Overview and Scope
Cellulose acetate is a synthetic chemical formed by the acetylation of the plant material cellulose. Cellulose acetate is a nontoxic, nonirritant, and biodegradable cellulose derivative that is created primarily by the action of acetic acid, acetic anhydride, and sulfuric acid on cellulose and is used to make textile fibers, packaging sheets, photographic films, and varnishes.
Sizing and Forecast
The cellulose acetate market size has grown strongly in recent years. It will grow from $5.1 billion in 2023 to $5.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to film and photography industry, cigarette filters, textile industry, consumer goods manufacturing, demand for acetate tow, increased biomedical applications.
The cellulose acetate market size is expected to see strong growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to shift to biodegradable materials, increasing eyewear market, biomedical advancements, expansion of textile industry, sustainable fashion trends. Major trends in the forecast period include bio-based cellulose acetate, customized acetate blends, cellulose acetate butyrate, innovation in film and coating applications, market consolidation and acquisitions.
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Segmentation & Regional Insights
The cellulose acetate market covered in this report is segmented –
1) By Type: Fiber, Plastics
2) By Product: Cellulose Acetate Filament, Cellulose Ester Plastics, Cellulose Acetate Tow, Cellulose Acetate, Flakes, Other Products
3) By Application: Cigarette Filters, Textiles And Apparel, Photographic Films, Tapes And Labels, Other Applications
Asia-Pacific was the largest region in the cellulose acetate market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cellulose acetate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in cigarette consumption is expected to drive the growth of the cellulose acetate market going forward. Due to rapid economic development and population increase, cigarette use is predicted to rise in many low- and middle-income nations. Cellulose acetate is primarily utilized in the manufacture of cigarette filters, which are found in the vast majority of cigarette filters around the world. The filter aids in the removal of tar and nicotine while preserving a pleasant taste for the smoker. For instance, in March 2022, according to the Centers for Disease Control and Prevention, a US national public health agency, nearly 40 million U.S. adults still smoked cigarettes, and an estimated 2.55 million middle and high school students used at least one tobacco product, including e-cigarettes. Every day, about 1,600 U.S. youth younger than 18 smoke their first cigarette. Therefore, the growing consumption of cigarettes propels the growth of the cellulose acetate market growth.
Key Industry Players
Major companies operating in the cellulose acetate market report are Sichuan Push Acetati Co. Ltd., China National Tobacco Corporation, Dayang Chem (Hangzhou) Co. Ltd., Mitsubishi Chemical Holdings Corporation, Merck Group, Asahi Kasei Corporation, Toray Industries Inc., Solvay S.A., Eastman Chemical Company, Celanese Corporation, Showa Denko K.K., Teijin Limited, Sappi Limited, Kaneka Corporation, Daicel Corporation, Kuraray Co. Ltd., Toyobo Co. Ltd., SK Chemicals Co. Ltd., Rayonier Advanced Materials Inc., Nippon Acetate Co. Ltd., Mazzucchelli 1849 S.p.A., Unitika Ltd., Cerdia International GmbH, Borregaard ASA, Acetex Corporation, Tianjin NAT Technology Co. Ltd., Rotuba Extruders Inc., Haihang Industry Co. Ltd., Youngbo Textile Co. LTD., Acetati S.p.A., Acetylation Industries Inc.
The cellulose acetate market report table of contents includes:
1. Executive Summary
2. Cellulose Acetate Market Characteristics
3. Cellulose Acetate Market Trends And Strategies
4. Cellulose Acetate Market – Macro Economic Scenario
5. Global Cellulose Acetate Market Size and Growth
…………………………
32. Global Cellulose Acetate Market Competitive Benchmarking
33. Global Cellulose Acetate Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cellulose Acetate Market
35. Cellulose Acetate Market Future Outlook and Potential Analysis
36. Appendix
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