Owing to its excellent comfort and strength and silky luster, cellulose acetate is largely used in the production of textile fibers. In addition, it offers heat resistance and hygroscopicity to textiles. Furthermore, they are used in upholstery as a substitute for silk owing 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.
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 global cellulose acetate market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global cellulose acetate market: Product development of acetate filter tow
The cellulose acetate filter tow market is witnessing a significant rise in innovation and product development. Companies 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.
“Apart from product development of acetate filter tow, some other major factors that are expected to boost market growth during the forecast period are growing demand of cellulose acetate for additive manufacturing, innovation and product development in cigarette industry, and increase in demand for glass fibers from developing countries,” says a senior analyst at Technavio.
Global cellulose acetate market: Segmentation analysis
This market research report segments the global cellulose acetate market by type (fiber and plastics), application (filtration, electronics, textile and consumer goods, packaging, water treatment, and other applications) and geography (APAC, North America, Europe, MEA, and South America).
Geographically, APAC was the largest geographical segment of the cellulose acetate market in 2018 and is expected to be the fastest growing region during the forecast period. The growth of cellulose acetate market in APAC is mainly driven by the expansion of the textile industry in the region. Apart from this, the growing consumption of cigarette in India, China, and Indonesia is further expected to fuel the cellulose acetate market worth in APAC during the forecast period.
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Five Forces Analysis
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