The increasing demand for cellulose esters in building & constructing industry owing to the rise in demand for consumers and growth in population and urbanization are propelling the market growth.
The global Cellulose Esters Market is forecasted to reach USD 15.82 Billion by 2028, according to a new report by Reports and Data. Cellulose is a renewable organic material which has several properties like biocompatibility, alterable optical appearance, and good mechanical strength. The cellulose ester is produced by the process of esterification and acylation.
The market for such esters is influenced by rising industries due to urbanization. The rising applications of coatings, films, and plasticizers are driving the market of cellulose esters. The automotive sector is depended on this market for the manufacturing of films, coatings, plasticizers, and many others. The cost price of the raw materials continuously fluctuates, and the introduction of strict government regulations are creating market restraints.
The factors mentioned above jointly create opportunities for the market growth while factors such as critical effects of cigarette filters manufacturing add limitations in the market. However, each element would have a specific impact on the market during the forecast period. Consistent developments in the market of polysaccharide esters used for industrial purposes owing to innovative efforts have improved the efficiency of cellulose esters.
In the Asia Pacific region due to the sudden rise in population and rapid urbanization, the market for such fabrics is propelling at a swift rate. The rising economy in counties like China and Japan due to favorable political, social, and economic conditions are helping the market to grow. Construction, transportation and automotive, and retail industries of the APAC region are using these materials for the coating, and manufacturing films & tapes used in vehicles, and buildings. China is the highest manufacturer and consumer of such materials.
Key participants 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, among others.
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Further key findings from the report suggest
Construction industries held the largest market share of 38.1% in the year 2018. The expanding population and developing economies in countries like China and India are boosting the construction industries market. This, in turn, is benefiting the market for cellulose esters.
The coatings segment is forecasted to witness the highest CAGR of 6.6% during the forecast period. This segment is rising since these materials are used in automotive, textile, oil & gas, and construction, among others.
Cellulose Acetate segment held the largest market share of 39.6% in the year 2018. China became the largest consumer of this segment owing to the ever-growing construction and automotive industries along with the aerospace industry in this region because of the growing urbanization and industrialization. China became a leader in the world for production and consumption of cellulose products because of its low-cost labor, and the rise in urbanization with expanding economy compared with other countries.
Asia Pacific is expected to witness the highest CAGR of 7.1% during the forecast period. Countries like India, China, Taiwan, Indonesia, and Japan are rapidly catching up with the growth in the cellulose ester market. The countries in this region have undertaken various measures towards the automotive project, which is propelling the market growth.
For the purpose of this report, Reports and Data have segmented into the global Cellulose Esters market on the basis of type, application, end-users and region:
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Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Films & Tapes
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Cellulose Acetate Propionate
End-Users Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Automotive & Transportation
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
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