Global Rigid Transparent Plastics Market was valued at $18.01 Billion in 2015 and is estimated to grow at a CAGR of over 5.8% from 2016 to 2024.
The growth of packaged food industry coupled with increasing automotive sales is the key factor driving rigid transparent plastic market growth over the forecast period. Widening application scope across a number of end-use industries including construction, automotive, packaging, and electrical & electronics is a key factor anticipated to propel market growth significantly.
The product is primarily a clear or transparent thermoplastic and acquires properties such as lightweight and smash resistance. Extensive usage in consumer products, .light fittings, optical lenses, and aircraft transparencies is generating significant demand from emerging economies such as China, India, Brazil, and Saudi Arabia.
Continuous R&D and innovation are being carried out in regards to developing superior and improved grades of rigid transparent plastics. Better transparency, stiffness, strength and excellent thermal properties are areas of focus for developers currently. The increase in demand for packaged food in developing regions including Asia-Pacific and Latin America is generating heavy consumption of the product.
Strong demand for rigid PET bottles from beverage industry due to characteristics such as superior resistance to gas and moisture in diverse conditions is driving product demand. Personal care industry in Brazil and Mexico is witnessing substantial growth, thus creating lucrative opportunities for rigid transparent plastic manufacturers. Increasing consumption of, aftershaves, perfumes, toiletries and nail paints is projected to boost demand over the course of next eight years.
Rigid transparent plastics are touted to emerge as a potential substitute for glass in a wide number of applications due to superiority in benefits offered by the same. The high-end confectionary market uses the rigid transparent plastics to showcase better their product and make it cost effective, as the plastic adds less to the overall cost compared to the other alternatives.
Asia Pacific emerged as the leading regional market in 2016 is expected to grow at the highest CAGR of around 6% over the forecast period. Significant increase in polymer consumption from end-use industries such as construction, automotive, electrical & electronics is fostering market growth in the region. Cosmetics industries of Southeast Asian countries including Indonesia and Malaysia are witnessing exponential growth, thus creating heavy demand for rigid transparent plastics.
“Optimal Price Point (OPP) for Rigid Transparent Plastic Products”
Estimated Average product cost – $ xx globally. However, with technological advancements, fluctuating raw material prices and increasing SMEs, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
Technological advancements in order to manufacture application specific and recyclable plastics shall determine growth in the coming future. Governments and environmental agencies across the globe have rolled out strict norms pertaining to plastic usage and disposal. Manufacturers are working on complying with set standards and produce rigid transparent plastic that can be utilized across end-use industries including electronics, consumer goods and aerospace among others.
“Prominent industry participants include The Dow Chemical Company, BASF SE, and Evonik Industries AG”
Key industry participants include The Dow Chemical Company, Covestro AG, BASF SE, Arkema Inc., Altugas International AG, Evonik Industries AG, .LyondellBasell N.V., Ineos Styrosolution Group GmbH, Reliance Industries Ltd., Formosa Plastics Corporation, Braskem S.A., and PPG Industries LLC. Companies are focusing heavily on various packaging designs through the deployment of varied molding techniques. Escalating investments in R&D to develop products suitable for specific application is another prominent trend prevailing in the industry.