Cellulose Acetate - Global Market Outlook (2021 - 2028)

Cellulose Acetate - Global Market Outlook (2021 - 2028)

According to Stratistics MRC, the Global Cellulose Acetate Market is accounted for $3.70 billion in 2021 and is expected to reach $5.91 billion by 2028 growing at a CAGR of 6.9% during the forecast period. Cellulose acetate is a natural type of plastic composed of natural cellulose, resulting from acetylation of cellulose from two sources such as cotton linters or wood pulp. Cellulose acetate is a high-performance thermoplastic used for numerous applications due to its distinctive blend of properties such as high dielectric constant, good chemical resistance, high impact and mechanical strength, and similarity with human skin.

Market Dynamics:

Driver:

Increasing demand in growing textiles and apparels industry

The changing trends in the fashion industry are preferably one of the major factors responsible for the growth of the global cellulose acetate market. Cellulose acetate is considered to be suitable for textile application as it is comfortable and absorbent as well as can be easily dyed in many different colors. Therefore, increase in demand in the clothing sector due to changes in preferences of the consumers in order to keep themselves trendy and upgraded to the ongoing fashion changes has created a surge in demand and is responsible for the robust growth of the textiles and apparel industry.

Restraint:

Increased awareness of the health problems

Increased awareness of the health problems associated with smoking should be a major obstacle to the growth of the cellulose acetate market. Moreover, the government regulations that ban smoking in public along with the presence of alternatives like electronic cigarettes in is predicted to impede the growth potential in the worldwide market.

Opportunity:

Increased industrialization

Increased industrialization is supposed to create immense growth potential for industry players in the global cellulose acetate market. This is due to the fact that increased industrialization will increase market demand for the product for various applications, which will push manufacturers to produce products in large quantities, thereby creating opportunities. The increasing adoption of advanced cellulose acetate to reduce vulnerability to toxic products during smoking is a factor that should create a lucrative opportunity for the growth of the global cellulose acetate market during the projection period.

Threat:

Strict government rules

Strict government rules and regulations regarding the health risks associated with smoking are some of the factors that may restrict demand for cellulose acetate and slow growth in the global cellulose acetate market during the assessment period.

The plastic segment is expected to have the highest CAGR during the forecast period

The plastic segment is growing at the highest CAGR in the market due to the growth in the product requirements, the growth in developing economies, and the technological developments in different applications. The increasing demand for natural plastics is expected to drive the industry growth in the coming years owing to its characteristics, including strong durability, glistened shine, lustrous texture, and high transparency.

The fiber segment is expected to be the largest during the forecast period

The fiber segment is expected to be the largest share in the market. Acetate is considered to be a very valuable manufactured fiber that is low in cost and has good draping qualities. The fiber-based cellulose type is majorly used in the production of general consumer articles including lining, felts, clothing, upholstery, carpets, umbrellas, and cigarette filters. The staple acetate fibers are also used as partial substitutes for wool in the manufacture of fine fabrics and various kinds of knitwear.

Region with highest share:

The Asia Pacific is projected to hold the largest share in the market. The situation of manufacturing centers of significant market leaders is the leading cause of Asia’s dominance over the cellulose acetate market. The regional advantages offered by this region such as cheap labor and ease of resource availability are the primary reason for the interest of the key market participants to invest in this region.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR in the market during the forecast period due to the high economic growth and rapid industrialization. Additionally, lower labor cost is one of the prime factors driving the growth in Asian region. This makes the companies have higher profits as the production costs are minimized.

Key players in the market:

Some of the key players profiled in the Cellulose Acetate Market include Kemira, Mitsubishi Chemical Holdings, Rayonier Advanced Materials Inc., Sappi Limited, Sichuan Push Acetati Co.,Ltd, Solvay, Arkema SA, BASF SE, Borregaard ASA, Celanese Corporation, China National Tobacco Corporation, Daicel Corporation, Eastman Chemical Company, Ecolab, and Acordis Cellulostic Fibers.

Key developments:

In November 2020: Sappi which is the leading company in dissolving pulp has announced a partnership with Birla Cellulose which is a leading manufacturer of the textile value chain. The partnership is aimed at providing a forest-to-garment traceability solution for the brand owners. This partnership will strengthen the company’s sustainability credentials in the textile industry.

In October 2020: Celanese Corporation launched a breakthrough cellulose-based material, BlueRidge Cellulosic Pellets which aligns with ESG and circular economy objectives with a product that is both, bio-based and broadly compostable.

In May 2020: Eastman has announced the collaboration with Rotuba in order to manufacture face shields for medical personnel during the coronavirus pandemic. Under this partnership, Rotuba will be using Eastman’s cellulose acetate in order to manufacture nearly 75,000–100,000 splash guards per week.

In February 2020: Eastman announced the expansion of its Naia fiber portfolio. With the introduction of its new cellulosic staple fiber, Naia offers another versatile, eco-conscious material choice for sustainable fashion.

Products Covered:
Cellulose Acetate Filament
Cellulose Acetate Flakes
Cellulose Acetate Tow
Cellulose Diacetate
Cellulose Ester Plastics
Cellulose Triacetate

Types Covered:
Fiber
Plastic

Applications Covered:
Cigarette Filters
Coating
Consumer Goods
Extrusion & Molding
Fabrics
Film & Sheet Castings
Filtration
Inks & Reprographic Formulations
Liquid Crystal Display (LCD)
Molded Plastics
Packaging
Photographic Films
Spectacle Frames
Surface Coatings
Tapes & Labels
Textiles & Apparel
Water Treatment
Yarn

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances