Cellulose acetate fiber Market

Market Snapshot

Market Synopsis:

Global Cellulose acetate fiber market is valued at USD 4.9 Billion in 2021 and is estimated to reach a value of USD 7.0 Billion by 2028 at a CAGR of 4.6% during the forecast period. Due to the COVID-19 pandemic, the market for Cellulose acetate fiber is predicted to drop in 2021. This lethal virus has wreaked havoc around the globe, particularly in Asia and Europe. Companies have shut down operations and manufacturing facilities, and the government has halted construction activity to prevent the virus from spreading further. As a result, the use of Cellulose acetate fiber in many applications has decreased. COVID-19, as well as pre-existing regulatory difficulties like lengthy permitting procedures, has slowed end-use industry output, lowering demand for Cellulose acetate fiber. The demand for Cellulose acetate fiber, on the other hand, is predicted to recover in 2022.

Natural plastics' rising market is expected to boost industry expansion throughout the projection period, thanks to attributes including robust durability, glistening brilliance, lustrous texture, and high transparency. The material is also ideal for textile applications because it is soft and absorbent, as well as easy to tint in various colors. These variables are fuelling Cellulose acetate fiber demand, leading to industrial expansion.

Market Segmentation:

The global Cellulose acetate fiber market is segmented on the basis of Type(Fiber,Plastics),Application(Cigarette Filters,Textiles & Apparel,Photographic Films,Tapes & Labels,Others),Region(North America,Europe,Asia Pacific,Latin America,Middle East & Africa). Based on Type, the market is segmented as Fibers and Plastics. By application, the market is segmented as Cigarette Filters, Textiles & Apparel, Photographic Films, Tapes & Labels and Others. Based on region, the Cellulose acetate fiber market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

In 2021, the fibre sector dominated the Cellulose acetate fiber market, accounting for the biggest proportion of the total market. The textile industry's demand for fiber-based cellulose acetates is driving market expansion. One of the most common types of synthetic fibres is Cellulose acetate fiber. The fiber-forming component is Cellulose acetate fiber, which contains at least 92 percent acetylated hydroxyl groups.

Acetate is a highly desirable synthetic fabric that is low in cost and has excellent draping properties. Clothing, lining, felts, upholstery, carpets, umbrellas, and cigarette filters are among the most common uses of fiber-based cellulose. In the fabrication of clothing, staple acetate fibres are also employed as partial substitutes for wool. As a result, the quickly developing textile industry, particularly in emerging markets, is predicted to boost the Cellulose acetate fiber segment's growth.

Rising Demand in Growing Textiles and Apparels Industry are Expected to Drive Growth of the Market

The changing trends in the fashion industry are preferably one of the major factors responsible for the growth of the global Cellulose acetate fiber market. Cellulose acetate fiber is considered to be suitable for textile application as it is comfortable and absorbent as well as can be easily dyed in many different colors. Therefore, the increase in demand in the clothing sector due to changes in preferences of the consumers in order to keep themselves trendy and upgraded to the ongoing fashion changes has created a surge in demand and is responsible for the robust growth of the textiles and apparel industry.

Rising Application as a Biodegradable Plastic in Various Industries are Expected to Drive Growth of the Market

The market is also predicted to develop due to rising demand for ecologically friendly, biodegradable, cost-effective, and multifunctional cellulose acetate. Because of its properties such as strong durability, glistened luster, lustrous texture, and high transparency, cellulose acetate, which is utilized as a natural plastic, is expected to rise throughout the projection period. Celanese, for example, released 'Blueridge' in November 2020, a cellulose acetate product line that may be used to manufacture backyard compostable and broadly biodegradable products like straws.

Declining Demand in Applications such as Cigarette Filter & Photographic Films

Factors such as fading interest in photographic films and major end-application i.e., cigarette filters owing to the growing awareness of the negative health impacts of smoking are likely to sluggish the market growth during the forecast period. The increase in awareness is affecting the growth of cigarette manufacturing, which is expected to result in a decrease in the demand for Cellulose acetate fiber in the cigarette manufacturing application.

Asia Pacific Cellulose acetate fiber Market to Grow at the Fastest CAGR

The global Cellulose acetate fiber market is predicted to increase in response to rising demand in emerging areas such as Asia Pacific, the Middle East, Africa, and Latin America. Because of the growing industrialization associated with rising cigarette filters, textile & apparel, and other uses, these markets dominate cellulose acetate demand. The rising economies, particularly India and China, are responsible for the market's expansion in these regions. China's textile and garment industry will produce more than 40% of worldwide textile and apparel exports in the next years, according to the Direct China Chamber of Commerce, China's textile & apparel industry will produce more than 42% of the global textile & apparel exports in the coming years.

Competitive Landscape:

Some of the major vendors in the Cellulose acetate fiber market is Eastman Chemical Company, Solvay, Celanese Corporation, China National Tobacco Corporation, Daicel Corporation, Acordis Cellulostic Fibers, Mitsubishi Chemical Holdings Corporation, Sichuan Push Acetati Co., Ltd., Rayonier Advanced Materials and Sappi limited.

The Cellulose acetate fiber is Segmented as Follows: