The Rise Of Eco-Friendly Products Is Anticipated To Openup The New Avanue For Cellulose Plastics Market
The Cellulose Plastics Market is estimated to be valued at US$ 819.69 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cellulose plastics are biodegradable, recyclable, and renewable plastics derived from raw materials like wood pulp and plant fibers. They are used in various applications such as food packaging films, wrappers, bottles, molded products and others. They offer properties like durability, printability and rigidity along with sustainability.
Market Dynamics:
Growing environmental concerns regarding usage of conventional plastics is a major driver for cellulose plastics market. Cellulose plastics are considered eco-friendly as they are derived from renewable plant sources and degrade quickly without harming the environment. Also, stringent government regulations regarding usage of conventional plastics in many countries is fueling the demand for sustainable alternatives like cellulose plastics.
Another driver is the increasing preference of consumers and brands for sustainable packaging solutions. Many FMCG and food & beverage brands are opting for cellulose plastic packaging to appeal to eco-conscious customers. This is expected to boost the market growth over the forecast period.
Segment Analysis
The Cellulose Plastics market is dominated by the cellulose acetate segment which accounts for over 50% of the market share. Cellulose acetate is widely used for its strength, durability and dimensional stability properties. It can easily be processed like thermoplastics but retains cellulose's renewability. Cellulose acetate finds applications in electronics, films and coatings due to its low material and manufacturing costs.
PEST Analysis
Political: Regulations promoting sustainability and recyclability are driving the adoption of cellulose plastics as they are naturally biodegradable and renewable.
Economic: The rising disposable incomes in developing nations are increasing the demand for consumer goods which utilizes cellulose plastics for its cost effectiveness.
Social: The growing environmental concerns and awareness about use of sustainable materials is positively impacting the cellulose plastics market.
Technological: Advanced production techniques are enhancing the performance characteristics of cellulose plastics to widen its scope of applications in industries like food packaging and automotive.
Key Takeaways
The Global Cellulose Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing usage of sustainable materials. Regionally, Asia Pacific dominates the market and is expected to grow at the fastest rate due to large population, rapid industrialization and rising disposable incomes in the region.
Key players operating in the Cellulose Plastics market are Futamura Group, Celanese Corporation, Hubei Golden Ring Co. Ltd., Rotofil Srl, Weifang Henglian Cellophane Co. Ltd., Chengdu Huaming Cellophane Co. Ltd., Eastman Chemical Company, Sappi Limited, Tembec Inc., and Rhodia Acetow GmbH. Key players are focusing on capacity expansion and new product launches to cater to the increasing demand.
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