Global Cellulose Plastics Market Estimated To Witness High Growth...

Global Cellulose Plastics Market Estimated To Witness High Growth Owing To Increasing Demand For Biodegradable Plastics

Posted 2023-12-14 10:42:55

The global Cellulose Plastics Market is estimated to be valued at US$ 819.69 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Cellulose plastics are made from cellulose, a natural polymer found in the cell walls of plant fibers, and are 100% biodegradable. They are commonly used to produce transparent and durable plastic films for food packaging, cigarette and electronics industry. Rising environmental concerns regarding single-use plastics have increased the demand for biodegradable cellulose plastics as an alternative.

Market Dynamics:
Growing demand for sustainable and eco-friendly plastics from various end-use industries acts as a key driver for the cellulose plastics market growth. Cellulose plastics degrade harmlessly leaving no toxic residue and releases carbon dioxide and water, thus reducing plastic waste pollution. Another major factor fueling the market expansion is the stringent government regulations banning or restricting the use of conventional plastics in many countries. For instance, European Union has imposed a ban on single-use plastic products such as straws, cotton buds and cutlery starting July 2021. Increasing R&D activities to develop new applications of cellulose plastics in automotive and electronics industries also supports the market growth over the forecast period.

SWOT Analysis

Strength: Cellulose plastics are widely available and renewable as they are made from natural polymers. They are biodegradable and exhibit properties similar to oil-based plastics. Cellulose plastics have lower carbon footprint compared to regular plastics.

Weakness: Production of cellulose plastics requires high energy and investment. Their properties can vary based on production methods.

Opportunity: Growing emphasis on sustainability and reuse of resources is driving demand for biodegradable and eco-friendly plastics. Cellulose plastics can replace plastics derived from petroleum in many applications.

Threats: Volatility in raw material prices impact the cost of cellulose plastics. Established oil-based plastic producers are intensifying R&D to develop advanced recyclable plastic variants.

Key Takeaways:

The Global Cellulose Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing emphasis on sustainability and environment protection. Governments across regions are promoting the use of biodegradable alternatives to curb plastic pollution.

Regional analysis: North America dominates the global cellulose plastics market, owing to strong government support and availability of advanced technologies. The Asia Pacific region is expected to grow at the fastest pace due to large consumer base and growth in end-use industries in developing economies such as India and China.

Key players operating in the cellulose plastics market includes Celanese Corporation, Solvay, Daicel Chemical Industries, Mitsubishi Rayon Company Limited, Eastman Chemical Company, SK Chemicals Co. Ltd., Rayonier Advanced Materials, Sappi, Merck Millipore,Haihang Industry. Key players are investing in R&D to expand their product portfolio and production capacities to cater to the growing demand. Collaboration with OEMs operating in food packaging and consumer goods is a key strategy adopted by leading companies.

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