Cellulose Acetate Market Trends, Industry Share, Growth Drivers, Business Opportunities and Demand Forecast to 2029
The cellulose acetate is used to produce photographic films, cigarette filters, and in playing cards. It is considered as one of the earliest synthetic fibers based on cotton or tree pulp cellulose. There has been an increasing consumption and demand for cigarettes from a majority of the world population. Hence, the demand for cellulose acetate has increased in several regions due to its usage in the manufacturing of cigarette filters. Thus, this has resulted in the growth of the cellulose acetate market.
However, the strict rules and regulations imposed by government regarding the consumption of cigarettes is projected to restrict the growth of this market.
The COVID-19 pandemic and the increasing social distancing norms imposed by the government has affected most of the industries worldwide. This pandemic has also impacted the industries such as textiles, packaging, clothing, and others, which has led to a decline in the demand for cellulose acetate, hindering its market growth.
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On the basis of type, this market is divided into fiber and plastic. By application, the market is classified into cigarette filter, textiles and apparels, photographic films, tapes and labels, and others. Based on geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report contains a rigorous study of all factors and trends driving and shaping the size, share, and revenue of the market. Further, the report supplies a microscopic examination of the hindrances obstructing the growth of the market, as well as provides a careful analysis of the market segments. Additionally, a detailed assessment of the competitive landscape and regional prospects of the market are also incorporated into the report.
Increasing Awareness among Consumers regarding Plastic Pollution to Fuel the Market
Over the years, there has been an increasing awareness among most of the world population regarding the pollution caused due to burning of plastic and the plastic thrown in the garbage bins. The cellulose acetate acts as a biodegradable fiber which can prove effective as a substitute for plastic. Hence, there is a rising demand for cellulose acetate across several regions in this market. Thus, this is an important factor driving the growth of this market.
Increasing Industrialization to Boost the Asia Pacific Market Growth
Asia Pacific region is projected to dominate in the cellulose acetate market share on account of the high economic growth and rapid industrialization. Further, the low labor cost is a vital factor fuelling this market's growth in this region.
North America region is anticipated to grow speedily in this market due to the increasing demand and consumption of cigarettes in this region.
Europe is projected to grow at a decent pace in this market due to the rising demand for cellulose acetate from the textile industry.
Strong Focus on the Less Usage of Plastic by Key Players to Feed Competition
The prominent companies in the cellulose acetate market are focusing on the protection of environment by reducing the use of plastic and making use of its substitute products such as cellulose acetate. This has resulted in the increasing competition among key companies which will help them to broaden their business operations and expand their market footprint.
October 2020: Celenese launched cellulosic pellets under the brand name 'BlueRidge'. It is a home compostable single use plastic alternative made of wood pulp and vinegar. It is mainly based on cellulose acetate.
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List of Key Players Covered in the Cellulose Acetate Market Report:
Eastman Chemical Company
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