According to the report, the global cellulose acetate market is anticipated expand at a lethargic CAGR of -1.12% during the forecast period 2017-2024. By the end of 2024, the global cellulose acetate market could touch a valuation of US$ 2,118.99 Mn, decreasing from a US$ 2,428.60 Mn attained in 2017. As per the report, the production of cellulose acetate decreased to 688.5 K MT in 2018.
Global Cellulose Acetate Market: Restraints
The production cost of cellulose acetate is expected to bear the brunt of the fluctuation in the prices of upstream products. Constant decline in the demand for cigarettes and full supply of raw materials such as acetic anhydride and wood pulp are causing the global cellulose acetate market to become oversupplied.
The global cellulose acetate market is prophesied to face other challenges as a result of the implementation of No Smoking Policy in some countries. In this regard, manufacturers could focus on the improvement of the functionality of cellulose acetate by redirecting their research and development efforts. This is foretold to offset the weakening trend of cigarette consumption in the coming years.
However, the increase in cigarette filter production in regions such as Asia and the manufacture of longer filters to reduce the consumption of tar are prognosticated to support the future growth in the demand for filter tow. This is expected to augur well for the global cellulose acetate market. Moreover, the growing number of female cigarette smokers could improve the demand for cellulose acetate.
Global Cellulose Acetate Market: Forecast by Application
The research analysts have studied four key applications of cellulose acetate, i.e. molded plastics, films, fabrics, and cigarette filters. Among these, cigarette filters secured a handsome share of 76.33% of the global cellulose acetate market in 2017. In the same year, molded plastics, films, and fabrics accounted for a 3.31%, 6.62%, and 11.77% share of the global cellulose acetate market respectively.
Global Cellulose Acetate Market: Forecast by Type
By type, the global cellulose acetate market sees a classification into cellulose triacetate and cellulose diacetate. Each type of product is broadly assessed for its market growth in the near future.
Global Cellulose Acetate Market: Forecast by Region
The report offers accurate and highly detailed geographical analysis of the global cellulose acetate market, keeping in view the market growth in South America, Japan, Europe, North America, China, and Rest of Asia.
Global Cellulose Acetate Market: Key Players
Cellulose acetate is a highly concentrated market. Market giants such as Solvay, Daicel, Eastman, and Celanese are mainly distributed in Japan, Europe, and the U.S. Sichuan Push Acetati, Daicel-CNTC, and Celanese-CNTC are some of the chief manufacturers operating in China. Almost all cellulose acetate manufacturers constantly look to improve their products for gaining a foothold in the market.
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