The report segments the global cellulose ether market by application (pharmaceutical, food and beverages, personal care, and paint and coatings) and by geography (APAC, Europe, North America, and ROW). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global cellulose ether market, according to Technavio chemicals and materials researchers:
- Growth in the processed foods industry: a major market driver
- In 2016, the pharmaceutical segment dominated the market by occupying more than 41% share
- APAC dominated the global cellulose ether market with more than 51% share in 2016
- Akzo Nobel, Ashland, LOTTE Fine Chemical, SHANDONG HEDA, and The Dow Chemical Company are the leading players in the market
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Growth in the processed foods industry: a major market driver
Growth in the processed foods industry is one of the major factors driving the global cellulose ether market. The change in the patterns of consumer behavior and the growth of the processed food industry is expected to drive the global cellulose ether market. The growing demand for convenience foods and fast food is increasing the requirement for lightweight packaging. Apart from this, the properties of cellulose ether such as better water solubility and biodegradability are positively influencing the need for cellulose ether in food packaging. The packaging of a product plays an important role in the demand and shelf life of products. Processed foods need easy and flexible packaging material that is convenient and ensures product safety.
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APAC: largest cellulose ether market
In APAC, the major application industries of cellulose ether market such as the pharmaceutical, construction, food and beverage, and others are thriving due to significant economic growth rates. More than half of the world’s population lives in Asia. Consequently, the demand for healthcare is also high, which is proportional to the increasing rates of income, population, disease rates, and other factors. Thus, the medical device and pharmaceutical drug manufacturers in APAC are planning on different strategies to introduce high-quality products at low cost for more number of patients.
According to Hitesh Bhatia, a lead analyst at Technavio for research on specialty chemicals, “Among all the countries in APAC, India is the prime destination for medical tourism, followed by China. Furthermore, the healthcare sector in Australia and South Korea is also expected to grow during the forecast period. Hence, APAC is a major pharmaceutical manufacturing powerhouse in the world. This is mostly due to the increasing number of pharmaceutical companies in India, Singapore, and Malaysia. Hence, APAC is slated to enjoy a good growth rate.”
Competitive vendor landscape
The global cellulose ether market is one of the growing markets that consists of major vendors whose presence is widely recognized in APAC. Some of the vendors in the market are Akzo Nobel, Ashland, LOTTE Fine Chemical, SHANDONG HEDA, and The Dow Chemical Company. The market is moderately concentrated. Key vendors have integrated their business in the backward direction, in a cost-effective way. Apart from this, the companies are consistently working on plans to extend their product portfolio by investing heavily in R&D. The competitive environment might further intensify over the next five years since vendors are expected to compete based on factors such as the production cost, product innovation, price, operational cost, R&D cost, and product quality.
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