Cellulose plastics mimic the texture, appearance and performance of conventional plastics such as polypropylene, polyethylene and polyvinyl chloride. They are made from wood or non-food crops through a process known as "biological synthesis" making them fully biodegradable and renewable. The key advantage of cellulose plastics is their eco-friendly nature as they decompose harmlessly without releasing toxic residues.
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:
The rising demand for eco-friendly packaging solutions across various end-use industries such as food and beverage, consumer goods and pharmaceutical is a major factor driving growth of cellulose plastics market. Cellulose plastics can be used to produce biodegradable packaging films, fibers and injection molded parts that have equivalent performance compared to conventional plastics while ensuring minimum impact on the environment. Their biodegradable nature makes them a viable replacement for plastics derived from petroleum thereby accelerating market growth over the forecast period.
Segment Analysis
The global cellulose plastics market is dominated by the cellulose acetate sub segment. Cellulose acetate holds around 88% share of the overall market as it is widely used for manufacturing of cigarette filters, textiles, films, molded products such plastic frames and X-ray films. It offers properties such as biodegradability, clarity, dimensional stability and can be processed easily by various manufacturing methods.
Key Takeaways
The Global Cellulose Plastics Market Demand is expected to witness high growth. The market is projected to reach US$ 1,253.24 Mn by 2030, expanding at a CAGR of 6.1% during the forecast period.
Regional analysis: The Asia Pacific region currently dominates the global cellulose plastics market and is expected to maintain its leading position over the forecast period. This is attributed to massive industrial base, low production costs and growing population in countries like China and India. Additionally, rising environmental regulations regarding use of conventional plastics are prompting manufacturers to adopt cellulose based alternatives in the region.
Key players operating in the cellulose plastics market are Kraig Biocraft Laboratories, Spiber Inc., AMSilk, and Bolt Threads. Kraig Biocraft Laboratories is a leading player focused on developing recombinant silk fibers using patented gene sequencing technology. Spiber is engaged in developing synthetic spider silk proteins for various applications. AMSilk and Bolt Threads are working on producing synthetic silk using fermentation process.
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