Press release
Global Cellulose Acetate Market 2024 Future Scope, Industry Analysis, Competitive Landscape And Forecast To 2033
Cellulose Acetate Market
The Business Research Company offers in-depth market insights through Cellulose Acetate Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The cellulose acetate market size has grown strongly in recent years. It will grow from $5.1 billion in 2023 to $5.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to film and photography industry, cigarette filters, textile industry, consumer goods manufacturing, demand for acetate tow, increased biomedical applications.
The cellulose acetate market size is expected to see strong growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to shift to biodegradable materials, increasing eyewear market, biomedical advancements, expansion of textile industry, sustainable fashion trends. Major trends in the forecast period include bio-based cellulose acetate, customized acetate blends, cellulose acetate butyrate, innovation in film and coating applications, market consolidation and acquisitions.
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Market Segmentation:
The cellulose acetate market covered in this report is segmented -
1) By Type: Fiber, Plastics
2) By Product: Cellulose Acetate Filament, Cellulose Ester Plastics, Cellulose Acetate Tow, Cellulose Acetate, Flakes, Other Products
3) By Application: Cigarette Filters, Textiles And Apparel, Photographic Films, Tapes And Labels, Other Applications
Major Driver - Surge In Cigarette Consumption Drives Expansion Of The Cellulose Acetate Market
The increase in cigarette consumption is expected to drive the growth of the cellulose acetate market going forward. Due to rapid economic development and population increase, cigarette use is predicted to rise in many low- and middle-income nations. Cellulose acetate is primarily utilized in the manufacture of cigarette filters, which are found in the vast majority of cigarette filters around the world. The filter aids in the removal of tar and nicotine while preserving a pleasant taste for the smoker. For instance, in March 2022, according to the Centers for Disease Control and Prevention, a US national public health agency, nearly 40 million U.S. adults still smoked cigarettes, and an estimated 2.55 million middle and high school students used at least one tobacco product, including e-cigarettes. Every day, about 1,600 U.S. youth younger than 18 smoke their first cigarette. Therefore, the growing consumption of cigarettes propels the growth of the cellulose acetate market growth.
Competitive Landscape:
Major companies operating in the cellulose acetate market report are Sichuan Push Acetati Co. Ltd., China National Tobacco Corporation, Dayang Chem (Hangzhou) Co. Ltd., Mitsubishi Chemical Holdings Corporation, Merck Group, Asahi Kasei Corporation, Toray Industries Inc., Solvay S.A., Eastman Chemical Company, Celanese Corporation, Showa Denko K.K., Teijin Limited, Sappi Limited, Kaneka Corporation, Daicel Corporation, Kuraray Co. Ltd., Toyobo Co. Ltd., SK Chemicals Co. Ltd., Rayonier Advanced Materials Inc., Nippon Acetate Co. Ltd., Mazzucchelli 1849 S.p.A., Unitika Ltd., Cerdia International GmbH, Borregaard ASA, Acetex Corporation, Tianjin NAT Technology Co. Ltd., Rotuba Extruders Inc., Haihang Industry Co. Ltd., Youngbo Textile Co. LTD., Acetati S.p.A., Acetylation Industries Inc.
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Top Trend - Mykita Strategic Partnership With Eastman Chemical Paves The Way For Sustainable Acetate In The Eyewear Industry
Major companies operating in the cellulose acetate market are focused on adopting strategic partnerships to gain a competitive edge in the market. These collaboration aims to develop sustainable acetate, which is a significant step towards reducing the environmental impact of the eyewear industry. For instance, in March 2022, MYKITA GmbH, a German-based eyewear design manufacturer, partnered with Eastman Chemical Company, a US-based chemical industry company. With this partnership, MYKITA GmbH aims to replace 100% of its acetate supply with the sustainable alternative Acetate Renew, which ensures that the properties of the material are the same as traditional acetate with no compromise on quality. It involves the conversion of hard-to-recycle waste into its original molecules using Carbon Renewal Technology (CRT).
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cellulose Acetate Market Characteristics
3. Cellulose Acetate Market Trends And Strategies
4. Cellulose Acetate Market - Macro Economic Scenario
5. Cellulose Acetate Market Size And Growth
…..
27. Cellulose Acetate Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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