Cellulose acetate is derived from cellulose, it is the acetate ester of cellulose. The overall market for cellulose acetate derivatives is witnessing growth owing to high demand from emerging economies.
The global cellulose acetate derivatives market was valued at approximately US$ 4,000 million in 2018 and it is anticipated to reach a CAGR over 5.6% during the forecast period from 2022 to 2030.
High demand from emerging economies is attributed to increasing infrastructural developments, technological advancements and increasing demand for specialty cellulose acetate from various end use applications. However, stringent government regulations and volatility in the prices of raw materials are the major factors curbing the market growth. Furthermore, due to shift in trend towards eco-friendly acetate, cigarette filters are another factor contributing towards the market growth. Various manufacturers are shifting their focus to develop effective and innovative filters for cigarettes from cellulose acetate.
Cellulose Acetate Derivatives Market By region, in 2018 Asia Pacific accounted for the largest share of the market and is projected to maintain its dominance throughout the forecast period of 2019 to 2030. Rising demand from various applications such as cigarette filters, coatings, extrusion & moldings is the major factor driving the market growth. North America and European market will witness substantial growth during the forecast period owing to high demand for biodegradable plastics and cellulose acetate derivatives has emerged a better alternative for it, in various applications.
The global cellulose acetate market is fragmented in nature. Some of the key players operating in this market are Eastman Chemical Company, Celanese Corporation, Daicel Corporation, Sichuan Push AcetatiCo, Ltd., and Mitsubishi Chemical Corporation among others.
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