According to a new market research report "Cellulose Esters Market by Type (Cellulose Acetate, Cellulose Acetate Butyrate, Cellulose Acetate Propionate, Cellulose Nitrate), by Application (Coatings, Plasticizers, Cigarette Filters, Films & tapes, Inks), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to grow from USD 9.27 billion in 2018 to USD 12.43 billion by 2023, at a CAGR of 6.0% during the forecast period. The growth of the Cellulose Esters Market can be attributed to the increasing use of cellulose esters in cigarette filters and films & tapes applications, coupled with their increasing consumption in the coatings industry.
Among types, the cellulose acetate segment is projected to lead the Cellulose Esters Market from 2018 to 2023 in terms of both, value and volume.
Based on type, the Cellulose Esters Market has been divided into cellulose acetate, cellulose acetate butyrate, cellulose acetate propionate, cellulose nitrate, and others. The growth of the Cellulose Esters Market can be attributed to increased use of cellulose esters in coatings, plasticizers, and films & tapes applications in the automotive, packaging, and oil & gas industries. The cellulose acetate segment is projected to lead the Cellulose Esters Market, in terms of both, value and volume.
Among applications, the coatings segment of the Cellulose Esters Market is projected to grow at the highest CAGR from 2018 to 2023, in terms of value.
Cellulose esters are used in various end-use applications such as coatings, cigarette filters, plasticizers, films & tapes, and inks. The coatings segment of the Cellulose Esters Market is projected to grow at the highest CAGR during the forecast period, in terms of value. The increased demand for cellulose esters for use in the coatings application in the automotive and oil & gas industries is expected to fuel the growth of the coatings segment of the Cellulose Esters Market between 2018 and 2023.
The Asia Pacific Cellulose Esters Market is projected to grow at the highest CAGR, in terms of value from 2018 to 2023.
The Asia Pacific Cellulose Esters Market is projected to grow at the highest CAGR during the forecast period, in terms of value. The China Cellulose Esters Market is projected to grow at the highest CAGR between 2018 and 2023, in terms of value. The growth of the Asia Pacific Cellulose Esters Market can be attributed to the increased use of cellulose esters in various applications such as cigarette filters, films & tapes, coatings, and plasticizers. The Asia Pacific region is witnessing an increased demand for cellulose esters, especially from China, India, and the Southeast Asian countries. Factors such as a shift in the cigarette manufacturing base from developed to emerging countries and an increase in the number of cellulose ester applications are expected to drive the growth of the Asia Pacific Cellulose Esters Market during the forecast period.
The leading players operating in the Cellulose Esters Market are Eastman Chemical Company (US), Solvay (Belgium), China National Tobacco Corporation (China), Daicel Corporation (Japan), Celanese Corporation (US), Acordis Cellulostic Fibers (US), Sappi (South Africa), Mitsubishi Chemical Holdings Corporation (Japan), Rayonier Advanced Materials (US), and Sichuan Push Acetati (China).
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