Rigid Transparent Plastics Market Overview
Rigid transparent plastics market size is forecast to reach US$86.1 billion by 2027, after growing at a CAGR of 4.8% during 2022-2027. Transparent plastics are moldable above a particular temperature and can convert to different shapes according to the end-user specifications. Acrylonitrile butadiene styrene, polyvinyl chloride, and polycarbonate are some of the transparent plastics used for rigid packaging applications. These plastics possess features such as high resistance to corrosion and chemicals, recyclability, lightweight, moderate electrical and thermal conductivity, durability, shock resistance, water resistance, and others. The growing demand from end-use industries such as construction, packaging, automotive, and others is expected to drive the demand for rigid transparent plastics during the forecast period. The increasing demand for packaged food products and the rising popularity of online shopping is likely to boost demand for the rigid transparent plastics market during the forecast period. According to the data published by PlaticsEurope, Worldwide plastics production reached about 367 million tonnes in 2020 and 368 million in 2019. However, the growing concerns towards plastic disposal are likely to hamper the market growth during the forecast period.
The COVID-19 pandemic impacted different industries; one of the few industries that were primarily hit to some extent was the plastic industry. The delay in manufacturing activities and shut down different end-use industries such as personal care, automotive, food & beverages in both developed and developing nations impacted the market growth for rigid transparent plastics during covid-19. However, the rigid transparent plastics industry faced problems related to the supply chain, lack of workforce, and lack of raw materials supply among others.
Rigid Transparent Plastics Market Segment Analysis – By Type
The polypropylene segment accounted for approximately 23% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Polypropylene type of plastic is often used to create products such as yogurt tubs, and hangers, packaging trays, household products, battery cases, and medical devices among others. Polypropylene materials offer various properties such as chemical resistance, toughness, and heat resistance among others. Polypropylene is used in various packaging and is replacing traditional materials such as paper, and cellophane among others. It is widely used in many packaging solutions such as making pallets, bottles, jars, yogurt containers, hot beverage cups, and toys among others. According to The Toy Association, the US toy industry has generated US$ 32.6 billion in 2020 with an annual growth of 16.7% as compared to 2019.
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Rigid Transparent Plastics Market Segment Analysis – By End-Use Industry
The packaging segments accounted for approximately 39% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. The change in lifestyle of consumers along with the growing packaging industry is driving the demand for a rigid transparent plastics market. Plastics offer high durability and impermeability to water, which has driven the demand for polymers in the packaging industry. Packaging applications of rigid transparent plastics include food packaging, healthcare packaging, and cosmetic & personal care, among others. The automotive and transportation segment is also expected to hold a significant share during the forecast period. According to Aerospace Industry Association (AIA), In 2019, USA A&D exports registered approximately US$148.1 billion. According to General Aviation Aircraft Shipment Report, about 2,399 airplanes and 674 Helicopter shipments happen in 2020 globally.
Rigid Transparent Plastics Market Segment Analysis – By Geography
Asia Pacific region held a significant share in the rigid transparent plastics market in 2021, up to 40%, owing to the rapid growth in packaging, food & beverage, and pharmaceutical industries in the region. The presence of developing nations such as India and China is driving the market growth in the region. Abundant raw material sources and the availability of a workforce also support the regional demand. The presence of leading food & beverage and personal care manufacturing companies such as Nestle, PepsiCo, the Coco-cola company, LOreal SA., The Procter & Gamble., Beiersdorf AG., Unilever PLC., and others are supporting the regional growth during the forecast period. According to the facts published by China Chain Store & Franchise Association, China’s food and beverage (F&B) sector reached approximately US$595 billion in 2019. The European region is expected to hold a significant share during the forecast period. According to Plastic Manufacturing Europe, 368 million tonnes of plastic were produced in the world in 2019 as compared to 359 million tonnes produced in 2018.
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Rigid Transparent Plastics Market Drivers:
Increasing demand from the packaging industry
The growing globalization along with growing imports and exports of food & beverage products, pharmaceutical, and personal care products is supporting the growth of the packaging industry which is further driving the market for the rigid transparent plastics market. Rigid plastic packaging offers durability with light-weighting and cost-effectiveness, while it can also adapt to various functional requirements. However, the packaging industry has witnessed constant changes over the years while it emerged as one of the largest sectors in many developing economies such as India, and China. The packaging industry is the fifth-largest industry in India’s economy and also the industry is one of the highest growing sectors in the Indian economy. According to data published by the Packaging Industry Association of India (PIAI), the industry is growing at a high rate of 22-25% annually. These are some of the factors driving the market growth for rigid transparent plastics during the forecast period.
Rigid Transparent Plastics Market Challenges:
Stringent government regulations on the usage of plastic
Traditional plastics, which are generally petroleum-based take decades to degrade the earth and cause environmental pollution. Generally, the decomposition of plastic can last from 400-1000 years and few types of plastics are non-degradable as well. They pollute the water and also clog waterways, oceans, seas, and lakes affecting the marine culture and animals. Many governments have taken strict rules on single-use plastics. In July 2021, the European Union banned single-use plastic products such as straws, plastic bottles, coffee cups, and takeaway containers among others in order to control plastic products. The European Union also banned recycled plastic materials for food & beverage packaging. These are some of the factors restraining the market growth during the forecast period.
Rigid Transparent Plastics Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Rigid Transparent Plastics market. Major players in the Rigid Transparent Plastics market include
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