The 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″, The cellulose esters 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.
Cellulose esters are soluble in a wide range of organic solvents with a minimal increase in their viscosity. These esters are compatible with a wide variety of resins. Cellulose esters are used in inks and coatings as rheology modifiers and binder resins. The cellulose esters market has been segmented based on type, application, and region. The cellulose esters 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% between 2018 and 2023. The growth of the cellulose esters market can be attributed to the increasing use of cellulose esters in coatings, plasticizers, cigarette filters, and films & tapes applications. This increased use of cellulose esters in different applications is due to the excellent mechanical and physical properties offered by them. However, the increasing awareness among masses regarding the health risks posed by smoking is expected to restrain the growth of the cellulose esters market across the globe.
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The Asia Pacific region is expected to lead the cellulose esters market in 2018, in terms of value. It is expected to be followed by the North American and European regions. The growth of the Asia Pacific cellulose esters market can be attributed to the increased demand for cellulose esters from China. The economic growth of China is boosting the growth of the coatings industry in the country, thereby leading to the increased consumption of cellulose esters in this industry. Moreover, the increase in the number of cigarette smokers in the region is also driving the growth of the Asia Pacific cellulose esters market. The Asia Pacific cellulose esters market is projected to grow at the highest CAGR, in terms of value from 2018 to 2023. The flourishing manufacturing industry in the region and rising investments for the production of cellulose esters in emerging economies such as China, India, and South Korea are also contributing to the growth of the Asia Pacific cellulose esters market. The cellulose esters markets in the European and North American regions are relatively mature.
Among types, the cellulose acetate butyrate segment of the cellulose esters market is projected to grow at the highest CAGR, in terms of value during the forecast period. The cellulose acetate segment is projected to lead the cellulose esters market from 2018 to 2023, in terms of value. The increasing use of cellulose acetate in various end-use applications such as coatings, cigarette filters, plasticizers, and films & tapes is expected to drive the growth of the cellulose esters market during the forecast period.
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Based on application, the coatings segment is projected to lead the cellulose esters market from 2018 to 2023, in terms of value. The increasing demand for coatings from the automotive and oil & gas industries is a major factor driving the growth of this segment of the market. Cellulose esters are widely used in cigarette filter applications. Moreover, the increased use of cellulose esters in LCD displays and for water purification applications is also expected to drive the growth of the cellulose esters market during the forecast period.
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