셀룰로오스 에스테르 시장 : 제품 유형, 용도, 지역별(2024-2031년)

Cellulose Esters Market Valuation - 2024-2031

The growing demand for cellulose esters from various sectors such as food and beverage, photographic films, cigarette filters, and the textile and apparel industry, particularly in Asia Pacific's emerging economies, is the primary driver of the market. According to the analyst from Verified Market Research, the cellulose esters market is estimated to reach a valuation of USD 18.37 Billion by 2031 over the forecast subjugating around USD 12.23 Billion valued in 2024.

The rising demand for environmentally friendly and biodegradable products is another major factor propelling the cellulose esters market. Derived from renewable resources, cellulose esters provide a more sustainable option than synthetic polymers. It enables the market to grow at a CAGR of 5.76% from 2024 to 2031.

Cellulose Esters Market: Definition/ Overview

Cellulose esters are a class of chemical compounds formed by the esterification of cellulose, a naturally occurring polysaccharide. They are often formed by reacting cellulose with organic acids, anhydrides, or acid chlorides. Cellulose esters are versatile because they may be changed to obtain desired physical, chemical, and functional properties, making them useful materials in a variety of sectors.

What's inside a VMR industry report?

Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.

What Factors Drive Growth of the Cellulose Esters Market?

The increased usage of cellulose esters in coatings and paints is a significant market driver. According to the World Paint & Coatings Industry Association (WPCIA), the global paints and coatings market is expected to reach USD 232 Billion by 2027, expanding at a CAGR of 4.3% between 2020 and 2027. This expansion has a direct impact on the demand for cellulose esters, which serve as binders and film-formers in these products.

Furthermore, cellulose esters are commonly employed in pharmaceutical applications, especially controlled drug delivery systems. According to the IQVIA Institute for Human Data Science, the worldwide pharmaceutical market is predicted to approach USD 1.5 Trillion by 2023, with a 3-6% compound annual growth rate. This increase is increasing the need for cellulose esters in medication formulations and coatings.

What are the Primary Challenges that Hinder the Growth of the Market?

The growing environmental consciousness and stricter laws governing the use of chemicals in numerous industries present problems for cellulose ester makers. Some production methods contain hazardous chemicals, which raises issues regarding environmental impact and worker safety. Compliance with rising environmental standards and waste management rules raises operational costs and necessitates large expenditures in cleaner technology, which may hinder market expansion for some businesses.

Furthermore, cellulose esters are under increased competition from alternative materials in a variety of applications. For example, in the coatings sector, water-based and powder coatings are becoming more popular due to their lower environmental effect. In pharmaceuticals, synthetic polymers allow for more exact control over medication release characteristics. The competition from natural and synthetic alternatives limits the growth potential of cellulose esters in certain market segments.

Category-Wise Acumens

How Does Versatility in Applications Influence the Demand for Cellulose Acetate?

According to VMR analysis, the cellulose acetate segment is estimated to hold the largest market share during the forecast period. Cellulose acetate is widely used in many industries, including textiles, films, cigarette filters, and coatings. Its versatility originates from its superior optical characteristics, great strength, and chemical resistance. Because of its extensive applicability, cellulose acetate maintains a leading position in the market, catering to a wide range of industrial and consumer items.

Furthermore, despite global anti-smoking initiatives, the cigarette business is still a major consumer of cellulose acetate, particularly for filters. According to the World Health Organization, there are still more than a billion smokers worldwide. The ongoing demand for cigarette filters, combined with rigorous rules on filter biodegradability, drives the consumption of cellulose acetate.

What are the Factors that Contribute to Growth for the Coatings Industry?

The coating segment is estimated to dominate the cellulose esters market during the forecast period. Cellulose esters have good film-forming capabilities, endurance, and chemical resistance, making them suitable for coatings in a variety of sectors. Their adaptability makes them suitable for use in automotive, furniture, construction, and industrial applications. This diverse range of end-uses ensures steady demand and contributes significantly to the segment's market leadership.

The global construction and automobile industries are steadily expanding, particularly in developing economies. Cellulose ester-based coatings are widely employed in various industries due to their protective and cosmetic qualities. The growth of these industries is directly proportional to the rising demand for high-quality coatings, which boosts the segment's market share.

