PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397118
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397118
Cellulosic Polymers Market size was valued at USD 8,644 Million in 2022, expanding at a CAGR of 6.5% from 2023 to 2030.
The complex carbohydrate cellulose, which is present in plant cell walls, is the source of cellulosic polymers. Cellulose, the most prevalent organic substance on the planet, provides strength and stiffness to plant cell walls as a structural element.
Low-thermal-conductivity materials are utilized as building insulation to lower interior temperatures and minimize noise transfer. These same qualities apply to cellulose, a polysaccharide that is utilized in roof and wall cavities for insulation, free noise reduction, and draught proofing. The amount of cellulose used as building insulation has increased as a result of the rise in both residential and commercial construction activity. For instance, the construction sector in India expanded by 6.2% in Q4 2020, as reported by the Ministry of Statistics and Programme Implementation in India. Additionally, in October 2021, construction output grew by 4.2% in the EU and 4.4% in the euro region, according to Eurostat data released by the European Union. In addition, the Federal Statistical Office of Germany reports that 29,951 new homes were approved for building in January 2022, an 8.3% rise over the same month in 2021. A rise in building activity will result in greater use of cellulose fiber as building insulation, which will accelerate the expansion of the cellulosic polymer sector.
The Global Cellulosic Polymers Market is segmented based on Type, Application, Industry Vertical, and Region.
Based on the type, the market is bifurcated into Cellulose Ethers and Cellulose Esters. The Cellulose Ethers segment captures a significant market share during the forecast period. Water-soluble polymers called cellulose ethers are employed in a variety of sectors, such as construction and building materials, food and beverage, pharmaceuticals, and medicine, as thickeners, stabilizers, and viscosity modifiers.
Based on the application, the industry is segmented into Flexible Packaging, Paints & Coatings, Print Laminations, Skin Care and Others. The Flexible Packaging segment is expected to dominate the market during the forecast period. For the production of cellophane in the form of regenerated cellulose, cellulosic polymers are primarily utilized. Its low permeability to oils, air, germs, and water makes cellophane, a thin, translucent, biodegradable film, a frequent ingredient in food packaging. Thereby, driving the market growth.
Based on the industry vertical, the market is bifurcated into Building & Construction, Food & Beverage, Medical & Pharmaceutical, Personal & Cosmetic Care and Others. The Building & Construction segment is expected to capture a substantial market share over the forecast period. Construction materials frequently include cellulose polymers, especially its derivatives like cellulose ethers, as additives. They can improve the functionality of products including cementitious materials, adhesives, grouts, and mortars.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. Cellulosic polymer demand gained much of its momentum from the rapidly expanding building and construction sector in emerging nations like China and India. Prominent multinational corporations have been making large investments in Asia Pacific's industrial and manufacturing sectors. Investors are drawn to the area even more by the accessibility of raw material suppliers and the availability of inexpensive labor. The expansion of the regional market is anticipated to be primarily driven by China and India during the projected period. Besides, North America is expected to hold the largest market share during the forecast period. Due to the strong demand for non-residential construction projects including hospitals, commercial buildings, and colleges, the construction sector in North America is predicted to experience substantial expansion in the upcoming years. Throughout the projection period, the building and construction sector in the region is predicted to experience an increase in product demand due to the stimulation of the construction of more healthcare units and hospitals following the introduction of the Affordable Healthcare Act.
The key players operating in the market are Shin-Etsu Chemical, Co., Ltd., Nouryon Chemicals Holding B.V., CP Kelco U.S., Inc., Celanese Corporation, Ashland, Eastman Chemical Company, Daicel Corporation, Dow, Inc., Lenzing AG, Grasim Industries Limited, Sappi Europe SA and Mitsubishi Chemical Group Corporation among others.
In February 2023, Ginkgo Bioworks, which is developing the industry-leading platform for cell programming and biosecurity, and IOWEG, a manufacturer of highly functional and customizable bio-based materials, announced a partnership to enhance the production of bacterial cellulose and create novel, high-performing cellulose variants to cater to several end markets.