ID: MRFR/CnM/5516-HCR | February 2021 | Region: Global | 100 pages
Cellulose ester is an ester of cellulose with an acid. They offer superior flow-out properties, pigment wetting characteristics. They are widely used in paints and coating, enamels for wood, paper, automotive, plastic, and overprint varnishes. It is also used as a film base in photography, in some coatings, and in cigarette filters. Cellulose Esters Market is estimated to grow at a CAGR 6.5% from 2021 to 2027.
There is a surging demand for the cellulose esters from emerging economies of Asia-Pacific which is expected to drive the Cellulose Esters Market in the coming years. Growing demand for the product from various end-use industries such as paints and coating, textiles, paper and pulp among others. Rising awareness and concern regarding environmental issues will further drive the market growth on account of its use as renewable bio-based material. Growing exports from Asia-Pacific boosts the market in the region. Advancements in applications of cellulose esters is expected to provide lucrative opportunities to the market players. In addition to this, the shift towards green technology and rising awareness for using biodegradable plastic for the use of the product in composites, optical films, paint coatings, plastics, laminates among others provides ample opportunities to the market players.
However, fluctuating raw material prices and rising awareness regarding health risks of smoking is expected to hamper the market growth. Moreover, stringent regulations of the product for meeting international VOC standards is anticipated to further restrain the market growth.
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.
|Market Size||2027: Significant value|
|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|
Frequently Asked Questions (FAQ) :
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.