lucite International.
July 2017: Trinseo announced that it has completed the acquisition of API (Applicazioni Plastiche Industriali SpA).
Major Players: SABIC, Arkema, Plaskolite, LyondellBasell Industries Holdings BV, Nan Ya Plastics Corporation (Formosa Plastics Corporation), and Covestro AG, amongst others.
Reasons to Purchase this Report
Impact of the growing demand from food & beverages in packaging on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The polymer type, application, and end-user industry that are expected to dominate the market
The region that is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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