The global cellulose acetate market size is expected to grow by USD 865.70 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Cellulose Acetate Market 2020-2024 (Graphic: Business Wire)
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Cellulose acetate is largely used in the production of textile fibers owing to its strength and silky luster. In addition, it offers heat resistance and hygroscopicity to textiles. Furthermore, they are used in upholstery as a substitute for silk due to their fine and coarse structure, soft glow, and elasticity. The emergence of India and China as the manufacturing hub for textiles in APAC is one of the major factors expected to drive the adoption of cellulose acetate during the forecast period. Also, capacity expansions by textile vendors in APAC have contributed to the textiles market growth in APAC. Thus, the growing use of cellulose acetate fiber for the production of various textiles products, including apparels, is expected to drive market growth during the forecast period.
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As per Technavio, the product development of acetate filter tow will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cellulose Acetate Market: Product Development of Acetate Filter Tow
The cellulose acetate filter tow market is leading to a significant rise in innovation and product development. Vendors in the market are increasingly focusing on developing new products with improved performance and durability. Moreover, there is a growing preference for eco-friendly acetate filter tow with enhanced biodegradability. Vendors are also launching regulated products that encompass complex and challenging regulatory frameworks. Such product developments are expected to fuel the global cellulose acetate market growth during the next five years.
"Factors such as the growing demand of cellulose acetate for additive manufacturing, and the increase in demand for glass fibers from developing countries will have a significant impact on the growth of the cellulose acetate market value during the forecast period," says a senior analyst at Technavio.
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Cellulose Acetate Market: Segmentation Analysis
This market research report segments the cellulose acetate market by type (fiber and plastics), application (filtration, electronics, textile and consumer goods, packaging, and others), and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the cellulose acetate market share in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rising number of textile manufacturing plants.
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Some of the key topics covered in the report include:
Market positioning of vendors
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