Market Overview
Cellulose esters are an acetate ester of cellulose. It is primarily used for a film base in photography, as the precursor components in some coatings. Additionally, the product finds application in a frame material for eyeglasses and as synthetic fiber in the manufacturing cigarette filters.
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Based on raw material, the global cellulose ester market has been segmented into cellulose acetate, cellulose acetate propionate, cellulose acetate butyrate, cellulose nitrate, and others. Among these raw materials, the cellulose acetate accounted for the largest market share in 2017 and is projected to grow at the highest CAGR during the forecast period. The primary factors responsible for this growth are the demand for the product in automotive and construction industry to serve the coating applications. The cellulose acetate propionate is another substantial raw material which is anticipated to witness healthy growth in demand in printing inks and varnishes during the forecast period owing its low-odor, free-flowing powder form. Additionally, the adaptability of the for use in printing inks and clear overprint varnishes due to radial solubility in ink solvents and higher compatibility with the other resins used in printing inks.
By application, the global cellulose ester market has been categorized into coatings, films & tapes, textiles, cigarette filters, healthcare, inks, and others. The coatings segment held the largest share of the market in account of increasing demand from the rapidly growing automotive industry across the globe. Additionally, the technological advancements in the medical sector and increasing personal care awareness in the developing countries is likely for fuel demand for the product in the healthcare applications.
Market Segmentation
The global Cellulose Ester market has been segregated on the basis of raw material, application, and region.
By raw material, the global cellulose ester market has been segregated into cellulose acetate, cellulose acetate propionate, cellulose acetate butyrate, cellulose nitrate, and others.
Based on application, the market is categorized into coatings, films & tapes, textiles, cigarette filters, healthcare, inks, and others.
The global cellulose ester market has been studied across the five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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Regional Analysis
The global cellulose ester market has been segmented across five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The market in Asia-Pacific is anticipated to grow at the highest CAGR owing to the rising product demand in the automotive, healthcare, and construction industries. In addition, the cellulose esters are widely used in rapidly growing textiles industry in this region. This is expected to fuel the market growth in the region during the review period.
North America is expected to witness significant growth during the forest period. This is mainly due to the substantially higher growth in demand for the product in the construction industry along with the cigarettes filters.
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Competitive Analysis
The leading players in the global Cellulose Ester market are CHT Group (Germany), KCC CORPORATION (South Korea), Elkem Silicones (Norway), MESGO S.p.A. (Italy), Momentive (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. (Japan), Reiss Manufacturing, Inc. (US), SIMTEC Silicone Parts (US), Shenzhen Inno Silica Co., Ltd. (China).
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