Cellulose plastics are gaining popularity as renewable and biodegradable substitutes for conventional plastics such as polyethylene and polypropylene. Cellulose plastics are derived from renewable biomass sources like wood and agricultural residues and offer advantages such as breakdown into organic matter and water when left in compost or soil. Their biodegradable nature has led to increasing adoption in packaging, textiles and 3D printing applications.
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 awareness about environmental protection and sustainability among consumers and regulatory push for green alternatives to plastics are driving the demand for biodegradable and eco-friendly cellulose plastics. Cellulose plastics can reduce long-term environmental pollution as they can completely break down within few months after disposal without releasing toxic residues. Their biodegradable properties are also attracting several packaging companies to use cellulose plastics for food packaging and other single-use applications. This inclination towards green materials is expected to significantly boost the cellulose plastics market during the forecast period.
Segment Analysis
Cellulose plastics can be segmented into cellulose acetate and cellulose acetate butyrate based on type. The cellulose acetate segment currently dominates the market due to rising applications in electronics, consumer goods, and 3D printing filaments. Cellulose acetate offers advantages such as durability, resistance to ultraviolet radiation, and easy processability, which makes it suitable for various end-use industries.
Key Takeaways
The global Cellulose Plastics Market Demand is expected to witness high growth. The market size is projected to reach US$ 819.69 Mn in 2023 from US$ 594.47 Mn in 2022, registering a CAGR of 6.1% during the forecast period of 2023 to 2030.
Regional analysis
Asia Pacific dominates the global cellulose plastics market and is expected to maintain its leading position throughout the forecast period. This is attributed to the presence of key players, growing electronics and automotive industries, and rising per capita income in emerging countries. China is anticipated to be the largest and fastest-growing country in Asia Pacific.
Key players
Key players operating in the cellulose plastics market are Kraig Biocraft Laboratories, Spiber Inc., AMSilk, and Bolt Threads. Kraig Biocraft Laboratories is a leading company in developing spider silk-based fibers. Spiber Inc. produces synthetic spider silk called Qmonos using fermentation process. AMSilk produces sustainable silk biopolymers using genetically engineered microorganisms. Bolt Threads develops sustainable materials using precision fermentation.
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https://wotpost.com/plastic-to-fuel-a-viable-solution-to-tackling-plastic-waste/
