Cellulose derivatives are compounds obtained by chemically modifying cellulose, which enhance or alter its properties to make it suitable for various applications. It offers the advantage of improved processability and functionality, enabling their use in creating environmentally friendly products that are biodegradable and non-toxic.
Sizing and Forecast
The cellulose derivatives market size has grown strongly in recent years. It will grow from $5.86 billion in 2023 to $6.31 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increased demand for eco-friendly and sustainable products, increased usage in the pharmaceutical, food and beverage, and personal care industries, a favorable regulatory landscape promoting the use of cellulose derivatives, and awareness about the benefits of cellulose derivatives in various applications.
The cellulose derivatives market size is expected to see strong growth in the next few years. It will grow to $8.53 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to the expansion of the pharmaceutical and personal care industries, the adoption of cellulose derivatives in novel applications such as 3D printing and biodegradable packaging, emerging markets witnessing rapid urbanization and industrialization, and innovations in manufacturing processes improving cost-efficiency. Major trends in the forecast period include consolidation via mergers and acquisitions, the development of advanced cellulose derivatives, a surge in cellulose ethers for thickening and stabilizing, rising demand for microcrystalline cellulose in pharma, and the adoption of cellulose esters in specialty coatings and films.
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Segmentation & Regional Insights
The cellulose derivatives market covered in this report is segmented –
1) By Type: Methyl Cellulose, Hydroxypropyl Methylcellulose (HPMC), Hydroxypropyl Cellulose (HPC), Carboxymethyl Cellulose, Hydroxyethyl Cellulose (HEC), Ethyl Cellulose, Other Types
2) By Grade: Industrial Grade, Food Grade, Pharmaceutical Grade
3) By End Users: Food Industry, Pharmaceutical Industry, Personal Care, Construction, Paint Industry, Other End Users
Asia-Pacific was the largest region in the cellulose derivatives market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the cellulose derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for pharmaceuticals and personal care products is expected to propel the growth of the cellulose derivatives market. The rising adoption of pharmaceuticals and personal care products is driven by increasing health awareness, aging populations, and advancements in medical and cosmetic technologies. Cellulose derivatives are used in pharmaceuticals and personal care products as thickeners, stabilizers, and excipients to improve active ingredients’ texture, stability, and delivery. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations, a Europe-based pharmaceutical manufacturing company, pharmaceutical production reached approximately $374.00 billion in 2022, compared to $356.35 billion in 2021. Furthermore, in July 2023, according to the U.S. Department of Commerce, a US-based governmental organization, In 2021, sales of beauty and personal care products in China reached $88 billion, reflecting a 10% increase from the previous year. Therefore, the increasing demand for pharmaceuticals and personal care products will drive the growth of the cellulose derivatives market.
Key Industry Players
Major companies operating in the cellulose derivatives market are The Dow Chemical Company, Shin-Etsu Chemical Co. Ltd., Akzo Nobel N.V., Eastman Chemical Company, Celanese Corporation, Nippon Paper Industries Co. Ltd., Sappi Limited, Nouryon, SNF Group, Daicel Corporation, Ashland Global Holdings Inc, Rayonier Advanced Materials Inc, LOTTE Fine Chemical Co. Ltd, Viscofan, CP Kelco ApS, Lamberti SpA, Yueyang Xingchang Petrochemical Co Ltd, DKS Co Ltd, Shandong Head Co Ltd, J RETTENMAIER & SÖHNE GmbH + Co KG, Reliance Cellulose Products Ltd, SE Tylose GmbH & Co KG, Hangzhou Dayangchem Co Ltd
The cellulose derivatives market report table of contents includes:
1. Executive Summary
- Cellulose Derivatives Market Characteristics
- Cellulose Derivatives Market Trends And Strategies
- Cellulose Derivatives Market – Macro Economic Scenario
- Global Cellulose Derivatives Market Size and Growth
.
32. Global Cellulose Derivatives Market Competitive Benchmarking
- Global Cellulose Derivatives Market Competitive Dashboard
- Key Mergers And Acquisitions In The Cellulose Derivatives Market
- Cellulose Derivatives Market Future Outlook and Potential Analysis
- Appendix
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