Cellulose Acetate Market Is Expected To Reach USD 8.54 Billion By 2032.
The global cellulose acetate market size was USD 5.2 Billion in 2022 and is expected to reach USD 8.54 Billion in 2032, and register a revenue CAGR of 4% during the forecast period. Rising need for Cigarette Filters, increasing use of cellulose acetate in the textile industry, and rising awareness of environment-friendly products are major factors driving market revenue growth.
Cellulose Acetate Market: Drive Factors
The cellulose acetate market is being driven by several factors, including rising industrialization, expanding textile and apparel industries in the Asia Pacific region, and technological developments in cellulose acetate. The market is also influenced by the increasing number of cigarette consumers worldwide and their preference for low tar cigarettes with longer filters. However, factors such as the volatility of raw material prices and stringent regulations pose limitations to the market's growth. Despite these challenges, consistent advancements in the cellulose acetate market due to innovative efforts have enhanced the efficiency of cellulose acetate. The demographic shift towards the young population in the Asia Pacific region and their increasing purchasing potential also contribute to the market's growth.
Cellulose acetate is in high demand for use in cigarette filters to lessen the negative consequences of smoking. Cellulose acetate is used in cigarette filters to cut down on the quantity of poisons smokers inhale as it can capture nicotine and hazardous substances. Moreover, need for cigarette filters, which drives demand for cellulose acetate, is being driven by rising smoking population across the globe.
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The above-mentioned factors create opportunities for market growth, while factors such as volatility in raw material prices and stringent regulations limit the market. Each factor is expected to have a definite impact on the market during the forecast period. Consistent advancements in the cellulose acetate market, owing to innovative efforts, have enhanced the efficiency of cellulose acetate.
The demography of the Asia Pacific region is shifting towards a younger population, and the purchasing potential of this young population is also increasing. Most of the developing countries are looking at India and China as the global market. These countries consist of over 40% of the global population, and the application of cellulose acetate in apparels and cigarette filters is expected to grow at a high rate.
The report also highlights key findings, such as the fiber type segment of cellulose acetate holding a larger market share of 67.6% in the year 2018. The Cellulose Acetate Tow segment held a larger market share of 41.9% in the year 2018, as cellulose acetate tow is extensively used in cigarette filters. The textile and apparel segment is forecasted to grow with the highest CAGR of 5.9% during the forecast period, owing to the high demand for cellulose acetate in the manufacturing of garments. The Asia Pacific region is forecasted to grow with the highest CAGR of 6.1% during the forecast period, owing to rising industrialization, cheap labor availability, and expanding textile industry in the region.
The key participants in the cellulose acetate market include Eastman Chemical Company, Solvay, Celanese Corporation, China National, Tobacco Corporation, Daicel Corporation, Acordis Cellulostic Fibers, Mitsubishi Chemical, Holdings Corporation, Sichuan Push Acetati Co., Ltd., Rayonier Advanced Materials, and Sappi among others.
For the purpose of the report, Reports and Data have segmented the global Cellulose Acetate market on the basis of type, product type, application, and region. The segments include fiber and plastic in terms of type, cellulose acetate tow, cellulose acetate flakes, cellulose acetate filament, and others in terms of product type, cigarette filters, textile & apparel, photographic films, tapes & labels, and others in terms of application, and North America, Europe, Asia Pacific, MEA, and Latin America in terms of region
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