The global cellulose acetate market size is estimated to grow from USD 5.0 billion in 2021 to USD 6.3 billion by 2026 at a compound annual growth rate (CAGR) of 4.7% during the forecast period. The demand for cellulose acetate is increasing from cigarette manufacturing, as cigarette consumption is increasing globally. The excellent filtration properties of cellulose acetate has prevailed as the filter material of choice. Additionally, it also possesses superior biodegradability, which is an advantage if the filters end up in the environment.
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The strength-to-weight ratio of most of the cellulose acetate is higher, and these materials enable weight saving in sandwich composite construction. Wind energy is gaining momentum and becoming a competitive industry with the increase in initiatives taken by various governments and energy planners to diversify their energy mix and protect the economies from macroeconomic concerns related to the volatile prices of fossil fuels.
Cellulose acetate are mainly used in end-use industries, such as cigarette manufacturing, textiles & apparel, medical, waste-water treatment, etc. The cigarette manufacturing industry is the largest consumer of cellulose acetate. This is because of the major application in cigarette filters. Rising consumption of cigarette in low to middle-income countries such as China and India, the introduction of longer cigarette filters, and the preference for low tar cigarettes is propelling the demand for cellulose acetate. In addition to this, the demand for lesser emission of nicotine in the smoke is also accelerating the demand for cellulose acetate in emerging economies. However, the outbreak of COVID-19 has created ripples in the aerospace industry, leading to reduced demand for cellulose acetate. Due to the lockdown scenario in Europe and North America, the demand for cellulose acetate from end-use industries has declined sharply in the first quarter of 2020.
Cellulose acetate are segmented on the basis of types into fiber and plastics. The fiber segment holds the larger share in the market. The growth can be attributed to its superior properties, over other types, including high impact and mechanical strength, high transparency, and good resistance to variety of chemicals. Along with that, the demand is supported by easy availability and wide acceptability of the product in various end use industries which is further augmenting the growth of the cellulose acetate market.
The cellulose acetate market is segmented on the basis of applications into cigarette filters, textiles & apparel, photographic films, tapes & labels, and others. The rising number of smokers, particularly in emerging markets such as China and India represents a key factor driving the market. The growing young population who are inclined towards smoking will also propel the market growth.
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APAC is the largest consumer of cellulose acetate, globally. The growth of the cellulose acetate market in the region is propelled by the rising industrialization, high economic growth, rise in manufacturing industries, expanding textile industry, cheap labor availability, and the shift in production base from developed countries to emerging countries. Moreover, the ever-increasing population, government initiatives towards industrialization and trade, and increasing spending power of consumers are some of the additional factors which are expected to contribute towards the regional growth in the coming years.
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A new research report by Transparency Market Research, a leading market research and intelligence firm, presents a through analysis of the global cellulose acetate market.
According to the study, the global market demonstrates a highly competitive business landscape, owing to the presence of a number of regional and international players.
These players are focusing on mergers, acquisitions, and strategic alliances to remain relevant in this competitive environment.
Over the coming years, they may shift their focus towards expanding their bases in developing economies in order to gain an edge over their peers, reports the research study.Are you a start-up willing to make it big in the business?
Grab an exclusive sample of this report hereThe research report estimates that the global cellulose acetate market will rise at a CAGR of 3.60% and register a considerable growth during the period from 2015 to 2023.
Among the two, the demand for cellulose acetate tow has been higher, owing to its application in the processing of cigarette filters, extruded plastics, and water purification media.
