The global Cellulose acetate market size is projected to grow from USD 5.9 billion in 2021 to USD 6.8 billion by 2026, at a CAGR of 4.7% from the forecasts period (2021-2030).
Cellulose Acetate Market overview
The cellulose acetate market size is projected to grow by 4.7%. Cellulose is an acid that is used for various applications. The reaction of cellulose with acetic acid and acetic anhydride with a catalyst produces cellulose acetate. Cellulose acetate is a form of biodegradable plastic. It is a safe type of plastic that is gaining traction in many regions. The utilization of this substance is high in cigarette filters.
The removal of tar and nicotine with a pleasant smoking experience is provided through this product. Cellulose acetate is developed from the wood pulp after plenty of treatments. This pulp of the wood is processed to create acetate flake. With these flakes large production of cellulose acetate is possible. Biodegradable cellulose acetate is prevalent in many regions. The alternative ways of developing this product are by treating cotton and sulfuric acid. Fibre cellulose has high demand among the end-users. The common types of acetate are fibre cellulose. The fibre-forming component is cellulose acetate.
It contains more than 92 per cent acetylated hydroxyl components. Acetate is the most prevalent synthetic fabric. It is low in cost product with exceptional features. Clothing, lining, felts, upholstery, carpets, umbrellas, and cigarette filters are common applications requiring this product. In the forecast period, there is going to be many developments. The new range of products will be available in the upcoming years. Cigarette filters will have massive shares. All these factors will positively impact cellulose acetate market value.
The outbreak of covid 19 will have declining trends in the acetate market. There are plenty of factors that cause the decline. There are factors such as supply disruptions and slow down in production that affects growth. Due to the covid 19, market restrictions are huge. There is a supply chain gap the makes it difficult to deliver the product.
The end-users are adopting the alternatives of the product due to its delayed demands. In the forecast period, there is a slight increase in production in the next few years. There will be demand from various user ends that will enhance the supply rates. Especially, demand from the smoking markets is expected to rise. New variations in the product will drive more demand.
Demand from the textile market is a crucial driver. There is changing consumer preference in the fashion industry. This trend is driving revenue cellulose acetate market. Cellulose acetate is a suitable material for textile applications. It is a comfortable convenient absorbent material that is died in many colours. Therefore, a surge in the demand from the clothing sector rapidly changing preferences of customers. Customers are expected to follow the trend by changing their fashion preferences. Robust growth is expected in these markets due to the crucial market driver.
There is a growing demand for environmentally-friendly plastics are another crucial driver of the market. Cellulose acetate is an eco-friendly material. They have exceptional demand from the end-user. Especially environmental conscious players have increased adoption for the product. They are biodegradable and cost-effective at the same time.
Versatility in cellulose acetate will expand this overall market. Cellulose acetate, which is used as a natural plastic is predicted to grow during the forecast period owing to its characteristics such as strong durability, glistened shine, lustrous texture, and high transparency. Even in the backyard compositing, cellulose acetate plastics are possible. These benefits of the cello use acetate can lead to high revenue rates in the market.
Demand from the emerging markets will create exceptional cellulose acetate market growth opportunities. The global cellulose acetate market is anticipated to witness massive demand in developing economies. Emerging areas such as the Asia Pacific, the Middle East, Africa, and South America will have high demand.
The growing industrialization is positively impacting the market. Rising production of cigarette filters, textile & apparel and other applications are more. These markets will dominate cellulose acetate demand. The rising economies such as India and China are responsible for the market expansion in these regions. China's textile and garment industry will hold more than 40% of worldwide textile and apparel shares. The emergence of synthetic fibre segments on the cellulose segments will create developments.
The fibre synthetics are superior class plastics. They are the top grader of acetates in the market. The rising disposable income in India and the chain will create favourable changes. The per capita income is increasing the demand for habitual products. Smoking products investments is rising in this period. The increased demand for cigarettes will increase the option of cellulose acetate. These market growth opportunities will create exceptional growth opportunities in the market.
There is growing awareness to reduce smoking in many regions. Smoking is causing many health issues in individuals. These adverse effects on health are increasing the awareness to restrict this product. Further Factors such as reducing interest in photographic films will decline demand.
