Cellulose Acetate Market Outlook
According to the report by Expert Market Research (EMR), the Global Cellulose Acetate Market Size reached a value of USD 4.65 billion in 2022. Aided by the mounting demand for cigarette filters and the rising applications of cellulose acetate in various industries, the market is projected to further grow at a CAGR of around 3.2% between 2023 and 2028 to reach a value of USD 5.61 billion by 2028.
Cellulose acetate, a natural biodegradable polymer, is derived from cellulose and is extensively used as a film and fibre producer. It finds broad applications in cigarette filters, textiles, and plastic goods owing to its impressive durability, excellent shine, high transparency, and deep gloss. Moreover, due to its biodegradability and non-toxicity, cellulose acetate has emerged as an environmentally friendly alternative to conventional plastic.
The escalating consumer preference for filtered cigarettes is a significant driver of the global cellulose acetate market growth. As public awareness of health hazards associated with unfiltered cigarette consumption grows, there has been a substantial shift towards filtered cigarettes, causing a surge in demand for cellulose acetate-based filters. Additionally, regulatory norms promoting the use of biodegradable and less harmful materials in cigarette production have further intensified this demand.
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The expanding applications of cellulose acetate across various industries also play a crucial role in cellulose acetate market development. In the textile industry, cellulose acetate is used for producing luxurious fabrics due to its high drapability, smooth texture, and glossy appearance. The plastic industry utilises cellulose acetate to manufacture a variety of products, including tool handles, spectacle frames, and playing cards, due to its impressive durability and aesthetic appeal.
Furthermore, the growing demand for biodegradable plastics in the packaging industry has led to a sharp focus on cellulose acetate as a promising substitute. As consumer awareness about environmental sustainability rises, and as the popularity of eco-friendly packaging solutions grows, cellulose acetate has emerged as a critical component in the development of sustainable packaging alternatives, thus fuelling market expansion.
In addition, the increasing application of cellulose acetate in the production of films used in photography, due to its excellent transparency and glossiness, has also propelled the market growth. The demand for high-quality films in professional photography and art, coupled with the ongoing digital transformation, provides a significant impetus to the cellulose acetate market expansion.
Cellulose Acetate Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
- Cigarette Filters
- LCD
- Yarn
- Coatings, Plastics, and Films
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cellulose acetate companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Celanese Corporation
- Daicel Corporation
- Eastman Chemical Company
- Others
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