Cellulose Acetate Market is available in two types namely fiber and plastics. The fiber segment dominated the market in 2016 owing to its easy availability. The fiber type cellulose acetate held major of the global market share in 2016 due to its extensive use in the manufacturing of cigarette tows and textiles. Acetate fibers are fast drying, wrinkle resistant, and soft used for dresses, draperies, carpets, umbrellas, and others. It is used in the manufacturing of cigarette tows due to its high heat stability, high absorptivity, and biodegradability. The biodegradable nature of cellulose acetate is likely to offer substantial opportunities to the plastic type cellulose acetate in the mature markets such as the U.S.
The application segment includes textiles & apparels, cigarette filters, photographic films, tapes & labels, spectacle frames, and others. Growing demand from the textiles & apparels industry is majorly driving the global cellulose acetate market growth. This growth is attributed to various properties that the product offer such as soft nature, heat-resistance, and comfort. The increasing use of cellulose acetate solubility as a replacement of silk owing to its low cost is expected to fuel the growth of the textile industry. The product demand from ophthalmology industry for manufacturing frame-wears is expected to fuel the market growth during the review period. However, the demand for cellulose acetate manufacturers in photographic films is likely to decline on account of the substitution by other low-cost effective products such as polyesters.
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The Global Cellulose Acetate Market is segmented based on the type, application, end-use industry, and region.
The Global Cellulose Acetate Market is segmented based on the type as fiber and plastic.
Based on the application, the market is segmented into textiles & apparels, cigarette filters, photographic films, tapes & labels, spectacle frames, and others.
· Eastman Chemical Company
· Mitsubishi Chemicals Holdings Corporation
· Celanese Corporation
· Daicel Corporation
· China National Tobacco Corporation
· Accordis Cellulosic Fibers Inc.
· SK Chemicals
· Sichuan Push Acetati Co.Ltd.
· Rayonier Advanced Materials
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Geographically, the global cellulose acetate market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific accounted for a major market share in 2016 owing to growing demand from the textiles & apparels industry in countries such as India, China, and others. India’s textiles & clothing industry is one of the largest consumers across the globe, contributing nearly 13.25% of India’s total exports. Various government initiations for the growth of the textiles industry is expected to drive the cellulose acetate market in the region. For instance, under the “Make in Maharashtra” initiative, the State Government is working on a policy to promote investments in the sector. The Government is also focusing on setting up new garment & apparel units in cotton-producing regions of the state. Also, the government of Telangana is planning to develop India’s largest textile park in the Warangal district. Furthermore, Uttarakhand has been approved for setting up two textile parks under the State Infrastructure and Industrial Development Corporation of Uttarakhand Limited (SIIDCUL), which will provide hi-tech infrastructure facilities, modern technology, training, and raw material. This is expected to provide job opportunities to not only the weavers but also the educated and skilled youth. According to the 11th Five Year Plan, the textile industry is expected to reach USD 115 billion.
Europe was the second largest region in the global cellulose acetate market in 2016 on account of the high product demand from textiles & apparels industry. Europe Union regulation 1007/2001 on fiber names, related labeling, and marking of the fiber composition of textile products, aligns laws in all European countries for protection of consumer interests and reducing the risk of fraud. Furthermore, in June 2016.
North America is expected to witness a considerable growth due to the growing product demand from the textiles and food packaging industry over the assessment period.