by 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 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cellulose plastics are environment-friendly plastics made by combining natural cellulose fibers with polymer matrix. They can be molded into durable products with properties similar to traditional plastics while being lightweight and recyclable. They find applications in automotive parts, consumer electronics, and packaging due to their eco-friendly nature.
Market key trends:
One of the key trends driving the growth of cellulose plastics market is the increasing demand for lightweight and sustainable materials from the automotive industry. Auto manufacturers are focusing on reducing vehicle weight to improve fuel efficiency and meet stringent emission norms. Cellulose plastics help achieve these goals as they are 30-50% lighter than traditional plastics. They can be used to make interior and exterior automotive parts like door panels, trims, headlight covers and bumpers. Their recyclable nature also aligns well with automakers’ sustainability objectives.
SWOT Analysis
Strength: Cellulose plastics have renewable and biodegradable properties which make them sustainable alternatives to petrol-based plastics. They also offer comparable strength and durability.
Weakness: Cellulose plastics have high production costs compared to traditional plastics. Their moisture absorption properties can also limit applications.
Opportunity: Rising environmental concerns are driving demand for sustainable and biodegradable alternatives to traditional plastics. This offers an opportunity for cellulose plastics to capture market share.
Threats: Strict environmental regulations on disposal of traditional plastics provide an impetus but also intensify competition from other bioplastics like PLA and PBS which pose a threat.
Key Takeaways
The Global Cellulose Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing environmental regulations banning traditional plastics.
Regional analysis
Asia Pacific dominated the global market and is expected to maintain its lead, growing at a CAGR of over 4% during the forecast period. This can be attributed to wide availability of raw materials and rapid industrialization in countries like China and India. Europe and North America are also lucrative markets driven by stringent environmental norms favouring sustainable alternatives.
Key players operating in the cellulose plastics market are Celanese Corporation, Solvay, Daicel Chemical Industries, Mitsubishi Rayon Company Limited, Eastman Chemical Company, SK Chemicals Co. Ltd., Rayonier Advanced Materials, Sappi, Merck Millipore,Haihang Industry. Celanese Corporation and Eastman Chemical Company hold a significant share owing to their large production capacities and wide product portfolios. The other players are focusing on new product development and expansion strategies to gain market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