Furthermore, stringent environmental restrictions are driving companies to adopt low-VOC (Volatile Organic Compound) and eco-friendly coating solutions. Cellulose esters are ideal for creating low-VOC coatings that meet regulatory criteria while yet providing great performance. This conformance to environmental regulations boosts the coatings segment's position in the cellulose esters market.

Country/Region-wise Acumens

How Does the Advanced Food Retail Industry Support the Growth in North America?

According to VMR analyst, North America is estimated to exhibit the highest growth within the cellulose esters market during the forecast period. The construction and automotive industries are important users of cellulose esters, particularly in coatings and paints. According to the US Census Bureau, total construction investment in the United States reached $1.57 trillion in 2021, up 8.2% from 2020. Also, the US Bureau of Economic Analysis reported that the automobile industry generated 3.5% of the US GDP in 2020, with a total output of $732.3 billion. This rise in both industries is increasing demand for cellulose esters in a variety of applications.

Furthermore, the region has a sizable and expanding pharmaceutical industry that extensively employs cellulose esters in medicine formulations and controlled release systems. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), the US biopharmaceutical industry invested an estimated $91 billion in research and development in 2020. Also, the Centers for Medicare & Medicaid Services estimates that healthcare spending in the United States increased by 9.7% in 2020, reaching $4.1 trillion. The rise of the healthcare and pharmaceutical sectors is driving up demand for cellulose esters in the region.

What are the Key Drivers Influencing Cellulose Esters in the Asia Pacific Region?

The Asia Pacific region is estimated to dominate the market during the forecast period. The Asia Pacific region's coatings and paints business is expanding rapidly, increasing demand for cellulose esters. The Asian Paint Report 2021 by the Asian Paint Industry Council (APIC) predicts that the region's paint and coatings industry will reach $93.5 billion by 2024, rising at a CAGR of 5.2%. China alone accounts for approximately 30% of the worldwide coatings market, which significantly increases demand for cellulose esters in the region.

Furthermore, the pharmaceutical business in the Asia Pacific is quickly expanding, increasing demand for cellulose esters in medicinal formulations. According to the IQVIA Institute for Human Data Science, the Asia Pacific pharmaceutical market is predicted to increase at an 8.4% CAGR from 2021 to 2026, reaching $485 billion in 2026. This growth rate is much higher than the global average, resulting in increased usage of cellulose esters in pharmaceutical applications throughout the region.

Competitive Landscape

The competitive landscape of the cellulose esters market is marked by fierce competition among several industry participants. The market is a mix of established industry leaders and agile, new companies competing for market share.

Some of the prominent players operating in the cellulose esters market include:

Eastman Chemical Company

Solvay

China National Tobacco Corporation

Daicel Corporation

Celanese Corporation

AkzoNobel

Ashland

Borregaard

M. Huber Corporation

Mitsubishi Chemical Holdings Corporation

Rayonier Advanced Materials

Rhodia Acetow International

Sappi Limited

Sichuan Push Acetati Co. Ltd.

Latest Developments

In February 2024, Eastman announced a collaboration with Cargill to create bio-based packaging materials. This could have an impact on the use of cellulose esters in sustainable packaging solutions.

In January 2024, Daicel announced an expansion of its cellulose acetate butyrate (CAB) production capacity in Thailand. This development is intended to fulfill the increased demand for CAB in the automotive and electronics industries.

In November 2023, Solvay announced a collaboration with IKEA to create bio-based alternatives to typical plastics in IKEA products. This collaboration could boost demand for cellulose esters, a potential bio-based alternative.

In October 2023, Celanese announced a collaboration with IKEA to create sustainable furniture made from bio-based materials. This may increase the use of cellulose esters in the furniture business.

