Cellulose Plastics To Witness Significant Growth Due To Growing Environmental Concerns
Cellulose plastics, also known as celloplastics, are natural and renewable plastics that are derived from cellulosic biomass sources including wood and agricultural residues. They are widely used in applications such as textiles, 3D printing, biomedical implants and more.
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 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The cellulose plastics market is estimated to witness high growth owing to growing environmental concerns. Growing awareness regarding environmental protection and depletion of fossil fuels has increased the demand for bio-based and biodegradable alternatives such as cellulose plastics. Cellulose plastics are renewable and their production does not contribute to greenhouse gas emissions. They are lightweight and have relatively low production costs. Further, supportive government policies and regulations regarding plastic waste management and single use plastic ban in various countries is also driving the growth of the cellulose plastics market. The production of cellulose plastics does not require fossil fuel feedstock and has a lower carbon footprint as compared to conventional plastics.
SWOT Analysis
Strength: Cellulose plastics are renewable, biodegradable and compostable which make them more environmentally friendly than traditional plastics. They can be produced from agricultural byproducts and forest residues making the raw materials abundant and sustainable. Their properties are similar to traditional plastics in terms of durability and functionality.
Weakness: The production cost of cellulose plastics is currently higher than traditional plastics due to the development stage of production technology and scale. Their mechanical and thermal properties are relatively inferior to traditional plastics limiting certain applications.
Opportunity: Rising environmental concerns and strict regulations against single use plastics provide major market opportunities for biodegradable alternatives like cellulose plastics. Increasing R&D can help reduce production costs and further improve material properties. Wide partnership opportunities exist with textile and apparel industries.
Threats: Traditional plastics industries are highly capital intensive with strong lobbying powers and dominating market share. Slow economic return may discourage new investments and a shift towards cellulose plastics. Strong competitive pressure exists from other biodegradable alternatives like polylactic acid (PLA) and polyhydroxyalkanoates (PHA).
Key Takeaways
The global Cellulose Plastics Market Demand is expected to witness high growth. 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 6.1% over the forecast period 2023 to 2030.
Regional analysis related content comprises the Asia Pacific region is currently the fastest growing market for cellulose plastics driven by supportive government policies and ambitious sustainability targets in major economies like China and India. Countries in North America and Europe dominate current global market share due to strong R&D and large textile industries that are early technology adopters.
Key players operating in the cellulose plastics market are Kraig Biocraft Laboratories, Spiber Inc., AMSilk, and Bolt Threads. Kraig Biocraft Laboratories is a leading U.S based company pioneering development of silkworms that can produce specially tailored spider silk proteins enabling mass production of high performance and low cost biodegradable materials. Spiber Inc. is a spin off from the University of Tokyo developing artificial spider silk fibers under the brand name Qmonos. AMSilk develops high performance silk biopolymers using genetically engineered bacteria. Bolt Threads uses precision fermentation to produce Mylo, a textile-grade mycelium leather.
Check below related articles on this topic: https://www.pressreleasebulletin.com/the-growing-demand-for-sustainable-and-eco-friendly-materials/
https://wotpost.com/plastic-to-fuel-a-viable-solution-to-tackling-plastic-waste/
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