Cellulose Acetate Market worth $6.3 billion by 2026 | Key players Eastman chemical Company, Solvay, Celanese Corp, Daicel Corp, China National Tobacco Corp

According to recent market research "Cellulose Acetate Market by Type (Fiber, Plastic), Application (Cigarette Filters, Textiles & Apparel, Photographic Films, Tapes & Labels), and Region (North America, Europe, APAC, MEA, & South America) - Global Forecast to 2026", The cellulose acetate market size is projected to reach USD 6.3 billion by 2026, at a CAGR of 4.7%, during the forecast period. Owing to an increase in number of smokers, particularly in emerging nations such as China and India, the cellulose acetate market is expected to witness significant growth during the forecast period. In addition to this, the growing demand in textiles and apparels, increasing usage in home furnishing products and rising application as a biodegradable plastic in various other industries is also propelling the growth of the market. However, the outbreak of COVID-19 has created ripples in various end-use industries, leading to reduced demand for cellulose acetate. Due to the lockdown scenario in Europe and North America, the demand for cellulose acetate from cigarette manufacturing, and textiles & apparel have declined sharply in the first quarter of 2020.

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Cellulose acetate fibers are the major types of synthetic fibers. The fiber-forming substance is cellulose acetate, in which at least 92% of the hydroxyl groups are acetylated. This fiber is called triacetate or triacetate cellulose. Conventional secondary acetate fibers can be manufactured by treating wood pulp, cellulose, or cotton liners with acetic acid. The pretreated cellulose or secondary acetate is converted to triacetate when treated with acetic anhydride in the presence of an acid catalyst. The fiber type segment of the cellulose acetate market accounts for the largest share of the overall cellulose acetate market, owing to its easy availability as well as wide acceptability in end-use industries such as cigarette manufacturing and textiles & apparel.

Cigarette filter is the major application for the cellulose acetate market. Due to its excellent filtration properties, cellulose acetate has prevailed as the filter material of choice. In addition to this, it also possesses superior biodegradability, which is an advantage if the filters end up in the environment.

The growth of the cigarette industry, especially in emerging economies such as China and India owing to continuing increasing disposable income levels, and, consequently, an increasing young population which has a high inclination towards smoking is expected to drive the cellulose acetate market as it is one of the most profitable industries globally.

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Cellulose acetate are used in a variety of end-use industries, including cigarette manufacturing, textiles & apparel, medical, wastewater treatment, and others. Led by strong end-user demand, the cellulose acetate industry is growing at a rapid pace. However, amidst the global COVID-19 pandemic, the demand for Cellulose acetate from the above-mentioned industries is expected to show a sharp decline in 2020 from 2019. The global cellulose acetate market size is projected to grow from USD 5.0 billion in 2021 to USD 6.3 billion by 2026, at a compound annual growth rate (CAGR) of 4.7% during the forecast period.

The major manufacturers profiled in this report include Eastman chemical Company (US), Solvay, Celanese Corporation (US), Daicel Corporation (Japan), China National Tobacco Corporation (China), Mitsubishi Chemical Holdings (Japan), Sichuan Push Acetati Co. Ltd. (China), Rayonier Advanced Materials Inc. (US), Acordis Cellulosic Fibers Co Ltd (Belgium), Sappi Limited (South Africa). These companies adopted various organic and inorganic growth strategies. For instance, in January 2020, Daicel Corporation developed a more environment-friendly form of Cellulose Acetate, a naturally derived plastic, with twice the marine biodegradability of existing products. Daicel offers the new product as an effective solution to the recent marine plastic waste problem.

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Eastman Chemical Co. offers specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Fiber segment offers cellulose acetate tow for use in filtration media, primarily cigarette filters. Eastman offers a wide variety of products, including adhesives, bonding materials, coatings, and specialty materials. The company was founded by George Eastman in 1920 and is headquartered in Kingsport, US.

Daicel Corporation is a Japan-based specialty chemical company which operates through five business segments namely, cellulosic derivatives, organic chemicals, plastics, pyrotechnic devices, and others. The company offers a product portfolio with a comprehensive range of products which include cellulose acetate, tow for cigarette filters, high-performance chemicals, engineering plastics such as liquid crystal polymers (LPCs), resin compounds, and automotive airbag inflators. The company also has a strong global presence in regions such as Europe, Asia, and North America with a total 75 group companies.

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