Cellulose Acetate Market to Witness Exponential Growth by 2020
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Market Research has published a new report titled “Cellulose
Acetate Market - Global Industry Analysis, Size, Share, Growth,
Trends and Forecast, 2015 - 2023.” According to the report, the
global cellulose acetate market was valued at US$4.88 bn in 2014 and
is anticipated to reach US$ 6.72 Bn in 2023, expanding at a CAGR of
3.6% between 2015 and 2023.
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Report Overview @
High
demand for cellulose acetate in cigarette filters due to rise in
consumption of cigarettes and apparel consumption in developing
regions, especially Asia Pacific, has been driving the cellulose
acetate market during the past comuple of years. Cellulose acetate is
primarily employed in cigarette filters, textile & apparel, and
extrusion & molding applications. Increase in disposable income
and changes in lifestyle of consumers in developing countries such as
China, Brazil, Indonesia, and India are projected to fuel demand for
cigarettes, textiles, and plastics. This, in turn, is expected to
boost demand for cellulose acetate due to its eco-friendly
attributes. Consumption of cellulose acetate in eyewear frames and
food packaging applications is likely to drive the cellulose acetate
market during the forecast period. However, volatility in prices of
raw materials and growing health awareness among consumers against
cigarette consumption in developed regions are estimated to restrain
market growth during the forecast period.
Cellulose
acetate tow was the largest product segment, accounting for a major
share of the global cellulose acetate market in 2014. Cellulose
acetate tow is primarily used as key component during processing of
cigarette filters, water purification media, and extruded plastics.
Cigarette filters has been leading the cellulose acetate market since
the past few years and accounted for over 80% of the market share in
2014. Cellulose acetate is used in making these filters as it can be
easily processed and is biodegradable as compared to paper and
cotton. Textile & apparel accounted for the second-largest share
of the global cellulose acetate market in 2014. Cellulose acetate is
consumed for making apparel linings and velvet fabrics and is also
blended with other synthetic fibers such as rayon and polyester.
Printing ink formulations and membrane filtration are some of the
other applications of cellulose acetate.
In
terms of demand, Asia Pacific dominated the global cellulose acetate
market in 2014 and accounted for over 50% of the share in the same
year. This trend is expected to continue in the near future. Growth
in textiles and cigarette industries is anticipated to boost the
cellulose acetate market in the next few years. Demand for cellulose
acetate is estimated to be sluggish as the markets in Europe and
North America are mature. Furthermore, stringent environmental
regulations and rising health awareness in these regions are
affecting demand in these regions. Latin America is likely to be one
of the emerging markets for cellulose acetate in the near future.
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to view Sample Report:
The
report provides a comprehensive view of the cellulose acetate market
in terms of volume and revenue. It includes current demand analysis
and forecast for product and application segments in North America,
Europe, Asia Pacific, Latin America, and the Middle East &
Africa. Furthermore, the report provides detailed country-wise
analysis of the cellulose acetate market in the regions mentioned
above.
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