by Cellulose plastics or celloplastics are bio-based plastics derived from cellulose, which is the structural component of the cell wall of green plants. They have advantages like being renewable, biodegradable and compostable. Products made from cellulose plastics are used in a variety of applications from consumer goods to automotive and construction industries. They can be used to replace petroleum-based plastics because of their sustainability. The global cellulose plastics market offers lucrative growth opportunities due to demand for eco-friendly plastic alternatives. The global Cellulose Plastics Market is estimated to be valued at US$ 819.69 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the cellulose plastics market is the increasing focus on developing bio-based and biodegradable alternatives to conventional plastics. Petroleum-based plastics have been criticized due to various environmental issues associated with their production and disposal. This has boosted research on developing sustainable and eco-friendly plastic materials. Cellulose plastics help address such concerns as they are derived from renewable plant materials and can decompose naturally. Leading players are investing heavily in improving production technologies to commercially manufacture cellulose plastics for diverse end-use industries. This is expected to boost the adoption of cellulose plastics in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the cellulose plastics market is moderate. The requirement of high capital and technological expertise acts as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers in the cellulose plastics market is high due to the availability of substitute products. Buyers can easily switch to other alternative bioplastics if given unfavorable terms.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials such as wood pulp and natural polymers have a lower threat due to availability of many suppliers.
Threat of new substitutes: The threat of new substitutes is moderate. Alternative bioplastics such as PLA and starch blends pose competition. However, cellulose plastics have properties superior to substitutes.
Competitive rivalry: The competitive rivalry is high due to many small and large players. Companies focus on product innovation and strategic collaboration to gain market share.
Key Takeaways
The Global Cellulose Plastics Market Share is expected to witness high growth during the forecast period. It is estimated to grow at a CAGR of 6.1% from 2023 to 2030.
Regional analysis: North America is the fastest growing region due to strict environmental regulations regarding use of polymers and innovations supported by research funding. Europe also holds significant share owing to focus on bio-based economy.
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 manufacturer of spider silk fiber. Spiber makes biodegradable proteins named Brewed Protein Fiber. AMSilk focuses on producing spider silk based materials. Bolt Threads engineers silk microbe that can produce sustainable materials.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