Cigarette filters will have less production in many developed nations due to health defects. These are factors that slow market growth during the forecast period. In the upcoming years, the demand for cellulose acetate will decline. The restriction across the globe will affect global production. The overall adoption rate of this market will reduce significantly.
The volatility of the raw material price is another factor affecting the growth of this market. The raw materials prices are changing rapidly. Covid 19 and economic recession are factors that affect growth. The price fluctuations can create inconsistencies in the market demand and the supply rates. Also, stringent rules are imposed in many regions to produce cellulose acetate.
It is a biodegradable material. However, producing this product can have harm on the environment. In many developing markets the restrictions will affect the manufacturing process. Also, the supply chain gap in the market will take more time to settle.
The cellulose acetate market trends is a table in the forecast period. Some factors continuously boost the demand of the market. Demand from the cigarettes market will create much positive impact. Also, the fibre cellulose acetate market will hold the highest shares in the forecast period.
Growing demand from the textile industry will play a crucial role to expand the market. However, environmental challenges and restrictions can hinder the growth. Volatility in the prices of the raw materials will cause a downfall in the market. However, there are growth opportunities that can create a substantial surge in the demand.
Asia Pacific market will hold the highest cellulose acetate market share. Due to increasing demand from the textiles and apparels industries the region has massive demand. The Asia Pacific will continue to lead other markets in the forecast period. Changing lifestyles and increasing disposable income will have a positive impact on the market.
India and China will record the high demand and supply rates in the market. China is the fifth manufacturer of cello use acetate products. Investments in the market will surge that will create new developments in the market. The research activities in the region will expand. The development of entirely bio-friendly cellulose acetate will be more.
The cellulose acetate market is expected to increase in the forecast period. There is high scope for expansion, acquisitions, mergers and collaborations in the market. Rising demand and opportunities will cause developments in the market.
Global Cellulose Acetate, by the Application (%)
Source: MRFR analysis
The cellulose acetate market is diversified into Asia Pacific, Europe and North America. The Asia Pacific is a key region with the highest number of shares. The demand roving factors of the market are the need in the textile market. Also, the production of biodegradable plastics is higher in this region. This creates high growth scope in the overall market.
Europe is the second-largest market with the highest growth. Increasing textiles and clothing business will create high demand in this market. The turnover of the European cellulose acetate market is higher than in other regions.
North America is the next largest market. The presence of key players plays a crucial role in this region. The increasing demand for cellulose acetate in the food packaging and textiles industries causes exceptional development. Latin America is an emerging market with a demand rising textile industry. Peru, Brazil, Mexico, and Columbia, Latin America are key contributors in the region.
The key players of the cellulose acetate market are
|Market Size||2030 : Significant Value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Eastman Chemical Company (U.S.), Solvay (Belgium), Mitsubishi Chemicals Holdings Corporation (Japan), Celanese Corporation (U.S.), Daicel Corporation (Japan), China National Tobacco Corporation (China), Accordis Cellulosic Fibers, Inc. (U.S.), SK Chemicals (South Korea), Sichuan Push Acetati Co., Ltd. (China), Sappi (South Africa), Rayonier Advanced Materials (U.S.), and Borregaard (Norway)|
|Key Market Opportunities||fluctuating raw material prices|
|Key Market Drivers||
The global cellulose acetate market is driven by massive demand from textile and apparel industrial sectors in APAC.
High demand for low tar cigarettes is expected to drive the global cellulose acetate market growth.
APAC will dominate the global cellulose acetate market.
SK Chemicals, Celanese Corporation, Accordis Cellulosic Fibers, Inc., Sappi, Sichuan Push Acetati Co., Ltd., Daicel Corporation, Eastman Chemical Company, Borregaard, Solvay, China National Tobacco Corporation, Mitsubishi Chemicals Holdings Corporation, and Rayonier Advanced Materials are major players of the global cellulose acetate market.
Mergers, acquisitions, and novel product launches are the major strategies incorporated by the players of the global cellulose acetate market.