The growth of the carboxymethyl cellulose market is driven by surging consumer awareness pertaining to benefits of healthy and nutritious food, changing consumer lifestyle, mounting demand for energy drinks and processed food, and expanding global population, says this report.
SELBYVILLE, Del., Nov. 22, 2021 /PRNewswire/ -- According to the latest report by Global Market Insights Inc., the global Carboxymethyl Cellulose Market size was estimated at USD 1.29 billion in 2020 and is projected to surpass a valuation of USD 1.73 billion by 2027, registering a CAGR of 4.3% from 2021 to 2027. The research report gives an in-depth assessment of market size & estimations, top winning strategies, drivers & opportunities, wavering market trends, competitive scenario, and major investment pockets.
Carboxymethyl cellulose (CMC) finds application in varied end-user industries, such as personal care, food & beverage, oil & gas, pharmaceutical, and detergents & laundry, among others. The food & beverage sector was one of the largest end-user sectors for CMC and is likely to contribute significantly to market growth over the forecast period.
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Carboxymethyl cellulose possesses thickening, dispersing, bonding, suspending, homogenizing, emulsifying, and stabilizing properties, which makes it a vital component in cosmetic products like skin, care, skin whitening, and depilatory creams, shower gel, sunscreen, shampoo, face powder, lipstick, face mask, and others. Propelled by its prevalent usage in cosmetics, the carboxymethyl cellulose market from the personal care end-user segment is slated to grow at a CAGR of over 4.5% through the analysis period.
The pulp & paper industry is anticipated to generate a revenue of over USD 190 million by 2027, at a CAGR of 3.9%. Paper processing is one of the end-user industries for carboxymethyl cellulose and accounted for 11.5% of the total market share in 2020. With consumers preferring electronic media over newspapers, the pulp & paper segment is anticipated to account for a slightly lower demand of 11.2% of the total carboxymethyl cellulose market share in 2027.
Key reasons for carboxymethyl cellulose market growth:
1. Prevalent utilization in pharmaceutical sector.
2. Surging product prominence in drilling activities.
3. Widespread application in food & beverage industry.
4. Increasing adoption as binder in construction activities.
5. Rising product uptake in cosmetic and personal care products.
2027 forecasts show 'oil & gas' segment retaining its dominance:
In terms of end-user, the oil & gas segment is anticipated to observe significant growth by 2027, registering around 4.2% CAGR through 2027. CMC is used in drilling muds, wherein it balances several physical parameters, such as reducing water loss, regulating viscosity, and enhancing thixotropy. Increasing offshore drilling activities, backed by mounting demand for crude oil in end-use industries like refineries, are speculated to impel segmental growth in the forthcoming years.
North America to maintain top status in terms of revenue:
In the regional landscape, the North America carboxymethyl cellulose market is expected to register a CAGR of more than 4.4% through the forecast timeframe to reach a sizable valuation by the end of 2027. Soaring demand for carboxymethyl cellulose in the domestic oil & gas sector is set to foster product outlook in North America over the estimated period.
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Impact of COVID-19 pandemic on carboxymethyl cellulose market:
The COVID-19 outbreak augmented the need for research activities to identify and develop effective solutions to combat the coronavirus infection, which has fueled pharmaceutical industry growth in recent years. Notably, studies demonstrating key potential applications of carboxymethyl cellulose, such as in sublingual delivery of protein vaccines, have enhanced product outlook. Consequently, high product significance in the pharmaceutical sector has played a vital role in market expansion during the pandemic.
Leading market players:
Major companies operating in the global carboxymethyl cellulose industry are J.M. Huber Corporation, Triveni Chemicals, Akzo Nobel, DKS Co., Ltd., Ashland, and Lamberti SA, among others.
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SOURCE Global Market Insights Inc.