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Medical Tourism is fastest growing segment fueling

Transparent Plastics Market

The global Transparent Plastics Market is estimated to be valued at US$ 167.1 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Transparent plastics are lightweight, durable and cost-effective polymers that allow visibility to objects. They are used extensively in medical devices, automotive components, packaging for food & beverages and construction industries due to properties like clarity, impact strength and excellent optical features.

Market key trends:

One of the key trends driving the growth of transparent plastics market is rise in medical tourism sector. Many developing nations are promoting medical tourism to boost their economy. Countries like India and Thailand offer quality medical care at fraction of cost compared to developed nations. Also, improving healthcare infrastructure and availability of skilled doctors are attracting large number of patients for elective surgeries like knee replacement, dental treatments and cosmetic procedures. This growing medical tourism industry has increased the demand for disposable medical devices, equipment and packaging made from transparent plastics like PE, PP, PET etc. Properties like clarity, sterilizability and non-reactivity make transparent plastics ideal choice for various medical applications.

Segment Analysis

The global transparent plastics market is segmented by type, application, and region. By type, the polyvinyl chloride segment dominated the market in 2022, accounting for around 30% of global revenue. Polyvinyl chloride is widely used due to its excellent mechanical strength, toughness, easy processability, and wide range of applications across various industries.

By application, the packaging segment is expected to be the largest contributor to the transparent plastics market during the forecast period. This is because transparent plastics provide packaging with transparency and gloss that helps consumers to see the products clearly. Within the packaging segment, food packaging is projected to witness the highest growth due to increasing demand for transparent food packaging from the food & beverage industry.

Key Takeaways:

The Global Transparent Plastics Market Size was valued at US$ 167.1 billion in 2023. The market is projected to grow at a CAGR of 3.6% during the forecast period. Rising demand from end-use industries such as packaging, construction, automotive, electronics & electrical, and healthcare is expected to drive the market.

Regional analysis: Asia Pacific dominated the global transparent plastics market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to increasing manufacturing and consumption of transparent plastics in major economies such as China, India, Japan, and South Korea. Countries in Asia Pacific such as India and China are anticipated to witness the highest growth during the forecast period due to rapid industrialization and growing urbanization.

Key players: Key players operating in the transparent plastics market are Dow Inc., Covestro AG, Eastman Chemical Company, SABIC, Arkema S.A., Mitsubishi Chemical Corporation, Evonik Industries AG, Sumitomo Chemical Co., Ltd., Teijin Limited, and LG Chem Ltd. Dow Inc. and Covestro AG have the largest market share in terms of revenue as they have a strong foothold across major regions and offer wide product portfolios for different types and applications of transparent plastics.

Read More - https://www.trendingwebwire.com/transparent-plastics-market-forecasts-and-outlook-analysis/

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