Albany - New York, Oct. 15, 2015 (GLOBE NEWSWIRE) -- According to the report, the global cellulose acetate market was valued at US$4.88 billion in 2014 and is anticipated to reach US$ 6.72 Billion in 2023, expanding at a CAGR of 3.6% between 2015 and 2023.
Asia Pacific accounted for the largest share of over 50% of the global cellulose acetate market in 2014. The cellulose acetate market in this region is primarily driven by high consumption of textiles, extruded plastics, and cigarettes. China, India, and countries in ASEAN are projected to drive growth of the cellulose acetate market by 2023. In terms of demand, Europe held the second-largest share of the global cellulose acetate market in 2014. However, volatile prices of raw materials such as acetic anhydride and rising awareness regarding ill effects of smoking in developed countries are expected to hinder demand for cellulose acetate in the region. North America and Europe are projected to exhibit sluggish demand for cellulose acetate during the forecast period. Latin America and the Middle East & Africa are likely to be emerging markets for cellulose acetate during the forecast period.
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Increasing cigarette consumption in countries such as India, China, and other countries in ASEAN are projected to propel the market for cellulose acetate in Asia Pacific. Furthermore, increased consumption of apparel as well as plastics in these countries is projected to drive demand for cellulose acetate during the forecast period. Cigarette filters followed by textile & apparel and extrusion & molding were major applications for cellulose acetate in 2014. Growing usage of cellulose acetate in extrusion & molding, cigarette filters, and tapes & labels applications is likely to fuel growth of the cellulose acetate market in developed regions such as North America and Europe. However, volatile prices related to raw materials such as wood pulp, acetic acid, and sulfuric acid are likely to adversely affect the market growth in the near future.
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China accounted for the highest share of the cellulose acetate market in Asia Pacific in 2014. The cellulose acetate market in the region is projected to exhibit rapid growth in the next few years. Cigarette filters was one of the leading application segments of the market in 2014. Cellulose acetate tow was the most consumed product segment across all regions in 2014. Russia dominated demand for cellulose acetate in Europe in 2014. Cigarette and textile industries were major end-users of cellulose acetate in this region. Countries such as Germany, Italy, and France have been key consumers of cellulose acetate in the recent past. However, Eastern Europe and Russia are likely to gain increased market share in the next few years.
The U.S. dominated the market for cellulose acetate in North America in 2014. However, the cellulose acetate market in U.S. is expected to exhibit sluggish growth in the near future. Consumption of cellulose acetate for processing of extruded bioplastics is estimated to boost the market growth in the near future. Brazil accounted for the largest share of the cellulose acetate market in Latin America in 2014. Growth in textile and cigarette end-user industries is expected to fuel demand for cellulose acetate, especially in applications such as cigarette filters and apparel linings in this region. The Middle East & Africa is projected to one of the emerging markets for cellulose acetate in the near future. Rising industrialization in this region is likely to provide future growth opportunities for the cellulose acetate market in the region during the forecast period.
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Cellulose Acetate Market - Product Analysis
- Cellulose acetate tow
- Cellulose acetate filament
Cellulose Acetate Market - Application Analysis
- Cigarette filters
- Textile & apparel
- Photographic films
- Tapes & labels
- Extrusion & molding
- Others (Including printing ink formulations, etc.)
Cellulose Acetate Market - Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
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