Global Cellulose Esters Market is set to rise from its initial estimated value of USD 9.20 billion in 2018 to an estimated value of USD 14.38 billion by 2026, registering a CAGR of 5.75% in the forecast period of 2019-2026. This rise in market value can be attributed to the increasing demand of its applications in the cigarette filters market and coatings market.
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Cellulose is an organic compound that is majorly found in the cell walls of plants, occurring naturally in fibrous products like cotton, wood and dried hemp. It is majorly applied in a number of industries and products due to its abundance as an organic polymer. This organic compound is integrated with reagents and cellulose esters are formed. These esters are majorly used as film and fibre coating materials.
China produces around 40% of the global tobacco production and is one of the major markets for tobacco industry with the presence of around one-third of the world’s smokers. This significant consumption and production has been one of the major demands for cellulose esters due to its usage in filter tow for cigarettes.
Key Market Competitors: Global Cellulose Esters Market
Few of the major competitors currently working in the cellulose esters market are Eastman Chemical Company, Solvay, Daicel Corporation, Celanese Corporation, Sappi, Mitsubishi Chemical Holdings Corporation, Rayonier Advanced Materials, Sichuan Push Acetati Co.Ltd., Rotuba, DowDuPont, Nitrex Chemicals India Ltd, Nitro Química, Synthesia a.s., sichuan nitrocell Co. LTD., Hangzhou Dayangchem Co.Ltd., NOBEL NC, Hagedorn AG, Novartis AG, F. Hoffmann-La Roche Ltd, Abott, Johnson & Johnson Services Inc., Bayer AG, Zhejiang Honghao Technology Co. Ltd., and SK chemicals.
- Increasing demand from the industries located in the Asia-Pacific region is expected to drive the market growth
- Advancements and developments in the market for the application of cellulose esters is expected to drive the market growth
- Unstable and unreliable raw material prices are expected to restrain the market growth
- Rising awareness and health concerns regarding the consumption of cigarettes which is one of the major applications for cellulose ester is expected to restrain the market growth
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Segmentation: Global Cellulose Esters Market
- By Type
- Cellulose Acetate
- Cellulose Acetate Propionate
- Cellulose Acetate Butyrate
- Cellulose Nitrate
- By Application
- Films & Tapes
- Cigarette Filters
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In November 2017, Rayonier Advanced Materials completed the acquisition of Tembec Inc., this acquisition was aimed at expanding the product portfolio of cellulose and market share of Rayonier Advanced Materials resulting in higher revenue streams for the company.
- In January 2017, Eastman Chemical Company announced the launch of a new material made from company’s cellulose esters technology. The material known as Eastman Naia cellulosic yarn is being marketed as a material for intimate apparel.
Competitive Analysis: Global Cellulose Esters Market
Global cellulose esters market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of cellulose esters market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
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