Cellulose Acetate Market Share, Size, Trends, Industry Analysis Report, By Type (Fiber, Plastics), By Product (Cellulose acetate filament, Cellulose ester plastics, Cellulose acetate tow, Cellulose acetate flakes, Other), By Application (Cigarette Filters, Textiles & Apparel, Photographic Films, Tapes & Labels, Others), By Region; Segment Forecast, 2022 - 2030
- Published Date:Jan-2022
- Pages: 101
- Format: PDF
- Report ID: PM2214
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Summary
The global cellulose acetate market was valued at USD 5.07 billion in 2021 and is expected to grow at a CAGR of 5.0% during the forecast period. Cellulose acetate is used as a substitute for plastic across various industries as it is biodegradable. It is chemically produced made by the reaction of cellulose with acetic anhydride & acetic acid in the presence of a catalyst. The major factors propelling the growth of the industry globally include the growth in developing economies, technological advancements across various applications, and growth in the product requirement. The rising demand for natural plastics on account of their characteristics is further expected to drive the cellulose acetate market growth.
Know more about this report: request for sample pages
Furthermore, the rising demand for the packaging industry is anticipated to drive market growth. It is used for both rigid & flexible packaging applications, as these biodegradable plastic substitutes are used for wrapping organic food. The industry however faces various challenges such as rising awareness regarding the negative impact of smoking on health and the decline in demand for photographic films among others.
The outbreak of the COVID-19 had a negative influence on the overall cellulose acetate market in 2021 on account of the lockdowns across nations, leading to a decrease in the consumption of the product across various applications. The outbreak had a global impact especially in Asia Pacific region which holds the largest industry share. This further disrupted the supply chain. During the outbreak, the companies had to shut down their manufacturing & operation facilities. However, as the lockdowns are down the demand for the industry is on a rise.
Know more about this report: request for sample pages
Industry Dynamics
Growth Drivers
The rising demand from several applications in the market is anticipated to drive the growth of the market globally. Additionally, the growing demand from the progressively rising textiles and apparels industry is expected to drive industry growth in coming years. Cellulose acetate is suitable for various textile applications since it is comfortable and absorbent. Further, it can be dyed in various colors. Thus, growth in demand from the clothing industry on account of changing preferences of consumers, as the consumers are trying to upgrade to the ongoing fashion changes, is anticipated to create a huge surge in demand for cellulose acetate in the industry globally.
Moreover, the increasing number of developments by various companies is further anticipated to drive the industry growth. For instance, in February 2020, Eastman expanded its Naia’s fiber portfolio by introducing its new cellulose staple fiber, a versatile and eco-conscious material choice that is suitable for sustainable fashion. The growing number of smokers in the emerging countries of the Asia Pacific region is one of the key factors driving the growth of the industry.
Report Segmentation
The market is primarily segmented on the basis of type, product, application, and region.
|
By Type |
By Product |
By Application |
By Region |
|
|
|
|
Know more about this report: request for sample pages
Insight by Type
The fiber segment accounts for the largest share of the global industry. This huge market share can be attributed to the growing demand for fiber-based cellulose acetate in the textile industry. The fiber-based cellulose acetate is primarily used for the production of various consumer articles such as clothing, carpets, lining, umbrellas, upholstery, felts, and cigarette filters. Cellulose acetate fiber is one of the key types of synthetic fibers and is considered to be a valuable fiber that has good draping qualities and is low in cost. Furthermore, in the manufacture of various kinds of knitwear and fine fabrics, staple acetate fibers are used as a substitute for wool. Thus, the growing textile industry globally is anticipated to augment the growth of the segment in the coming years.
Moreover, the plastic segment is expected to witness a progressive CAGR in the approaching years. The growth of the segment can be attributed to the rise in product requirements along with technological advancements in the industry. The rising demand for natural plastics on account of their characteristics such as high transparency, texture, and durability among others, is further anticipated to drive the growth of the segment.
Insight by Application
The textile and apparel segment is recorded with the largest share in 2021 and is expected to lead the industry in the forecasting years. The huge share of the segment can be attributed to the growth of the industry across emerging nations such as India and China in the Asia Pacific region. It is a suitable product for the textile and apparel industry on account of its various features.
The cigarette filters segment is projected to witness progressive growth in the global industry. Cigarette filters are one of the primary applications of cellulose acetate. On account of the filtration properties of cellulose acetate, it is a preferred filter material. It further is biodegradable. Further, the growth in the number of smokers across developing economies such as India & China is anticipated to drive the growth of the segment. However, the rising awareness regarding the negative effects of smoking on health is anticipated to hinder the growth of the segment.
Geographic Overview
Geographically, Asia Pacific is leading the global industry in terms of both value and volume. The existence of various manufacturing centers of key market players in the region is one of the major factors leading to the dominance of the region in the global industry. Furthermore, various regional advantages such as ease of resource availability and cheap labor are a few of the reasons why major market players are seeking to invest in the region. These reasons help the companies to make higher profits since the cost of production is minimized. Additionally, the region offers huge growth opportunities on account of progressive urbanization & industrialization in various countries such as India, China & Japan among others.
North America is second in lead in the global cellulose acetate market. Key market players of the global market having the majority of the market share are generally centered in this region i.e. they have their headquarters in this region. The market in this region is further expected to exhibit higher growth in comparison to other regions. The rapid industrialization related to textile & apparel and rising cigarette filters along with other applications in the region due to changing living standards of the population is anticipated to drive the growth in the market.
Competitive Insight
Some of the major players operating the global market include Biosynth Carbosynth, Carbomer, Inc, Celanese Corporation, Cerdia International, Chemos, China National Tobacco, Daicel Corporation, Dongguan He-Hong Plastic Co Ltd, Eastman Chemical Company, Mitsubishi Chemical, Rayonier Advanced Materials, Inc, Rotuba Extruders, Sae Manufacturing, Sappi Ltd., Sichuan Push Acetati.
Cellulose Acetate Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 5.07 billion |
|
Revenue forecast in 2030 |
USD 7.80 billion |
|
CAGR |
5.0% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
|
Segments covered |
By Type, By Product, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key Companies |
Biosynth Carbosynth, Carbomer, Inc, Celanese Corporation, Cerdia International, Chemos, China National Tobacco, Daicel Corporation, Dongguan He-Hong Plastic Co Ltd, Eastman Chemical Company, Mitsubishi Chemical, Rayonier Advanced Materials, Inc, Rotuba Extruders, Sae Manufacturing, Sappi Ltd., Sichuan Push Acetati |
License and Pricing
Purchase Report Sections
- Regional analysis
- Segmentation analysis
- Industry outlook
- Competitive landscape
Connect with experts
Suggested Report
- Aluminum Foil Packaging Market Share, Size, Trends, Industry Analysis Report, 2021 - 2028
- Superhydrophobic Coatings Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- On-board Charger Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Aerial Refueling Systems Market Share, Size, Trends, Industry Analysis Report, 2020-2026
- Specialty Oleochemicals Market Research Report
© 2022 Polaris Market Research and Consulting. All rights reserved
