Cellulose Acetate Market is forecast to reach CAGR of 3.6% by 2024


Transparency Market Research has published a new report titled “Cellulose Acetate Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the global cellulose acetate market was valued at US$4.88 bn in 2014 and is anticipated to reach US$ 6.72 Bn in 2023, expanding at a CAGR of 3.6% between 2015 and 2023.
High demand for cellulose acetate in cigarette filters due to rise in consumption of cigarettes and apparel consumption in developing regions, especially Asia Pacific, has been driving the cellulose acetate market during the past comuple of years. Cellulose acetate is primarily employed in cigarette filters, textile & apparel, and extrusion & molding applications. Increase in disposable income and changes in lifestyle of consumers in developing countries such as China, Brazil, Indonesia, and India are projected to fuel demand for cigarettes, textiles, and plastics.
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This, in turn, is expected to boost demand for cellulose acetate due to its eco-friendly attributes. Consumption of cellulose acetate in eyewear frames and food packaging applications is likely to drive the cellulose acetate market during the forecast period. However, volatility in prices of raw materials and growing health awareness among consumers against cigarette consumption in developed regions are estimated to restrain market growth during the forecast period.
Cellulose acetate tow was the largest product segment, accounting for a major share of the global cellulose acetate market in 2014. Cellulose acetate tow is primarily used as key component during processing of cigarette filters, water purification media, and extruded plastics. Cigarette filters has been leading the cellulose acetate market since the past few years and accounted for over 80% of the market share in 2014.
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In terms of demand, Asia Pacific dominated the global cellulose acetate market in 2014 and accounted for over 50% of the share in the same year. This trend is expected to continue in the near future. Growth in textiles and cigarette industries is anticipated to boost the cellulose acetate market in the next few years. Demand for cellulose acetate is estimated to be sluggish as the markets in Europe and North America are mature. Furthermore, stringent environmental regulations and rising health awareness in these regions are affecting demand in these regions. Latin America is likely to be one of the emerging markets for cellulose acetate in the near future.
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