July 19, 2024

Artificial Intelligence (AI) is the fastest growing segment fueling the growth of Cellulose Plastics Market

Market Overview:

Cellulose plastics are made up of natural cellulose from wood pulp and other plant-based biomass. They offer advantages like renewability, biodegradability, and sustainability compared to conventional plastics. Cellulose plastics find wide usage in consumer products, packaging films, and industrial applications owing to their properties.

Market key trends:

Growing demand for bio-based and sustainable plastics from various end-use industries is a key trend fueling the cellulose plastics market growth. Cellulose plastics helps industries reduce dependence on petroleum-based plastics and lower their carbon footprint. Another major trend is the advancement of newer technologies that provides cellulose plastics with enhanced properties like barrier effects and improved moldability. This is increasing their utilization in more applications. Also, supportive government policies and regulations promoting adoption of bioplastics over petro-based plastics in several countries is propelling the demand.

Segment Analysis
The global cellulose plastics market is segmented into cellulose acetate, cellulose nitrate, methyl cellulose, ethyl cellulose and carboxymethyl cellulose. Among these, the cellulose acetate segment dominated the market in 2022 and is expected to continue its dominance over the forecast period owing to its wide applications in film and coatings, textiles, electronics and others. Cellulose acetate offers high flexibility, stability and printability which makes it suitable for various applications.

Key Takeaways

The Global Cellulose Plastics Market Demand size is expected to witness high growth, exhibiting a CAGR of 4.9% over the forecast period 2023 to 2030, due to increasing demand from packaging industry.

The Asia Pacific region dominated the global cellulose plastics market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to growing packaging and textile industries in China and India. North America is expected to grow at a significant rate during the forecast period due to increasing research and development activities.

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.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it