PUNE, India, April 9, 2018 /PRNewswire/ --
The report "Cellulose Acetate Market by Type (Fiber, and Plastic) Application (Cigarette Filters, Textiles & Apparel, Photographic Films, Tapes & Labels), Region (North America, Europe, APAC, Middle East & Africa, South America) - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to grow from USD 3.81 Billion in 2017 to USD 4.87 Billion by 2022, at a CAGR of 5.07% between 2017 and 2022. Technological advancements in manufacturing processes are expected to fuel the demand for cellulose acetate in mature markets such as North America and Europe. The increase in the number of cigarette smokers in developing countries and the shifting preferences of people toward sustainable fabric products are some of the drivers and opportunities for the growth of the Cellulose Acetate Market. The Cellulose Acetate Market has been growing in accordance with the growth of the cigarette manufacturing industry. Increasing urban population, recovery of the global economy, and growth in the packaging and fabric industries have driven the Cellulose Acetate Market.
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Based on application, cigarette filters is projected to lead the Cellulose Acetate Market during the forecast period.
A major application of cellulose acetate is for the filtration of cigarette smoke. Cellulose acetate has prevailed as the filter material of choice as it combines excellent filtration properties with greater acceptance of its signature taste. It also has a superior biodegradability profile, which is an advantage in the event the filters end up in the environment. The growth of the cigarette manufacturing industry is, therefore, expected to drive the Cellulose Acetate Market. The outlook for the global cigarette manufacturing industry remains positive due to the increase in the number of cigarette smokers as well as the purchasing power of consumers. In addition to this, the increase in the export of cigarettes from the APAC countries such as China, Malaysia, Vietnam, Indonesia, and Thailand has propelled the demand for cellulose acetate in these countries. Other applications of cellulose acetate include textiles & apparel, photographic films, and tapes & labels, among others.
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Based on type, fiber is projected to dominate the Cellulose Acetate Market during the forecast period.
Fiber is expected to be the fastest-growing type segment of the Cellulose Acetate Market and accounts for the largest share of the overall Cellulose Acetate Market, by type due to its easy availability and wide acceptability in end-use industries such as cigarette manufacturing and textiles & apparel. The increasing demand for biodegradable plastics has given rise to the use of cellulose acetate plastic in mature markets such as North America and Europe.
Asia Pacific is expected to lead the Cellulose Acetate Market during the forecast period.
Asia Pacific is expected to be the largest Cellulose Acetate Market during the forecast period. Increasing cigarette smoking population, along with the high demand from the textiles & apparel and tapes & labels applications, is expected to fuel the growth of the Asia Pacific Cellulose Acetate Market. Countries such as China, Japan, and India are expected to be the major markets for cellulose acetate in Asia Pacific, with China estimated to be the largest market in terms of consumption
Key players in the market are Celanese (US), Mitsubishi Chemicals (Japan), China Tobacco Corporation (China), Daicel (Japan), and Eastman Chemical Company (US), among others. These companies use strategies such as acquisitions, expansions & investments, and new product launches to strengthen their position in the market.
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