Cellulose Acetate Market Outlook – 2030
Cellulose acetate is a chemical product produced by the reaction of cellulose with acetic acid and acetic anhydride in the presence of a catalyst. Cellulose acetate is biodegradable and is used as a replacement of plastic in various industries. The product is primarily used in the production of cigarette filter, as it helps in removing tar and nicotine while maintaining favorable test to the smoker. Rising number of smokers particularly in emerging markets such as China and India, represent the key factor driving the market. Some of the other major drivers include its rising demand in textiles and apparels, growing uses of cellulose acetate in home furnishing products, and its rising application as biodegradable plastic in various other industries. The industry however faces some challenges like declining demand for photographic films and raising awareness of negative health impacts of smoking.
Covid-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and they will have a big impact on the cellulose acetate in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths all across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- The lockdown has resulted in hampering the imports and exports of various goods. Also, the uncertainty created in the market in the consumers’ buying pattern has resulted in hampering of the cellulose acetate market.
Top Impacting Factors
The main growth drivers identified in the global cellulose acetate market are the increased demand for cellulose acetate, growth in emerging economics, and technological advances in various applications. The increased demand for natural plastic due to its properties which includes good toughness, glossy texture, and high transparency stimulated market growth in the recent years. For other this material is perfectly suitable for textile application because it is comfortable and absorbent and can be easily dyed in many different colors. The increasing demand for cellulose acetate is due to the increasing demand for environment friendly, biodegradable, and cost-effective nature.
- Growing concerns regarding environmental degradation and use of eco-friendly items.
- With the growing concern of the consumers regarding the pollution and environmental degradation various steps are taken by the government to ensure safety and integrity of the environment. Because of this reason the traditional non-biodegradable plastic usage is being replaced by the biodegradable plastics made of cellulose acetate and hence the market is expanding.
- Increasing demand in the packaging industry.
- Cellulose Acetate made of cellulose acetate are used in both flexible and rigid packaging applications. Biodegradable plastics made of cellulose acetate are used for wrapping organic food, as well as for premium branded product with requirements. Due to all these elements and factors, the market of the cellulose acetate is expected to grow in upcoming years
- Growing number of smokers in developing economies are one of the key drivers of the market.
- With increasing population, living standard and per capita income, the number of smokers particularly in the emerging economies such as China and India are rising at an exponential rate. Now since the cellulose acetate is primarily used in production of cigarette filter which helps in removing tar and nicotine to maintain the flavor and taste to the smoker, the market of cellulose acetate is expanding.
Key Benefits of the Report
- This study presents the analytical depiction of the cellulose acetate industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the cellulose acetate market share.
- The current market is quantitatively analyzed to highlight cellulose acetate market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed cellulose acetate market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Cellulose Acetate Market Report
- Who are the leading market players active in the Cellulose Acetate market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Cellulose Acetate Market Report Highlights
Key Market Players
Solvay Group, Daicel Polymer Ltd., Huntsman Corporation, Eastman Chemical Company, Stemark International Corporation, Petro-Canada Chemicals Inc., Formosa Plastics Corporation, SCP Polymers Ltd., Celanese Corporation, Gujarat Polysol Limited