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Wilmington,Delaware, Aug. 23, 2023 (GLOBE NEWSWIRE) —
Philippines Transparent Plastics Market is valued at US$ 540 million in 2022 and is expected to grow at a significant CAGR of over 5.2% over the forecast period of 2023-2030, market report by RationalStat
Market Definition, Market Scope, and Report Overview
Further, the rise in disposable income among the Filipino population has led to changes in consumer preferences and purchasing power. This has fueled the demand for various consumer goods, including transparent plastic products such as household items, electronic gadgets, and decorative materials.
The packaging sector in the Philippines is quickly developing as a result of factors such as urbanization, changing consumer habits, and the rise of e-commerce. Transparent plastics are widely utilized in packaging applications such as food and beverage, personal care, and medicines. The growing demand for packaged items fuels the demand for transparent plastic materials.
According to a deep-dive market assessment by RationalStat, the Philippines transparent plastics market has been analyzed on the basis of market segments, including type, application, polymer type, form and geography/regions (incl Luzon, Visayas and Mindanao). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
Market intelligence for the Philippines transparent plastics market covers market sizes on the basis of market value (US$/EUR Million) and volume (Tons) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the Philippines transparent plastics market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Philippines Transparent Plastics Market: Segmental and Market Share Analysis
On the basis of type, flexible transparent plastics segment is anticipated to expand at a rapid CAGR over the forecast period. It is desired for its affordability, durability, use, and beauty.
On the basis of application, the packaging segment accounted for a sizable share of the Philippines transparent plastics market. Because of the majority of client requests, the packaging and film industry is rapidly shifting towards lightweight, transparent, and long-lasting materials.
On the basis of polymer type, polyethylene terephthalate (PET) is dominating the Philippines transparent plastics market. It is a low-cost thermoplastic polymer with excellent mechanical, thermal, chemical, and tensile properties.
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Period Covered include data for 2019-2028 along with year-wise demand estimations
The Philippines transparent plastics market report analyzes the market on the basis of economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.
RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The Philippines transparent plastics market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the Philippines transparent plastics market provides a detailed competition benchmarking analysis based on the market share of the leading companies/ brands/producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the Philippines transparent plastics market include,
Some of the prominent players and suppliers operating and contributing significantly to the Philippines transparent plastics market growth include D&L Industries, Inc, Mitsuwa Chemical Philippines, Inc, JG Summit Petrochemicals Group, Universal Robina Corporation (URC), Polymer Products (Phil.) Inc, Nexchem Corporation among others.
RationalStat has segmented the Philippines transparent plastics market based on type, application, polymer type, form and region
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Key Questions Answered in the Philippines Transparent Plastics Report:
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RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
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