MICROFIBRILLATED CELLULOSE MARKET ANALYSIS
The global microfibrillated cellulose (MFC) market is expected to surpass US$ 565.7 million by the end of 2028 in terms of revenue, exhibiting a CAGR of 13.84% during the forecast period (2021 to 2028).
Among region, North America region accounted for the largest revenue share of 45.2% in the global microfibrillated cellulose (MFC) market in 2020 and is expected to maintain its dominance in the near future. The market in this region was valued at US$ 90.7 Mn in 2020 and is expected to witness a CAGR of 15.2% during the forecast period. The North America microfibrillated cellulose market is followed by Asia Pacific and Europe region.
Market Trends
Microfibrillated cellulose has huge growth potential to replace plastic in packaging applications with increasing demand for environment-friendly materials. According to Coherent Market Insights’ analysis, polyethylene terephthalate (PET) is the most preferred material for plastic bottles, and PET bottles market is estimated to reach US$ 70.32 billion by 2025. However, more research is required to develop commercial microfibrillated cellulose with excellent properties as plastic with competitive pricing.
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