Rigid Transparent Plastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The market for rigid transparent plastics market is expected to grow at a CAGR of more than 6% during the forecast period (2021-2026).

Currently, due to the COVID-19 pandemic, the packing industry is on a booming trend, by material, the plastics sector has the highest demand. The manufacturers who initially prefer another type of plastics for apparent health care safety, as it was much safer, more adorable, and long-lasting for years, are now using plastic for the packing industry. This factor has increased the demand for rigid transparent plastic.

• In short term, the growing demand for plastic packaging in the medical industry leads to the demand for rigid transparent plastics.
• However, shifting of focus toward flexible packaging over rigid packaging tends to constrain the demand for rigid transparent plastic.
• The recyclability of plastics is projected to act as an opportunity for the market in future.
• Europe is dominating the overall rigid transparent plastic market, during the forecast period.

Scope of the Report

The market is segmented by polymer type, end-user industry, and geography. On the basis of polymer type, the market is segmented into Polycarbonate, Polyvinyl Chloride, Polystyrene, Acrylonitrile Butadiene Styrene and Styrene Acrylonitrile, Polypropylene, Polymethyl Methacrylate, Styrene Block Copolymers, and Other Polymer Types. By End-user Industry, the market is segmented into Packaging, Healthcare, Electrical and Electronics, Automotive, Buildings and Construction, and Other End-user Industries. The report also covers the market size and forecasts for the rigid transparent plastic market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million) for each segments.

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Key Market Trends

Increasing Demand from Packaging Industry

• The Global packaging industry has come across steady growth from the recent years and is expected to continue, driven by shifts in choice of substrates, expansion of new markets, and changing ownership dynamics.
• Additionally, growth in pharmaceuticals, cost-effectiveness of thermoforming and the ease of disposal are some of the other factors driving the packaging industry nowadays.
• Packaging is the 5th largest sector in India’s economy and is one of the highest growth sectors in the country. According to Packaging Industry Association of India (PIAI), the sector is growing at a rate of 22-25% annually.
• Owing to the rising population in China, people are increasingly consuming products like food, beverages, and on-the-go pharmaceuticals. This is increasing the demand for packaging solutions that are convenient and portable. The Chinese packaging industry is expected to grow at a rate of 5.9% per year till 2020.
• In the United States, among the different types of packaging, the flexible packaging market is growing at a faster pace, owing to the benefits of flexible packaging and higher end-user preference over other packaging types. The changing trends in consumer behavior and the manufacturers’ convenience are resulting in a faster growth of the flexible packaging market in the country.
• The packaging industry in Germany is also growing at a rapid pace, owing to the huge increase in domestic e-commerce and rising foreign exports. In addition, the increasing preference for packaged food and beverages is also leading to the growth of packaging industry.
• All the aforementioned factors are likely to help the market for rigid transparent plastics flourish in the packaging segment, during the forecast period.
• Also, due to the COVID-19 pandemic, the demand of rigid plastic in medical industry have been increased. However, the production of rigid plastic products had declined due to shutdown of manufacturing facility, which have constrained the growth of the short period of time. 

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