New York, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cellulose Acetate Global Market Report 2022" - https://www.reportlinker.com/p06233727/?utm_source=GNW
, Sappi Limited, Sk Chemicals Co. Ltd., Borregaard ASA, Rotuba Extruders Inc., Cerdia International GmbH, Dayang chem (Hangzhou) Co. Ltd., Haihang Industry Co. Ltd. and Merck Group.
The global cellulose acetate market is expected to grow from $4.38 billion in 2021 to $4.71 billion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5.79 billion in 2026 at a CAGR of 5.3%.
The cellulose acetate market consists of sales of cellulose acetate products by entities (organization, sole proprietor, partnerships) that is a synthetic chemical formed by acetylation of the plant material cellulose. Cellulose acetate is a nontoxic, nonirritant, and biodegradable cellulose derivative that is created primarily by the action of acetic acid, acetic anhydride, and sulfuric acid on cellulose and is used to make textile fibers, packaging sheets, photographic films, and varnishes.
The main types of cellulose acetate are fiber and plastics.Cellulose acetate fibers are produced by treating purified cellulose (linters or wood pulp) with acetic acid and acetic anhydride and are used for making textiles and substrates for motion picture camera film.
It is used in various applications such as cigarette filters, textiles and apparel, photographic films, tapes and labels, others.
Asia Pacific was the largest region in the cellulose acetate market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing consumption of cigarettes is expected to drive the growth of the cellulose acetate market going forward.Due to rapid economic development and population increase, cigarette use is predicted to rise in many low- and middle-income nations.
Cellulose acetate is primarily utilized in the manufacture of cigarette filter tow, which is found in the vast majority of cigarette filters around the world.The filter tow aids in the removal of tar and nicotine while preserving a pleasant taste for the smoker.
For instance, according to the Centers for Disease Control and Prevention, a US national public health agency, over 14 out of every 100 adults in the United States aged 18 and up (14.0 percent) smoked cigarettes in 2019, implying that roughly 34.1 million adults in the United States smoke cigarettes. Therefore, the growing consumption of cigarettes propels the growth of the cellulose acetate market.
The development of biodegradable cellulose acetate products has emerged as a key trend in the cellulose acetate market.Manufacturers have started working on developing biodegradable cellulose acetate products due to the rising environmental effect of plastics.
Biodegradable cellulose acetate improves the decomposition mechanism of natural products such as soil and water.For instance, in November 2020, Celanese corporation a US-based technology and specialty materials company launched Blue Ridge.
Blue Ridge is a cellulose acetate product that can be used to manufacture backyard composting or broadly biodegradable products including straws. This product deals with the environmental, social, and governance norms and circular economy objectives.
In July 2019, Eastman chemical company, a US-based chemical company acquired Industrias del Acetato de Celulosa S.A. (INACSA) for an undisclosed amount. Eastman obtains a well-known yarn manufacturer and a European location with the acquisition of INACSA, which will strengthen their capabilities to assist the worldwide textile supply chain. Industrias del Acetato de Celulosa S.A. (INACSA) is a Spain based company that is engaged in manufacturing cellulose acetate.
The countries covered in the cellulose acetate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06233727/?utm_source=GNW
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