ALBANY, New York, Feb. 13, 2019 /PRNewswire/ -- The competitive landscape of the global cellulose acetate market is marked by intense competition among the key players, finds Transparency Market Research (TMR). Some of these players functioning in the global cellulose acetate market are Mitsubishi Chemicals, Daicel, Eastman Chemical Company and Celanese. TMR notes that in the coming years, advancement in technology in the cellulose acetate market from across the globe is likely to raise the stake higher for incumbent players.
The top companies are adopting strategic partnership, mergers, and acquisitions in order to stay ahead of other players in the global market. In particular, various players are making sizeable investment in the research and development activities in order to develop new innovative product to gain prominence in global market.
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The global cellulose acetate market stood at US$4.88 bn in the 2014 end. The market is likely to reach worth of US$6.72 Bn by the end of 2023. The global cellulose acetate market is expected to expand at steady 3.6 % CAGR during the course of the forecast period from 2015 to 2023.
On the basis of product type, cellulose acetate tow is expected to account for maximum share in the global cellulose acetate market. This is owing to growing usage as major component during extruded plastics, processing of cigarette filters and water purification media. Among these, cigarette filters accounted for huge share of over 80% of the overall market share in the 2014 end. Geographically, Asia Pacific is likely to dominate the global cellulose market and the held major share of nearly 50.0% in the global market in 2014.
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Rise in Disposable Income Likely to Drive Growth of Global Cellulose Acetate Market
The rise in demand for the cellulose acetate for cigarette filter owing to increasing consumption of the cigarette and growing consumption of apparel is expected to propel demand for this market. In addition, the change in lifestyle and growing disposable income are likely to drive demand for textile, cigarette and plastics, and this is expected to propel demand for the cellulose acetate, globally. The increase in utilization of cellulose acetate in cigarette filters and application in molding, appeals, and textile industry are trends influencing demand for this market in the coming years. Additionally, the environment-friendly nature of cellulose acetate is another factor boosting the global cellulose acetate market.
Other factor such as, the increasing use of cellulose acetate in application of food packaging and eye wear frames are some of drivers positively stimulating growth of the global cellulose acetate market in the foreseeable future. In addition, cellulose acetate is also utilized for making velvet fabric and apparel linings. This is another trend contributing for the growth of this market.
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High Cost Associated with Raw Materials to Hamper Market Growth
On the other hand, high cost associated with the raw materials is likely to be one of the key reason responsible for limiting overall market growth. In addition, the increasing awareness among the customers regarding the harmful impact of cigarette in developing countries like India is likely to hamper overall growth of the cellulose acetate market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Cellulose Acetate Market (Cellulose Acetate Tow and Cellulose Acetate Filament) for Cigarette Filters, Textile & Apparel, Photographic Films, Tapes & Labels, Extrusion & Molding, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023."
The cellulose acetate market has been segmented based on:
Product
- Cellulose acetate tow
- Cellulose acetate filament
Application
- Cigarette filters
- Textile & apparel
- Photographic films
- Tapes & labels
- Extrusion & molding
- printing ink formulations
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