Home > Marketing > Cellulose Esters Market Size is projected to reach USD 12.62 billion by the end of 2023

Cellulose Esters Market Size is projected to reach USD 12.62 billion by the end of 2023

Added: (Wed Apr 24 2019)

Pressbox (Press Release) - Cellulose Esters Market Overview:
Cellulose Esters Market is a fast developing global market which is anticipated to be mainly driven by the high demand from the coatings end-use industry. Also, the increasing use of cellulose esters in the cigarette buds/ filters is expected to drive the market in regions like the Asia Pacific. The global Cellulose Esters market is calculated to reach a total of USD 12.62 billion by the end of the forecast period.
Cellulose Esters Market Drivers and Restraints:
China has the largest tobacco industry in the world. The increased use of cellulose esters as filters/heads for cigarettes is one of the main drivers of the world market for cellulose esters. The presence of one-third of the total number of smokers in this region encourages world leaders in North America and Europe to move their manufacturing centers to Asia-Pacific. This should strongly stimulate the global market during the forecast period. Besides, the increased use of cellulose acetate in coatings and film and strip applications contributes to market growth during the forecast period mentioned above. However, the growing awareness of the health risks associated with cigarette smoking has led to a decrease in cigarette consumption, which indirectly affects the global market for cellulose esters. Recent surveys have shown a sharp drop in the percentage of tobacco smokers in India and China. Besides, this could in the future seriously affect the growth of the cellulose ester market due to the concentration of the global market in the Asia-Pacific region.
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Cellulose Esters Market Segmented as:
By Type:
• Cellulose Acetate
• Cellulose Acetate Butyrate
• Cellulose Acetate Propionate
• Cellulose Nitrate
• Others
By Application:
• Coatings
• Plasticizers
• Cigarette Filters
• Films & Tapes
• Inks
• Others
Cellulose Esters Market Geographical Analysis:
By geography, the market for cellulose esters is segmented in Latin America, Europe, Asia-Pacific, North America, the Middle East, and Africa. The Asia-Pacific region had the largest market in the world market for cellulose esters in 2018 due to the large end users located in this region. This region is expected to be the fastest growing region, with a higher CAGR than other regions, in the global cellulose ester market, between 2018 and 2023, due to growing demand from growing industries and higher rates. Of growth. Scope of future opportunities, mainly in developing countries. Like Japan, China and India. North America was the second largest market in the world for cellulose esters in 2018, due to the presence of the main participants in this region, and should remain in the same position at the end of the forecast period.
On the other hand, Europe is expected to experience stable market growth during the forecast period mentioned above due to well-established industries and the current economic crisis in the Western world. The low CAGR in the regions of North America and Europe is mainly due to the regional domination of the Asia-Pacific region, attributed to its low-cost labor and the availability of its resources, which translates into a global concentration in the Asia-Pacific region. The regions of the Middle East, Africa, and Latin America, located in low-growth developing countries due to the contribution of countries with low GDP, are less likely to develop the industry. As a result, the market for cellulose esters in these regions is growing slowly.
Key Market Players:
By the end of 2018 DowDupont (US), Eastman Chemical Company (US), SK Chemicals Co. Ltd. (South Korea), Solvay (Belgium), Nitrex Chemicals India Ltd. (India),China National Tobacco Corporation (China), Hangzhou Dayangchem Co. Ltd. (China), Daicel Chemical Company (Japan), Celanese Corporation (US), Nitro Quνmica (Brazil), Acordis Cellulosic Fibers (US), Sichuan Nitrocell (China), Sappi (South Africa), Mitsubishi Chemical Holdings Corporation (Japan), Hagedorn AG (Switzerland), Zhejiang Honghao Tech. Co. Ltd. (China), Nobel NC Co. Ltd. (Thailand), Rayonier Advanced Materials (US), and Sichuan Push Acetati (China) are the leading shareholders of the Global Cellulose Esters Market. There is a constant competition between these companies based on the pricing and quality of the product. They are currently focused on providing expansion strategies to improve their market value and position.
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The Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along with this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed, and the prospects with colossal growth potential identified and debated.
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