APAC to Dominate the Global Methyl Cellulose Market
Methyl Cellulose belongs to the family of hydrocolloids and a hydrophilic chemical compound derived from cellulose. It has various characteristics, such as zero toxicity, non-irritating, and non-allergic. They are long-chain cellulose replacements and are synthetically developed by treating and heating cellulose with caustic solution and methyl chloride. They possess unique properties that make them ideal for use in a wide range of applications, such as paints & coatings, pharmaceuticals, cosmetics & personal care, construction materials, and others. Some of the other applications are lubricants and a textile agent.
Market Dynamics
Increasing awareness, rising number of working professionals, and increasing the construction sector are some of the key market drivers and trends observed in the global Methyl Cellulose Market. Moreover, the growing importance of grooming among adults and adolescents is expected to fuel the growth of the industry. New product innovation and the rising popularity of different types of celebrity cosmetic products are expected to fuel demand for methyl cellulose in the coming years.
On the other hand, it is estimated that massive investment in the construction and building sector in both developed and emerging countries will increase the market growth. It is also used as a sizing agent or binder in the paper and textile industries. Therefore, the global methyl cellulose market will deliver lucrative growth opportunities in light of the increasing growth of the textile industry worldwide.
Segmentation
The global methyl cellulose market is segmented on derivative and application.
Based on the derivative, the market is divided into hydroxyethyl methyl cellulose, hydroxybutyl methyl cellulose, and hydroxypropyl methylcellulose.
Based on application, the market for methylcellulose is classified into construction material, paints & coatings, cosmetic & personal care, pharmaceutical, and others.
Regional Analysis
The global market for methyl cellulose market is segmented into the Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
The Asia Pacific is projected to rise at the highest CAGR during the forecast period due to growing demand from end-use applications such as paints and coatings and construction materials. Due to the growing industrial and residential construction market, the demand for methyl cellulose is expected to increase in developing countries in the Asia Pacific, such as India, China, Vietnam, and Bangladesh. In addition, ease of availability of raw materials, increasing purchasing power, a soberly strict regulatory framework, cheap labor costs, and improving development strategies to meet demand for Methyl Cellulose in growing applications are key factors for regional market growth.
Due to the recovery of the industrial sector, North America is projected to see a significant rise in the methyl cellulose market, combined with growing investment in the paint & coating industry. North American countries such as the U.S. and Canada are among the largest contributors to regional market growth. Due to the strong presence of manufacturers and end-use industries, they are expected to see significant regional market growth in the near future. The U.S. held the largest market share in terms of value and is expected to rise with a steady CAGR due to growth in cosmetic & personal care.
Key Players
Some of the prominent operators in the methyl cellulose market are Sigma-Aldrich Co. LLC. (U.S.), The Dow Chemical Company (U.S.), BASF SE (Germany), Ashland (U.S.), LOTTE Fine Chemical (South Korea), Zhejiang Kehong Chemical Co. Ltd (China), Zhejiang Kehong Chemical Co. Ltd. (China), Shin-Etsu Chemical Co., Ltd (Japan), Reliance Cellulose Products Ltd. (India), J. RETTENMAIER & SÖHNE GmbH + Co KG (Germany) and others.
In Europe, countries such as Italy, France, Germany, Spain, and the United Kingdom have emerged as leading consumer markets due to developed end-use industries and increased spending on research, development, and innovation. It is also projected that Latin American countries such as Argentina, Colombia, and Brazil are experiencing above-average growth with the combination of new business models. In addition, lubricants are widely used in the automotive and general industry, increasing automotive production and sales, as well as the expansion of the general industry in countries such as China, India, Mexico, Germany, Spain, and Japan, would further fuel market growth.
The Middle East & Africa is expected to be experiencing average growth during the assessment period. Massive investment in both the institutional and commercial construction sector in Turkey, Oman, Saudi Arabia, Qatar and the United Arab Emirates (UAE) is expected to have a positive effect on industry growth over the assessment period.
