The rising number of cigarette consumers and the rise in demand for cellulose acetate from the textile & apparel sector are propelling the market growth.
Market Size – USD 4.11 Billion in 2018, Market Growth - CAGR of 5.6%, Market Trends – Preference for eco-friendly acetate filter tow with enhanced biodegradability.
The global cellulose acetate market is forecast to reach USD 6.33 Billion by 2026, according to a new report by Reports and Data. Cellulose acetate is a semi-synthetic compound which is manufactured from purified natural cellulose. In the manufacturing of this semi-synthetic compound, natural cellulose is reacted with acetic anhydride. The primary sources of these natural cellulose are cotton linens and wood pulp. Some of the prominent trends that are happening in the market include rising industrialization which provides vast opportunities for the market growth and the expanding textile and apparel industries in the Asia Pacific region and technological developments for cellulose acetate.
The market for cellulose acetate is influenced by the rising number of cigarette consumers all over the world. Preference for low tar cigarettes with a consumer shift towards longer cigarette filters contributes to the market growth.
The above-mentioned factors create opportunities for market growth while factors such as volatility of raw material prices, and stringent regulations pose limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancements in the cellulose acetate market owing to innovative efforts have enhanced the efficiency of cellulose acetate.
The demography of Asia Pacific has been shifting towards the young population, and the purchasing potential of this young population is also increasing. Most of the developing countries are looking at India and China as the global market. These countries consist of over 40% population across the globe, and application of cellulose acetate in the apparels and cigarette filters will grow at a very high rate.
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Further key findings from the report suggest
- The fiber type segment of cellulose acetate held a larger market share of 67.6% in the year 2018. The growth is due to its easy availability and high demand from the textile & apparel industries and cigarette manufacturers.
- Cellulose Acetate Tow segment held a larger market share of 41.9% in the year 2018. Cellulose acetate tow are largely used in cigarette filters, which reduces the overall tar and nicotine intake while cigarette consumption. As this is comparatively efficient than paper, cotton, and polypropylene, they have a high demand from the cigarette manufacturers.
- Textile & Apparel segment is forecasted to grow with the highest CAGR of 5.9% during the forecast period. The product is used in the textile & apparel industries in the manufacturing of garments. As the material is cheaper in comparison to silk and possesses similar qualities and hence have high demand from the textile and apparel sector.
- The Asia Pacific region is forecasted to grow with the highest CAGR of 6.1% during the forecast period. Rising industrialization with cheap labor availability and expanding textile industry in the region is expected to contribute towards the cellulose acetate market growth in the forecast period.
- Key participants Eastman Chemical Company, Solvay, Celanese Corporation, China National, Tobacco Corporation, Daicel Corporation, Acordis Cellulostic Fibers, Mitsubishi Chemical, Holdings Corporation, Sichuan Push Acetati Co., Ltd., Rayonier Advanced Materials, and Sappi among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/cellulose-acetate-market
For the purpose of this report, Reports and Data have segmented into the global Cellulose Acetate market on the basis of type, product type, application, and region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Cellulose Acetate Tow
- Cellulose Acetate Flakes
- Cellulose Acetate Filament
Applications Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Cigarette Filters
- Textile & Apparel
- Photographic Films
- Tapes & Labels
Objectives of the report:
- To study the current impact of COVID-19 on leading segments of the industry and to project changes in the sector due to the pandemic.
- To calculate the market size, in both value and volume, and CAGR for the base year and the forecast period.
- To study the technological advancements in the sector in recent years and the technological pipeline and project the impact of the pandemic on technological advancements and spending by companies.
- To conduct a regional analysis by considering market presence in the leading regions.
- To study key trends observed in the historical analysis and speculate future trends.
- To assess the region expected to grow at a significant pace in the coming years and key factors contributing to the overall revenue.
- To highlight the existing growth opportunities, challenges, risks, drivers, and constraints expected to affect the market in the coming years.
- To profile leading companies in the industry, along with their product portfolios and strategic alliances.
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