Cellulose-Based Plastics Market Size to Reach USD 176.5 Million in 2028 | Revenue Growth is Driven by Rising Demand for Cellulose Acetate in Electronics and Food Packaging Applications, says Emergen Research

Vancouver, British Columbia, May 20, 2021 (GLOBE NEWSWIRE) -- The global cellulose-based plastics market size is expected to reach USD 176.5 Million at a steady CAGR of 17.5% in 2028, according to latest analysis by Emergen Research. Increasing demand for cellulose-based plastics in packaging and implementation of stringent regulations to curb the use of single-use plastics are key factors driving market revenue growth.

Conventional plastic is having a very detrimental effect on the environment, which has been driving demand for biodegradable plastics. High demand for biodegradable plastics from food industries is another factor driving revenue growth of the market. Rising preference for ready-to-eat food products which require safe packaging is another factor propelling growth of the market.

Rapid urbanization, rapid traction of online purchase of packaged and fresh food products expanding e-commerce platforms, and changing lifestyle are other factors driving rising demand for plastic packaging materials that are hygienic, safe, and sustainable. Increase in exports and imports has also created major demand for more durable plastics that meet required environmental standards for packaging applications.

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The packaging industry is one of the most robust and growing sectors across the globe. The UK packaging industry registers annual sales revenue of USD 13.23 billion and this is a major contributor to the country’s GDP. India, in October 2020, exported plastics worth USD 813 million, and between April 2020 to October 2020, reached USD 5.58 billion.

In 2018, United Nations announced legislation on regulation of plastic bags by 127 countries, with 27 countries banning usage of Single-Use Plastics (SUP), and mandates for extended producer responsibility for SUP was given to 63 countries. Thirty five countries are investing in degradable plastics, and governments in these countries have incentivized the production of biodegradable, oxo-biodegradable, and compostable SUP. This development also opens up opportunities for players in the global cellulose-based plastic market to drive revenues.

Some Key Highlights From the Report

• In October 2020, Celanese Corporation launched a cellulose-based material that aligns with Environmental, Social, and Corporate Governance (ESG) and circular economy objectives with a product that is both broadly compostable and bio-based. The company has announced commercial availability of BlueRidge Cellulosic Pellets, as an alternative to conventional plastics, in difficult to recycle consumer products.
• Cellulose propionate is a thermoplastic type of polymer and is glossier and more transparent with better low-temperature impact properties than cellulose acetate. It is more rigid than cellulose acetate and cellulose butyrate with application in goggles, spectacle frames, television screen covers, tool handles, and cutlery handles.
• Cellulose-based thermoplastics are moulded using heat or can be processed in conventional plastic treatment processes. These thermoplastics are tough, lightweight, and have lowest water absorption of cellulosic plastic. These materials are used in manufacturing bulk commodity and packaging films.
• Cellulose-based plastics are used as an alternative to fossil fuel-based plastics and are used in Food Contact Materials (FCM). Cellulose acetate is commonly used for wrapping fresh produce and baked goods. Cellulose acetate films have good gloss and clarity, dimensional stability, and rigidity. While these films tear easily, they are tough and resistant to puncture, which makes such materials ideal for food packaging.
• Asia Pacific market revenue is expected to register the fastest growth rate during the forecast period due to high economic growth, advancements in technology, and expanding manufacturing industries. The region leads in production of cellulose-based plastics on regional capacity due to low labor costs and increase in demand from China.
• Key players in the market include Celanese Corporation, Solvay, Daicel Chemical Industries, Mitsubishi Rayon Company Limited, Eastman Chemical Company, SK Chemicals Co. Ltd., Rayonier Advanced Materials, Sappi, Merck Millipore, and Haihang Industry.

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Emergen Research has segmented the global cellulose-based plastics market on the basis of type, application, end-use, and region:

• Type Outlook (Revenue, USD Million; 2018–2028)
  • Cellulose Butyrate
  • Cellulose Acetate
  • Cellulose Propionate
  • Others
• Application Outlook (Revenue, USD Million; 2018–2028)
  • Thermoplastic
  • Extruded Films
  • Rods
  • Sheets
  • Ophthalmic Goods
  • Others (Toys, Sport Goods)
• End-use Outlook (Revenue, USD Million; 2018–2028)
  • Food Packaging
  • Automotive
  • Electronics
  • Building/Construction
  • Agriculture
  • Sports & Leisure
  • Consumer Goods

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• Regional Outlook (Revenue, USD Million; 2018–2028)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Spain
    5. BENELUX
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. South Africa
    5. Rest Of MEA

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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