Wilmington, Delaware, United States, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global carboxymethyl cellulose market is projected to flourish at a CAGR of 3.6% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 1.85 million is anticipated for the market in 2031. As of 2023, the market for carboxymethyl cellulose is expected to close at US$ 1.4 billion.
The demand for carboxymethyl cellulose is high in food & beverage industry as it can be used as an excellent emulsifier, stabilizer, and thickener in the formulation of a wide range of food products, such as drinks, ice creams, meat products, bread, wine, jelly, candies, and cookies. Thus the rapid growth in food & beverage industry boost the market demand.
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Competitive Landscape
The global carboxymethyl cellulose market is fragmented, with the presence of a small number of leading players. The leading players in market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global carboxymethyl cellulose market report:
- Nouryon Chemicals Holding B.V.
- DuPont de Nemours, Inc.
- CP Kelco U.S., Inc.
- Ashland Inc.
- Jining Fortune Biotech Co., Ltd.
- Nippon Paper Industries Co., Ltd.
- Daicel Corporation
- Dai-Ichi Kogyo Seiyaku Co., Ltd.
- Quimica Amtex S.A De C.V.
- Akzo Nobel N.V.
- Ugur Seluloz Kimya A.S.
- Lamberti S.p.A.
Key Developments in carboxymethyl cellulose
- In August 2023 - AkzoNobel has completed the acquisition of the Chinese Decorative Paints business* of Sherwin-Williams. The acquisition will further boost the company’s position in China and will allow us further market segmentation and reinforce our position outside of the premium segment.
- In January 2020, J.M. Huber announced the sale of its carboxymethyl cellulose business to Nouryon, a global specialty chemicals company.
- Ashland has been involved in developing carboxymethyl cellulose solutions for various industries, including food and beverage, pharmaceuticals, and personal care. Their focus has been on creating functional and value-added ingredients.
- Dow has been a key player in the carboxymethyl cellulose market, providing solutions for diverse applications. The company has focused on research and innovation to create CMC variants with improved properties, expanding its utility in multiple industries.
The increasing demand for processed foods, convenience foods, and improved product texture has led to increased utilization of carboxymethyl cellulose in food industry.
Increasing demand for carboxymethyl cellulose as a thickening agent, suspending agent, and stabilizer in various applications, including food processing, mining, oil drilling fluids, pharmaceuticals, personal care products.
Owing to the high viscosity, non-toxicity, and non-allergenic nature of carboxymethyl cellulose, it found its application in non-food products, such as lubricants, toothpastes, laxatives, diet pills, water-based paints, detergents, and paper.
Key Takeaways from the Market Study
- As of 2022, the carboxymethyl cellulose market was valued at US$ 1.35 billion
- By grade, the demand for high purity carboxymethyl cellulose remains high among other two types.
- Based on application, the food & beverage segment accounts for the highest market share.
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Carboxymethyl Cellulose Market: Key Trends and Opportunistic Frontiers
- Increasing awareness about healthy food among consumers and increase in demand for food and beverages across the globe are major factors driving the demand for carboxymethyl cellulose in the food & beverage industry
- Growing demand for textiles has contributed to the carboxymethyl cellulose market growth. The textile industry uses carboxymethyl cellulose as a sizing agent and thickener for printing pastes, enhancing the quality and properties of fabrics.
- Ongoing research and development efforts have led to the development of modified carboxymethyl cellulose variants with improved properties and functionalities, expanding its application scope.
Carboxymethyl Cellulose Market – Regional Analysis
- North America is expected to dominate the global carboxymethyl cellulose market owing to the presence of well-established food and beverage industry, pharmaceutical sector, and consumer goods market. Incresed demand for processed foods, convenience products, and pharmaceutical formulations drives the market demand in the region.
- Asia Pacific is expected to account for significant share of the global market and is likely to remain one of the leading markets for carboxymethyl cellulose during the forecast period owing to the rapidly changing lifestyles, rapid urbanization, and increasing disposable income have generated enormous demand for food and beverages, paints, detergents, cosmetics, and pharmaceuticals.
Carboxymethyl Cellulose Market – Key Segments
Grade
- High Purity
- Industrial
- Technical
Application
- Food & Beverages
- Oilfield
- Paper & Pulp
- Detergents
- Paints & Adhesives
- Pharmaceutical & Cosmetics
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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