Cellulose Acetate Market worth $6.3 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 3, 2021 /PRNewswire/ -- According to the new market research report "Cellulose Acetate Market by Type (Fiber, Plastic), Application (Cigarette Filters, Textiles & Apparel, Photographic Films, Tapes & Labels), and Region (North America, Europe, APAC, MEA, & South America) - Global Forecast to 2026", published by MarketsandMarkets™, the Cellulose Acetate Market size is projected to reach USD 6.3 billion by 2026, at a CAGR of 4.7%, during the forecast period. Owing to an increase in number of smokers, particularly in emerging nations such as China and India, the Cellulose Acetate Market is expected to witness significant growth during the forecast period. In addition to this, the growing demand in textiles and apparels, increasing usage in home furnishing products and rising application as a biodegradable plastic in various other industries is also propelling the growth of the market. However, the outbreak of COVID-19 has created ripples in various end-use industries, leading to reduced demand for cellulose acetate. Due to the lockdown scenario in Europe and North America, the demand for cellulose acetate from cigarette manufacturing, and textiles & apparel have declined sharply in the first quarter of 2020.
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Fiber-based cellulose acetate type to have the largest market share in the Cellulose Acetate Market during the forecast period.
Cellulose acetate fibers are the major types of synthetic fibers. The fiber-forming substance is cellulose acetate, in which at least 92% of the hydroxyl groups are acetylated. This fiber is called triacetate or triacetate cellulose. Conventional secondary acetate fibers can be manufactured by treating wood pulp, cellulose, or cotton liners with acetic acid. The pretreated cellulose or secondary acetate is converted to triacetate when treated with acetic anhydride in the presence of an acid catalyst. The fiber type segment of the Cellulose Acetate Market accounts for the largest share of the overall Cellulose Acetate Market, owing to its easy availability as well as wide acceptability in end-use industries such as cigarette manufacturing and textiles & apparel.
The cigarette filter application segment is expected to account for the largest share in the Cellulose Acetate Market during the forecast period, in terms of value.
Cigarette filter is the major application for the Cellulose Acetate Market. Due to its excellent filtration properties, cellulose acetate has prevailed as the filter material of choice. In addition to this, it also possesses superior biodegradability, which is an advantage if the filters end up in the environment.
The growth of the cigarette industry, especially in emerging economies such as China and India owing to continuing increasing disposable income levels, and, consequently, an increasing young population which has a high inclination towards smoking is expected to drive the Cellulose Acetate Market as it is one of the most profitable industries globally.
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APAC region to account for the largest market share in the Cellulose Acetate Market during the forecast period.
APAC was the largest Cellulose Acetate Market, in terms of value, in 2020. The increasing use of cellulose acetate in applications such as cigarette filters, textiles & apparel, photographic films, and others is expected to provide new growth opportunities to the market. Furthermore, high economic growth, growth in manufacturing industries, availability of cheap labor, growing end-use markets, and the global shift of production facilities from developed markets to developing markets are some of the key factors driving the Cellulose Acetate Market in Asia Pacific.
The key players in the market include Eastman chemical Company (US), Solvay, Celanese Corporation (US), Daicel Corporation (Japan), China National Tobacco Corporation (China), Mitsubishi Chemical Holdings (Japan), Sichuan Push Acetati Co. Ltd. (China), Rayonier Advanced Materials Inc. (US), Acordis Cellulosic Fibers Co Ltd (Belgium), Sappi Limited (South Africa). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the Cellulose Acetate Market.
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