According to the latest report by IMARC Group, titled "Cellulose Acetate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global cellulose acetate market size reached US$ 4 Billion in 2019. Cellulose acetate refers to a hygroscopic chemical product that is the acetate ester of cellulose. It is manufactured using the reaction of cellulose with acetic acid and acetic anhydride in the presence of a catalyst. The produced compound is then blended with a combination of plasticizers, additives and melt compounded to produce cellulose acetate granules, which are further processed to form a high-performance thermoplastic. It is easily soluble in acids, acetone, esters and strong mineral bases while being biodegradable in nature. It is widely used as a major substitute for plastics across numerous industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cellulose Acetate Market Trends:
The market is primarily driven by the increasing number of smokers on the global level. This is further facilitated by the hectic schedules and lifestyles led by the majority of the working professionals. The growing awareness among consumers regarding the adverse effects of prolonged exposure to tobacco smoke has led to a shift toward low tar cigarettes and longer cigarette filters, which aid in reducing the exposure to toxicants during smoking. The market is further driven by the growing application of cellulose acetate in the textile industry. It is extensively used in the sector as an affordable substitute for silk fiber as it offers improved absorbency, and enhanced strength and comfort. Furthermore, there has been an increasing demand for biodegradable plastics from numerous end use industries. These plastics are characterized by excellent toughness, high transparency and lustrous texture, which is acting as a major growth-inducing factor. On account of the aforementioned factors, the market is projected to grow at a CAGR of 2% during the forecast period (2020-2025).
- On the basis of the application, the market has been divided into cigarette filters, LCD, yarn, and coating, plastics and films. Among these, cigarette filters exhibit a clear dominance in the market.
- On the geographical front, Asia Pacific holds the leading position in the market. Some of the other regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Eastman Chemical Company, Solvay Group, Celanese Corporation, Daicel Corporation, China National Tobacco Corporation, Mitsubishi Chemical Holdings Corporation, Sichuan Push Acetati Co., Ltd., Rayonier Advanced Materials, and Sappi Group.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal