May 22, 2024
Cellulose Plastics Market

Cellulose Plastics Market Witness Significant Growth Propelled By Growing Environmental Concerns

Cellulose plastics are bio-based and biodegradable plastics made from renewable organic materials such as cellulose. They are widely used in food packaging, 3D printing, textiles and apparel as they are renewable, biodegradable and provide superior mechanical properties. They are gaining more prominence as a substitute for petroleum-based plastics owing to rising awareness about environmental protection.

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 key trends

Growing environmental concerns amid issues related to plastic pollution and waste are fueling the demand for bio-based and biodegradable alternatives like cellulose plastics. Cellulose plastics have lower carbon footprint and they break down to natural elements unlike conventional plastics. Their ability to decompose without harming the environment makes them attractive to customers who wish to minimize the environmental impact of plastic usage. This is a key factor driving exponential growth of the cellulose plastics market.

SWOT Analysis

Strength: Cellulose plastics are sustainable and eco-friendly as they are made from renewable plant materials. They can be composted at the end of their life.

Weakness: The production of cellulose plastics requires intensive capital and labor costs. They have a lower strength and modulus compared to conventional plastics.

Opportunity: Rising awareness about environmental protection is increasing the demand for sustainable and biodegradable materials. The textile industry is shifting to biopolymers which can boost the market.

Threats: Limited raw material sources and high production costs are major challenges. Established petroleum-based plastic industries are major competitors.

Key Takeaways

The global cellulose plastics market is expected to witness high growth. It is mainly driven by the rising environmental concerns and stringent regulations against single-use plastics. 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.

The Asia Pacific region currently dominates the market due to the large textile industry and growing electronics sector in countries like China and India. It is projected to maintain its leading position during the forecast period supported by favorable government policies promoting sustainable materials.

Key players operating in the cellulose plastics market are Kraig Biocraft Laboratories, Spiber Inc., AMSilk, and Bolt Threads. These companies are investing in R&D to develop advanced biopolymers with enhanced properties. Partnerships with textile manufacturers and ind brands are helping them expand commercial production. Suitable pricing without compromising on performance will be a deciding factor for their success.

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