TABLE OF CONTENTS

1 INTRODUCTION OF GLOBAL CELLULOSE ESTERS MARKET

• 1.1 Overview of the Market
• 1.2 Scope of Report
• 1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH

• 3.1 Data Mining
• 3.2 Validation
• 3.3 Primary Interviews
• 3.4 List of Data Sources

4 GLOBAL CELLULOSE ESTERS MARKET OUTLOOK

• 4.1 Overview
• 4.2 Market Dynamics
  • 4.2.1 Drivers
  • 4.2.2 Restraints
  • 4.2.3 Opportunities
• 4.3 Porters Five Force Model
• 4.4 Value Chain Analysis

5 GLOBAL CELLULOSE ESTERS MARKET, BY TYPE

• 5.1 Overview
• 5.2 Cellulose Acetate
• 5.3 Cellulose Acetate Propionate
• 5.4 Cellulose Acetate Butyrate
• 5.5 Cellulose Nitrate
• 5.6 Others

6 GLOBAL CELLULOSE ESTERS MARKET, BY APPLICATION

• 6.1 Overview
• 6.2 Coatings
• 6.3 Films & Tapes
• 6.4 Cigarette Filters
• 6.5 Inks
• 6.6 Plasticizers
• 6.7 Others

7 GLOBAL CELLULOSE ESTERS MARKET, BY GEOGRAPHY

• 7.1 Overview
• 7.2 North America
  • 7.2.1 U.S.
  • 7.2.2 Canada
  • 7.2.3 Mexico
• 7.3 Europe
  • 7.3.1 Germany
  • 7.3.2 U.K.
  • 7.3.3 France
  • 7.3.4 Rest of Europe
• 7.4 Asia Pacific
  • 7.4.1 China
  • 7.4.2 Japan
  • 7.4.3 India
  • 7.4.4 Rest of Asia Pacific
• 7.5 Rest of the World
  • 7.5.1 Latin America
  • 7.5.2 Middle East and Africa

8 GLOBAL CELLULOSE ESTERS MARKET COMPETITIVE LANDSCAPE

• 8.1 Overview
• 8.2 Company Market Ranking
• 8.3 Vendor Landscape
• 8.4 Key Development Strategies

9 COMPANY PROFILES

• 9.1 Eastman Chemical Company
  • 9.1.1 Overview
  • 9.1.2 Financial Performance
  • 9.1.3 Product Outlook
  • 9.1.4 Key Developments
• 9.2 Solvay
  • 9.2.1 Overview
  • 9.2.2 Financial Performance
  • 9.2.3 Product Outlook
  • 9.2.4 Key Developments
• 9.3 China National Tobacco Corporation
  • 9.3.1 Overview
  • 9.3.2 Financial Performance
  • 9.3.3 Product Outlook
  • 9.3.4 Key Developments
• 9.4 Daicel Corporation
  • 9.4.1 Overview
  • 9.4.2 Financial Performance
  • 9.4.3 Product Outlook
  • 9.4.4 Key Developments
• 9.5 Celanese Corporation
  • 9.5.1 Overview
  • 9.5.2 Financial Performance
  • 9.5.3 Product Outlook
  • 9.5.4 Key Developments
• 9.6 AkzoNobel
  • 9.6.1 Overview
  • 9.6.2 Financial Performance
  • 9.6.3 Product Outlook
  • 9.6.4 Key Developments
• 9.7 Ashland
  • 9.7.1 Overview
  • 9.7.2 Financial Performance
  • 9.7.3 Product Outlook
  • 9.7.4 Key Developments
• 9.8 Borregaard
  • 9.8.1 Overview
  • 9.8.2 Financial Performance
  • 9.8.3 Product Outlook
  • 9.8.4 Key Developments
• 9.9 J.M. Huber Corporation
  • 9.9.1 Overview
  • 9.9.2 Financial Performance
  • 9.9.3 Product Outlook
  • 9.9.4 Key Developments
• 9.10 Mitsubishi Chemical Holdings Corporation
  • 9.10.1 Overview
  • 9.10.2 Financial Performance
  • 9.10.3 Product Outlook
  • 9.10.4 Key Developments

10 KEY DEVELOPMENTS

• 10.1 Product Launches/Developments
• 10.2 Mergers and Acquisitions
• 10.3 Business Expansions
• 10.4 Partnerships and Collaborations

11 Appendix

• 11.1 Related Research