A new research report by Transparency Market Research, a leading market research and intelligence firm, presents a through analysis of the global cellulose acetate market. According to the study, the global market demonstrates a highly competitive business landscape, owing to the presence of a number of regional and international players. These players are focusing on mergers, acquisitions, and strategic alliances to remain relevant in this competitive environment. Over the coming years, they may shift their focus towards expanding their bases in developing economies in order to gain an edge over their peers, reports the research study.
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The research report estimates that the global cellulose acetate market will rise at a CAGR of 3.60% and register a considerable growth during the period from 2015 to 2023. Cellulose acetate tow and cellulose acetate filament are the two main products available in this market. Among the two, the demand for cellulose acetate tow has been higher, owing to its application in the processing of cigarette filters, extruded plastics, and water purification media.
This scenario is likely to likely to remain so over the next few years, reflecting positively on the dominance of the cellulose acetate tow segment. Among applications, the demand for cellulose acetates is relatively greater in cigarette filter making. With the number of smokers increasing exponentially, this segment is expected to continue with its high demand for cellulose acetate in the near future, states the research report.
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On the regional basis, Asia Pacific, among all regional cellulose acetate markets, emerged dominant in 2014, with more than 50% share. The rise in the cigarette and textiles industries supported the growth of this regional market. This trend is projected to continue over the forthcoming years, maintaining the supremacy of the Asia Pacific cellulose acetate market. On the other hand, the markets in North America and Europe will witness sluggish growth in the near future due to the market saturation, reports the study.
