With the presence of a large pool of participants, the global cellulose acetate market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Celanese Corporation, Mitsubishi Rayon Company Limited, Philip Morris International, Chinese National Tobacco Corporation, and Rhodia Acetow GmbH are some of the key vendors of cellulose acetate across the world. These players across cellulose acetate market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the market study.
Citing an instance, in October 2017, researchers at MIT proposed the use of cellulose acetate for 3D printing, owing to its beneficial features such as quick evaporation and recyclability. This will further augment cellulose acetate market size.
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As estimated in this report, the global cellulose acetate market stood at US$ 4.82 billion in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this market is expected to reach US$ 7.01 billion by the end of the forecast period. The main products available in the cellulose acetate market are cellulose acetate tow and cellulose acetate filament. Among the two, the demand for cellulose acetate tow is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Rise in Disposable Incomes & Changing Lifestyles To Drive Market Growth
“Escalating application in cigarette filters, photographic films, plastics, textiles & apparels, extrusion & moldings and tapes & labels will boost the cellulose acetate market demand in the years ahead,” says the author of this study. Apart from this, rise in purchasing capacity of consumers along with transition towards modern lifestyle among the population of emerging economies such as Brazil, India, and China will further propel the progress of cellulose acetate market in the near future. Furthermore, the rampant product use in food packaging and eyewear frames sectors is anticipated to spur the cellulose acetate market expansion over the forthcoming years.
Surging awareness about the health hazards due to smoking of cigarettes in the developed countries, however, is likely to inhibit the cellulose acetate market development in the near future. With antitrust authorities across the globe increasingly investigating the mergers & acquisitions across the chemical domain, it is likely to adversely impact the growth of cellulose acetate market in the coming years.
Wide Applications In Textile & Cigarette Sectors To Boost APAC Dominance
Regionally, Asia Pacific has been leading the worldwide cellulose acetate market and is anticipated to continue on the dominant position in the years to come, states the market study. For the record, APAC contributed more than 50% towards overall cellulose acetate market share in 2015. Humungous product popularity in textile & cigarette industries is the main factor behind the dominance of the Asia Pacific cellulose acetate market.
The global cellulose acetate market is segmented as follows:
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