Cellulose Esters Market Insights, Trends & Growth Outlook 2022-2029

SKU: DM1996 | Last Updated On: Jun 21 2022 | Available Formats

> Global Cellulose Esters Market Expected to reach a high CAGR of 5.75% By 2029 | DataM Intelligence.

Global Cellulose Esters Market is segmented By Type (Cellulose Acetate, Cellulose Acetate Butyrate, Cellulose Acetate Propionate, Cellulose Nitrate, Others), By Application (Coatings, Plasticizers, Cigarette Filters, Films & Tapes, Inks, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Cellulose Esters Market" is expected to grow at a CAGR of 5.75% during the forecasting period (2022-2029).

Cellulose esters are derived from renewable resources, which is has been used in many coating applications, including automotive coatings that enable faster manufacturing and a seamless shine; industrial coatings that reduce sag and facilitate faster dry times; and semipermeable membranes used in osmotic drug delivery systems for the pharmaceutical industry.

Cellulose Esters Market is segmented by type, application, and geography. By type, the market is segmented into cellulose acetate, cellulose acetate butyrate, cellulose acetate propionate, cellulose nitrate, and others. By application, the market is further segmented by coatings, plasticizers, cigarette filters, films & tapes, inks, and others. Whereas by geography the market is divided into North America, South America, Europe, Asia Pacific, and the Rest of the World.

The cellulose esters market has witnessed significant growth in recent years, owing to the increasing use of cellulose esters in various applications such as cigarette filters, films & tapes, coatings, and plasticizers. The demand for cellulose esters is increasing in these applications due to the excellent biodegradability profile and filtration properties offered by them.     

 

Market Dynamics

The cellulose esters market has witnessed significant growth in recent years, owing to the increasing use of cellulose esters in various applications such as cigarette filters, films & tapes, coatings, and plasticizers. The demand for cellulose esters is increasing in these applications due to the excellent biodegradability profile and filtration properties offered by them.                  

Also, cellulose esters are found in many coating applications, including automotive coatings that enable faster manufacturing and a seamless shine, industrial coatings that reduce sag and facilitate faster dry times, and semi-permeable membranes used in osmotic drug delivery systems for the pharmaceutical industry.

Hence, therefore, the use of cellulose ether into a broad range of end-user industries, followed by the robust growth and investment flow t0 the Asia Pacific construction industry and consistent global automobile sales to drive the demand of cellulose ester market.   

Type segment Analysis

Based on type, Cellulose Esters market is classified into Cellulose Acetate, Cellulose Acetate Butyrate, Cellulose Acetate Propionate, Cellulose Nitrate, and others. Currently, Cellulose Acetate Butyrate is the dominant coating type segment and it accounts for approximately XX% of the market.

Cellulose acetate butyrate(CAB) is widely soluble and compatible with resins and plasticizers. hence it serves in many coating applications for many years that include wood finishes, automotive topcoats, rubber and plastic coatings, textile coatings, glass coatings, flexographic gravure, screen printing inks, hot melts, and adhesives. CAB is often an integral component in achieving desired color effects, particularly through consistent metallic flake orientation in automotive base coats

In addition, cellulose acetate butyrate is stable to ultraviolet light and does not react with dyes, fluorescent colors, or metallic pigments. because of this property CAB is used in different types of coatings. Whereas films made using CAB are optically clear, strong, and possess a high degree of ultraviolet stability.

Owing to the user-friendly properties of this cellulose ether type and the range of applications it has in end-user industries has made CAB the most used cellulose ether type.

Application segment Analysis

Based on application, the Cellulose Esters market is classified into coatings, plasticizers, cigarette filters, films & tapes, inks, and others. currently, coatings application is the dominant segment and it accounts for approximately XX% of the market.

Consumption of automotive paints is directly related to the production of vehicles, especially passenger cars. Increased vehicle interior applications and growing demand of paints and coatings.

At the same time, rising sales of premium passenger cars are expected to drive the demand for eco-friendly, low VOC coatings in near future. Hence biodegradable, environmentally friendly cellulose ester raw material to witness better growth in the future than the current demand.

Geographical Analysis

The Asia Pacific Cellulose Esters  Market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX% during the forecast period. Asia Pacific region is expected to grow with a high CAGR during the forecast period owing to the strong growth in the construction and automobile industry in this region.  

Asia Pacific region represents the largest segment for consumption of automotive coatings in the world, accounting for around half a percent of global demand. Also compared to the other parts of the globe, automotive  OEM coatings grow at a higher rate compared to the other regions.

Moving forward automotive industry in the region to further expand with the flow of investments into the automobile industry for instance. On January 29, 2019, KIA motors have initiated car production at the newly constructed car manufacturing facility with an annual production capacity of up to 300,000 units.

Maruti Suzuki India plans to increase its capacity to 0.75 million units at its unit in Gujarat plant by 2020, taking the total capacity to over 2.25 million units a year. While Thailand wants to raise annual automobile production to 3.5 million units by 2025.

Therefore, with the growing population, improving economies, and rising middle-class income levels, investments flow into the region to further propel the development of the automotive industry in the region, and thus contribute to the demand for Cellulose Esters.

While Urban development in the region will have an important positive impact on the architectural coatings industry. For instance, one of the fast-growing economies in the region such as India has witnessed immense demand in commercial space such as office spaces, hotels, retail, entertainment units. Annual absorption of office space in India crossed 42 mn sq ft in 2017.

Furthermore, new construction activities, housing projects, airport development projects in the region are expected to drive the demand for coatings and hence cellulose esters demand in the Asia Pacific countries.

Competitive Analysis:

Some of the major players in the global Cellulose Esters  Market include Eastman Chemical Company, Solvay S.A., China National Tobacco Corp, Daicel Corporation, Celanese Corporation, Acordis Cellulosic Fibers, Inc, Sappi Limited, Mitsubishi Chemical Holdings Corporation, Rayonier Advanced Materials, Sichuan Push Acetati Co., Ltd.

The Cellulose Esters market is a moderately consolidated market with the presence of many major players in the market. Key players in the market are implementing mergers and acquisitions, product launches, expansions strategy in order to improve the market share.

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