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(MoneyNewsWire.Net, May 09, 2018 ) The global cellulose ether & its derivatives market in terms of value, is projected to reach USD 6.41 Billion by 2021, at a CAGR of 6.0% from 2016 to 2021. The high-growth application areas such as personal care, pharmaceuticals, construction, food ingredients, along with expansion & new product launch activities undertaken by companies are the key factors driving the global cellulose ether & its derivatives market.
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The segmentation of the cellulose ether & its derivatives market includes product type, application, and region. Hydroxyethyl cellulose is projected to be the fastest growing product during the forecast period due to the high growth in the end-use industries such as, pharmaceuticals, oil drilling, and construction, among others. Carboxymethyl cellulose is estimated to remain the largest market by volume. Carboxymethyl cellulose finds major applications in industrial, foods and beverages, pharmaceuticals, and personal care sectors in the global cellulose ether & its derivatives market. The surface-active properties of cellulose ether allows it to act as a thickener and stabilizer in aqueous solutions, making it a beneficial additive in a wide variety of commercial products and industries, including the pharmaceutical industry, the construction industry, PVC products, food and beverage products, the petroleum industry, and the cosmetics industry.
The various applications of cellulose ethers considered in the report are construction, pharmaceuticals, surface coating, and foods & beverages, among others. Construction is expected to remain the largest growing application for cellulose ethers while foods & beverages is expected to become the fastest growing market due to the worldwide rise in population and increase in the standards of living of consumers.
Currently, the Asia-Pacific region is the largest market for cellulose ether & its derivatives, accounting for more than half of the global market, by value, in 2015. Among all the countries, China led the cellulose ether & its derivatives market in 2014, closely followed by India and the rest of Asia-Pacific countries. A high economic growth rate, growing demand for applications (such as, mining, construction, drilling fluids in oilfields, pharmaceuticals, and so on), cheap labor, and competitive manufacturing costs are the main factors driving the market for cellulose ether in the region.
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Though the cellulose ether & its derivatives market is growing at a high rate, a few factors hinder the growth of the market globally. The prices of guar gum which is used as a substitute for cellulose ether in the foods & beverages, and paints & coatings industries have sharply fallen due to the decrease in oil prices globally. As a result, companies may use guar gum as an economic alternative to cellulose ether. Also, nonionic thickeners are being used in formulations of paints & coatings in conjunction with cellulose ether which will further reduce the volume demand to some extent.
Companies such as, Ashland Specialty Chemicals (U.S.), The Dow Chemical Company (U.S.), CP Kelco (U.S.), Shin-Etsu Chemical Co., Ltd. (Japan), AkzoNobel Performance Additives (The Netherlands), Lotte Chemicals (Korea), and China RuiTai International Holdings Co., Ltd. (China) are the leading market players in the global cellulose ether & its derivatives market. The diverse product portfolios and strategically positioned R&D centers, adoption of development strategies, and technological advancements are the factors responsible for strengthening the market positions of these companies. These companies have been adopting various organic and inorganic growth strategies such as, expansions, new product launches & product developments to enhance their current market shares.
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