Saudi Basic Industries Corporation (SABIC) and Dow Chemical Company (US) are the Prominent Players in the Transparent Plastics Market
The transparent plastics market is projected to grow from USD 101.97 Billion in 2017 to USD 137.75 Billion by 2022 at a CAGR of 6.2% from 2017 to 2022. Increasing adoption of transparent plastics by end-use industries, improved shelf-life of packaged food products, high demand in emerging regions, and ease of customization are the key factors driving the growth of the transparent plastics market. DuPont (US), Dow Chemical Company (US), LyondellBasell (Netherlands), SABIC (Saudi Arabia), Covestro (Germany), BASF (Germany), INEOS (UK), PPG Industries (US), Evonik Industries (Germany), LANXESS (Germany), Teijin (Japan), LG Chem (South Korea), Denka (Japan), Trinseo (US), Asahi Kasei (Japan), Eastman Chemical Company (US), Chi Mei Corporation (Taiwan), and Arkema (France) are some of the leading players operating in the transparent plastics market.
These leading players have adopted the strategies of agreements, expansions, acquisitions, contracts, joint ventures, and new product launches to cater the increased demand for transparent plastics from various end-use industries.
Saudi Basic Industries Corporation (SABIC) is amongst the prominent players in the transparent plastics market and has a strong product portfolio. The company has strong R&D capability and has launched several new and competitive products to increase the strength of its product offerings and to develop more customer-centered products. SABIC is focusing on both organic and inorganic growth strategies to expand its market reach globally. For instance, in January 2018, SABIC launched LEXAN CXT resin, a new line of high-clarity, high-heat, injection moldable polycarbonate copolymer resins used in the optical electronics, consumer & industrial, and healthcare industries applications. With this launch, the company has strengthened its portfolio of transparent plastics. In October 2017, the company established a joint venture with SINOPEC to build a new polycarbonate plant in Tianjin Province, China. It is a 50-50 joint venture between the two companies and the plant is expected to become operational in 2020.
The Dow Chemical Company is another prominent player in the transparent plastics market. It is amongst the leading companies operating in the material science and packaging industry. The company operates through five business segments, namely, agricultural sciences, performance plastics, performance materials & chemicals, infrastructure solutions, and consumer solutions. Transparent plastics are part of the performance plastics business segment. The company is focusing on both organic and inorganic growth strategies. The company has strong technical expertise and a rich R&D which consistently aims at improving the existing products and launching new competitive products. During 2016, the company invested around 3.2% of its sales revenue in R&D. It has undertaken several expansions in the recent years to increase its market presence and production capacities to increase its competitive advantage. For instance, in March 2017, The Dow Chemical Company completed the construction of its new USD 6 billion world-scale ethylene production facility in Texas. With this expansion, the company can leverage the advantage of shale gas supply available in the US. This also enables the company to procure raw materials at a low cost.
LyondellBasell Industries Holdings B.V. is a plastic resins, chemicals, and fuel manufacturing company. The product portfolio of the company includes ethylene, propylene, butadiene, polyethylene, and polyolefins products, amongst others. The company is engaged in the manufacture of various co-products and derivatives of polyethylene, including transparent plastics. In recent years, the company has witnessed a fall in the sales revenue largely due to the volatile raw material prices. LyondellBasell has been increasingly focusing on organic growth strategy due to the availability of its existing world-class infrastructure. For instance, in February 2018, LyondellBasell and A. Schulman, Inc. signed a definitive agreement. Under this agreement, LyondellBasell is set to acquire A. Schulman for a total consideration of USD 2.25 billion. With this acquisition, the company will enhance its presence in the advanced polymer solutions business with broad geographic reach, leading technologies, and a diverse product portfolio. During the same period, the company launched a new Polypropylene (PP) random copolymer, Purell RP375R that delivers excellent resistance to gamma and X-ray radiation sterilization. With this launch, the company enhanced its product portfolio of transparent plastics used in healthcare applications.
Related Reports:
Transparent Plastics Market by Type (Rigid, Flexible), Polymer Type (PET, PVC, PP, PS, PC, PMMA), Application (Packaging, Building & Construction, Electrical & Electronics, Automotive, Consumer Goods), and Region - Global Forecast to 2022
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