Cellulose Esters Market Size & Growth Analysis to 2030

The global cellulose esters market size is accounted to register a significant CAGR of around 6% during the forecast period 2021 to 2027. The increasing use of cellulose esters in various applications such as cigarette filters, films & tapes, and coatings is a major factor to drive the market growth. The manufacturers are focusing to provide filtered cigarettes due to the increasing incidence of lung cancer, especially in males. However, the fluctuating raw material prices and the increasing awareness regarding health risks related to smoking are some major factors to restrain the market growth.

Market Drivers:

Growing Demand for Environmentally Friendly Products: Cellulose esters, such as cellulose acetate and cellulose acetate butyrate, are derived from renewable resources and exhibit biodegradable and compostable properties. With increasing environmental concerns and a shift toward sustainable materials, there is a growing demand for cellulose esters as a substitute for conventional plastics in various applications.

Rising Demand from the Packaging Industry: Cellulose esters are widely used in the packaging industry due to their excellent barrier properties, transparency, and printability. As the global packaging industry expands, driven by factors such as e-commerce growth, convenience packaging, and product differentiation, the demand for cellulose esters as packaging materials is expected to increase.

Increasing Demand for Cellulose Acetate Tow: Cellulose acetate tow is extensively used in the production of cigarette filters. The global tobacco industry continues to grow, particularly in emerging markets, driving the demand for cellulose acetate tow. Additionally, increasing awareness about health risks associated with smoking has led to the development of low ignition propensity (LIP) cigarettes, which require cellulose acetate tow for their production.

Growing Demand for LCD Panels and Films: Cellulose esters, such as cellulose acetate propionate and cellulose acetate butyrate, find application in the production of LCD panels and films. The consumer electronics industry, including televisions, smartphones, tablets, and monitors, is experiencing significant growth, resulting in an increased demand for cellulose esters used in the manufacturing of these electronic components.

Technological Advancements and Product Innovations: Continuous research and development efforts have led to the development of new cellulose ester derivatives with improved properties and performance characteristics. These innovations, such as enhanced thermal stability, higher solubility, and better compatibility with other materials, are expanding the application areas of cellulose esters, thereby driving market growth.

Growing Demand for Automotive Coatings: Cellulose esters are used in the formulation of automotive coatings due to their excellent film-forming properties, adhesion, and resistance to UV radiation. With the increasing production of automobiles and the need for high-quality coatings for aesthetic appeal and corrosion protection, the demand for cellulose esters in the automotive industry is expected to rise.

Economic Growth and Industrialization: The overall economic growth, particularly in emerging economies, leads to increased industrial activities, infrastructure development, and urbanization. These factors drive the demand for cellulose esters in construction, textiles, paints and coatings, and other industrial applications.

Market Outlook:

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Market Insights:

The global cellulose esters market is bifurcated into type, application, and geography. On the basis of type, the market is further segmented into cellulose acetate, cellulose acetate propionate, cellulose acetate butyrate, cellulose nitrate, and others. The cellulose acetate segment is accounted to dominate the global market and expected to hold the largest revenue share of around one-third percent of the market by the end of the analysis period. The wide use of the product in various applications such as coatings, films & tapes, plasticizers, and cigarette filters is a major factor to drive the segment growth.

The cellulose esters comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The cellulose esters market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Type:

• Cellulose Acetate
• Cellulose Acetate Propionate
• Cellulose Acetate Butyrate
• Cellulose Nitrate
• Others

By Applciation:

• Coatings
• Films & tapes
• Cigarette Filters
• Inks
• Plasticizers
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage

Geographically, the Asia Pacific dominated the global cellulose esters market in 2020 and is expected to maintain its dominance over the forecast period. The advancement in applications and the increasing demand for the product in developing economies in the Asia Pacific are some of the major factors driving the market growth in the region. Furthermore, the availability of raw materials with low prices, the growing population, and the presence of some significant players are further expected to fuel the market growth in the Asia Pacific. Due to the given reasons, many major cigarette manufacturers are relocating to the Asia Pacific, which is expected to further boost the growth of the market.

Competitive Assessment

Some of the leading market players operating in the global cellulose esters market are Eastman Chemical Company, Solvay, China National Tobacco Corporation, Daicel Corporation, and Celanese Corporation. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Eastman Chemical Company
• Solvay
• China National Tobacco Corporation
• Daicel Corporation
• Celanese Corporation
• Acordis Cellulostic Fibers
• Sappi
• Mitsubishi Chemical Holdings Corporation
• Rayonier Advanced Materials
• Sichuan Push Acetati

Key Questions Answered by Cellulose Esters Market Report

• Global cellulose esters market forecasts from 2021-2027
• Regional cellulose esters market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the regions as mentioned above
• Cellulose esters submarket forecasts from 2021-2027 covering the market by type, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about cellulose esters market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level cellulose esters markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the cellulose esters market