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The global cellulose esters market size was USD 10.47 Billion in 2020 and is expected to reach a value of USD 15.82 Billion by 2028, and register a CAGR of 5.2% during the forecast period.
Increasing adoption of cellulose esters in paints and coatings industry, coupled with growing demand for coatings from automotive, oil and gas, and construction industries. Rapidly growing textile and apparels industry is resulting in higher demand for cellulose esters, which in turn, is expected to drive growth of the global cellulose esters market in the years to come.
Increasing demand and adoption of the product in various applications including food and beverages, textile and apparels, cigarette filters, printing inks, building, and photographic films. These fabrics include a variety of types, such as cellulose acetate, butyrate, cellulose acetate propionate, and cellulose nitrate, among various other products. These fabrics are largely used for applications in automotive and transportation, constructions, and textile industries, among others. Increasing application of cellulose esters in the food and beverage industry is one of major factors driving growth of the global cellulose esters market.
The products of the market are widely used for production of coatings, manufacturing films and tapes, inks, plasticizers, and various other products. These fabrics are made up of both synthetic and natural materials. The fabrics used in industries, can be woven and unwoven in textures. Rising demand for technologically advanced, environment-friendly and natural, chemical-free esters is a key factor that is expected to support growth of the global cellulose esters market. Major players, especially in the developing countries and regions are investing in increasing production to meet demands of various industries at a global level such as construction, textile, automotive, and apparel. In Asia Pacific, the markets in India, China, Japan, Indonesia, and Taiwan have large number of cellulose ester product manufacturers, which is a key factor expected to propel market growth in the region, thereby, supporting growth of the global cellulose esters market.
Stringent government regulations regarding use of chemicals during processing of such esters, and fluctuating costs of raw materials are key factors that could hamper growth of the global market. In addition, increasing awareness regarding health hazards of over smoking among individuals could have a negative impact on the market growth to a certain extent.
The cellulose acetate segment is projected to register the highest CAGR during the forecast period. This is because cellulose acetate is one of the major esters of cellulose. Cellulose acetate can be used for various purposes, depending on the way it is manufactured, such as for manufacturing membranes, and films, among other products.
The coating segment accounted for the largest revenue share in the global market in 2020. This is because of its characteristics such as pigment wetting, compatibility, and excellent flow-out properties.
End Use Outlook:
The construction industry segment is projected to register the highest CAGR during the forecast period. The construction industry uses films and tapes, coatings, and plasticizers, among other products, which are cellulose esters-based. Thus, growing construction industry and need for related products is expected to drive revenue contribution of the segment in the global market.
The North America market is projected to register substantially high CAGR during the forecast period. Well-established industries such as automotive, transportation, apparel, and construction in countries in the region is boosting growth of the cellulose esters market in the region. High volumes of production of various products such as coatings, and tapes, which are widely used in the automotive industry is also expected to propel growth of the cellulose esters market in North America. Moreover, increasing investments in technological advancements by manufacturers operating in the region is further driving growth of the North America market.
Asia Pacific market accounted for major revenue share in the global market in 2020, and is expected to register steady growth rate during the forecast period. Factors such as increasing focus of manufacturers of developed countries to shift cigarette production base to developing countries due to low production cost, sufficient availability of low-cost labor, easy availability of raw materials, coupled with increasing demand for cellulose ester for making cigarette filters is expected to propel growth of the cellulose esters market in Asia Pacific during the forecast period. China produced around 40% of global tobacco in 2018, and is one of the major markets for the tobacco industry. Presence of around one-third of the world’s smokers, high consumption and production of cigarettes are factors supporting growth of the China cellulose esters market, which in turn is expected to support growth of the Asia Pacific market and contribute to global market growth.
Companies considered and profiled in the market report
Eastman Chemical Company, Celanese Corporation, DowDuPont, Mitsubishi Chemical Holdings Corporation, Sichuan Push Acetati Co. Ltd., Nitro Química, Hangzhou Dayangchem Co. Ltd., Zhejiang Honghao Technology Co. Ltd., Johnson & Johnson Services Inc., and SK chemicals. The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market footprint.
In November 2017, Rayonier Advanced Materials acquired Tembec Inc. This acquisition was aimed at growing the product portfolio of cellulose and increase market footprint of Rayonier Advanced Materials in the global market and create revenue opportunities for the company.
In January 2017, Eastman Chemical Company launched a new material manufactured from the company’s cellulose esters technology. The material, known as Eastman Naia cellulosic yarn, is being marketed as a product for the apparel industry.
Segments covered in the report:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each segment from 2018 to 2028. The global cellulose esters market report includes market size, market share, ongoing industry trends, market revenue or revenue share contributed by each regional market, and each of the segments. In addition, the report offers industry analysis in terms of revenue growth opportunities for existing as well as entry level players. The report includes a detailed overview of the global cellulose esters market, along with changing dynamics and trends, scenarios, recalls, detailed market and regional segmentation, regional landscape, analysis and evaluation or revenues and investments, and details of historical, current, and projected revenue. Also, recent trends, DROT, and related developments in the global cellulose esters market are included. Competitive landscape includes revenue share, financials, and various strategies adopted by key players in the market along with product offerings.
For the purpose of this report, Reports and Data has segmented the global cellulose esters market on the basis of type, application, end use, and region:
Cellulose Esters Market Report Scope
|The market size value in 2020||USD 10.47 Billion|
|CAGR (2020 - 2028)||5.2%|
|The Revenue forecast in 2028|
USD 15.82 Billion
|Base year for estimation||2019|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||By Type Outlook, Application Outlook, End use Outlook, Regional Outlook|
|By Type Outlook|
|By Application Outlook|
|By End use Outlook|
|Regional scope||North America; Europe; Asia Pacific; Latin America ; Middle East & Africa|
|Country scope||U.S.; Canada; U.K.; Germany; France; BENELUX; China; India; Japan; South Korea; Brazil; Saudi Arabia; UAE; Turkey|
|Key companies profiled||Eastman Chemical Company, Celanese Corporation, DowDuPont, Mitsubishi Chemical Holdings Corporation, Sichuan Push Acetati Co. Ltd., Nitro Química, Hangzhou Dayangchem Co. Ltd., Zhejiang Honghao Technology Co. Ltd., Johnson & Johnson Services Inc., and SK chemicals.|
|Customization scope||10 hrs of free customization and expert consultation|
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Key questions answered by the report
The global cellulose esters market was valued at USD 10.47 Billion in 2020
Increasing demand and adoption of the product in various applications including food and beverages, textile and apparels, cigarette filters, printing inks, building, and photographic films.
The food and beverage segment is projected to register highest CAGR in the global market during the forecast period
The Asia Pacific market is expected to account for major revenue share in the global market, in 2022
The global cellulose esters market is projected to register a CAGR of 5.2% during the forecast period