A new research report by Transparency Market Research, a leading market research and intelligence firm, presents a through analysis of the global cellulose acetate market. According to the study, the global market demonstrates a highly competitive business landscape, owing to the presence of a number of regional and international players. These players are focusing on mergers, acquisitions, and strategic alliances to remain relevant in this competitive environment. Over the coming years, they may shift their focus towards expanding their bases in developing economies in order to gain an edge over their peers, reports the research study.
The research report estimates that the global cellulose acetate market will rise at a CAGR of 3.60% and register a considerable growth during the period from 2015 to 2023. Cellulose acetate tow and cellulose acetate filament are the two main products available in this market. Among the two, the demand for cellulose acetate tow has been higher, owing to its application in the processing of cigarette filters, extruded plastics, and water purification media. This scenario is likely to likely to remain so over the next few years, reflecting positively on the dominance of the cellulose acetate tow segment. Among applications, the demand for cellulose acetates is relatively greater in cigarette filter making. With the number of smokers increasing exponentially, this segment is expected to continue with its high demand for cellulose acetate in the near future, states the research report.
On the regional basis, Asia Pacific, among all regional cellulose acetate markets, emerged dominant in 2014, with more than 50% share. The rise in the cigarette and textiles industries supported the growth of this regional market. This trend is projected to continue over the forthcoming years, maintaining the supremacy of the Asia Pacific cellulose acetate market. On the other hand, the markets in North America and Europe will witness sluggish growth in the near future due to the market saturation, reports the study.
Increase in Cigarette Consumption to Fuel Demand
“The demand for cellulose acetate has been rising on the back of the significant increase in cigarette consumption in developing economies, especially in Asia Pacific region,” says an analyst at TMR. The increasing demand for apparels is also supporting the growth of the global cellulose acetate market considerably. Primarily, cellulose acetate finds application in textile and apparel, cigarette filters, and extrusion and molding. The rise in the disposable income of consumers and improvement in their living standard in developing economies, such as Indonesia, Brazil, and India, is likely to drive the demand for textiles and cigarettes to a great extent. This, resultantly, is projected to boost the demand for cellulose acetate across the world substantially in the years to come, states the research report.
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Increasing Awareness Regarding Healthcare to Restrict Demand
Although the future of the global cellulose acetate market looks bright, the extremely volatile prices of raw materials and the increasing awareness for health and fitness among consumers, educating them about the harmful effect of cigarette consumption, especially in developed regions, are likely to curb the market’s growth over the period of the forecast, reports the research study.