Cellulose Esters Market is projected to be worth USD 5.1 Billion by 2027, registering a CAGR of 6.5% during the forecast period (2021 - 2027).
Cellulose Esters Market Overview
Cellulose Esters Market is projected to be worth USD 5.1 Billion by 2027, registering a CAGR of 6.5% during the forecast period (2021 - 2027). Cellulose esters are cellulose-derived polymers. Papermaking, food packaging, medicines, adhesives, paints, coatings, and plastics are just a few of the industries that employ them. Cellulose esters are chemical molecules that are non-toxic, biodegradable, and renewable. They have better flow-out and pigment wetting capabilities. Furthermore, they are frequently seen as safer alternatives to phthalates and BPA. As a result, they're a wonderful option for people who want to limit their exposure to dangerous substances.
Thanks to its applications in many end-use sectors such as paints and coatings, textiles, paper and pulp, and others, cellulose esters are experiencing a surge in demand from growing nations in Asia-Pacific. Another factor propelling the market surge is its application as a renewable bio-based material. The market players will benefit from the transition to green technology and increased awareness of the benefits of employing biodegradable plastic in composites, optical films, paint coatings, plastics, and laminates, among other applications.
Cellulose Esters Market Share, by Type, 2017 (%):
Source: MRFR Analysis
The Cellulose Esters Market has been segmented into five key regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The North American market held the largest Cellulose Esters Market Share in 2017 and is expected to grow at a significant CAGR in the coming years owing to the growing demand for pharmaceutical drugs. The US is the leading country in the region due to growing demand for the product in coatings, inks and due to the presence of leading manufacturing companies in the region such as Celanese Corporation, Eastman Chemical Company, and Rayonier Advanced Materials. The Asia-Pacific Cellulose Esters Market is expected to grow at the highest CAGR in the coming years owing to the surging product demand in the automotive and construction industries. China is the leading country in the region owing to its largest tobacco industry base and growing demand from coating industry. The European market held a significant market share in 2017 and is expected to maintain this trend in the coming years due to the growing pharmaceutical industries, coatings, and films and tapes among others. Germany is the major contributor in the region owing to the continuous technological advancements and wide range of drug delivery systems. France, the UK, Spain, and Italy are other countries contributing to the regional market growth. The Latin American market held a moderate market share due to the significant consumption of the product in inks and coatings. Brazil, Argentina, and Mexico are the prominent countries in the region. The Middle East & Africa market is projected to grow at a sluggish rate owing to limited availability of raw material.
The Cellulose Ester Market has been segmented on the basis of Raw Material, Application, and Region.
Based on Raw Material, the Cellulose Esters Market has been categorized into cellulose acetate, cellulose acetate propionate, cellulose acetate butyrate, cellulose nitrate, and others.
By Application, the Cellulose Esters Market is classified into coatings, films & tapes, textiles, cigarette filters, healthcare, inks, and others.
The Cellulose Esters Market has been studied across the five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Solvay (Belgium), China National Tobacco Corporation (China), Celanese Corporation (US), Sappi (South Africa), Daicel Corporation (Japan), Eastman Chemical Company (US), Acordis Cellulostic Fibers (Germany), Rayonier Advanced Materials (US), Mitsubishi Chemical Holdings Corporation (Japan), and Sichuan Push Acetati (China) are some of the key market players operating in the Cellulose Esters Market.Recent Development
The six nominees for the "Cellulose Fibre Innovation of the Year" innovation award, to be given at the International Conference on Cellulose Fibres hybrid event, have been announced by nova-Institute GmbH (Hürth, Germany). Cellulose fiber solutions adopted by the International Conference on Cellulose Fibres conference advisory members span from orange and wood pulp cellulose to a unique cellulose fiber manufacturing method. German Institutes of Textile and Fiber Research Denkendorf, Fibers365, RBX Créations, Spinnova, Orange Fiber, and Kelheim Fibers are among the six nominees.
Rayonier Advanced Materials Inc., a global pioneer in cellulose-based technology, announced the sale of 28,684,433 common shares of GreenFirst Forest Products Inc. to an Interfor Corporation wholly-owned subsidiary for $43.3 million. The agreement includes a Purchase Price Protection clause that allows the Company to participate in future stock price appreciation under specific conditions and for a set length of time.
|Market Size||2030: Significant value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Raw Material, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Solvay (Belgium), China National Tobacco Corporation (China), Celanese Corporation (US), Sappi (South Africa), Daicel Corporation (Japan), Eastman Chemical Company (US), Acordis Cellulostic Fibers (Germany), Rayonier Advanced Materials (US), Mitsubishi Chemical Holdings Corporation (Japan), and Sichuan Push Acetati (China)|
|Key Market Opportunities||Advancements in applications of cellulose esters is expected to provide lucrative opportunities|
|Key Market Drivers||There is a surging demand for the cellulose esters from emerging economies of Asia-Pacific|
Unstable raw material prices and health risks can deter market growth.
North America would propel the market ahead.
China would lead the Asia Pacific market.
Applications of the market are films & tapes, coatings, cigarette filters, textiles, inks, healthcare, and others.
Cellulose acetate, cellulose nitrate, cellulose acetate butyrate, cellulose acetate propionate, and others are a part of the market study.