Global Cellulose Acetate Market Projected to Grow Radiantly by 2024
The global cellulose acetate market to reach 820.04 thousand tons by 2024, driven by the increasing consumption of cigarettes in developing nations and growth in the textile industry. Cellulose acetate tow is used as a filter in the cigarette buds. Cigarette filters are used to cut down the overall tar and nicotine content during cigarette consumption.
Growing use of cellulose acetate tow in the cigarettes is anticipated to boost the market for cellulose acetate. Asia Pacific dominated the global cellulose acetate market in 2016 with the market share of 51.79% and is expected to maintain its dominance over the forecast period. The region is projected to continue its dominance due to the prevailing cigarette consumption rate in countries such as Indonesia and China. Rising awareness about the ill effects of smoking and relative growth in electronic cigarette market is projected to slow the demand for cellulose acetate tow in North America and Europe.
Cellulose acetate is used in many applications such as textile & apparel, cigarette filters, tapes and labels, photographic films, extrusion & molding. Cigarette filter is the largest application by segment accounting for around 80% of the market in 2016. Cigarette filter segment is expected to dominate the market over the forecast period owing to increasing demand for low tar filters worldwide. The textile industry uses this filament in the manufacturing of garments. The textile & apparel application segment is estimated to grow because of the strong growth of textile industry in developing nations such as China and India. Cellulose acetate is also used in making protection films which are utilized in liquid crystal displays, spectacle frames, and plastic handles. It has become popular as an eco-friendly plastic which is not harmful to skin and health. Biodegradable and renewable nature of cellulose acetate is anticipated to boost the demand over the forecast period.
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Active companies in the market are adopting the strategy of merger & acquisition. For instance, in 2016, Solvay signed a definitive agreement to acquire Eastman’s stake in their joint venture – Primester – and becoming its sole owner.
Segmentation by Product, 2014 – 2024 (USD Million)
• Cellulose Acetate Tow
• Cellulose Acetate Filament
Segmentation by Application, 2014 – 2024 (USD Million)
• Cigarette Filters
• Textile & Apparel
• Photographic Films
• Tapes & Labels
• Extrusion & Molding
Key players analyzed:
• Daicel Corporation
• Eastman Chemical Company
• Mitsubishi Chemical Holding Corporation
• SK chemicals
• Rayonier Advanced Materials
• Celanese Corporation
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