Growing construction industry, improvement in number of oil drilling activities to drive global cellulose ether & its derivative market through 2024
According to TechSci
Research report, “Global Cellulose Ether and Its Derivatives Market By Product Type, By Application, By Region,
Competition, Forecast & Opportunities, 2024”, global cellulose
ether & its derivatives market is projected to reach $ 6.4 billion by 2024,
growing at a CAGR of over 6% during the forecast period. The market for
cellulose ether & its derivatives is driven by increase in demand for
advanced drugs and the growing use of HEC in cement, lime, gypsum, organic
plasters & mortars.
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In terms of application, the market has been segmented
into personal care, food & beverages, pharmaceuticals, paints &
coatings, oilfield applications and others. Among the various application
segments, the pharmaceuticals sub-segment holds the largest market share.
Markedly, the cellulose ether & its derivative products are used as both tablet
binders as well as pharmaceutical excipients (non-active ingredients).
Based on product type, the market
has been segmented into methyl, hydroxyethyl, ethyl, hydroxypropyl
methylcellulose, carboxymethyl cellulose and hydroxymethyl methylcellulose
(HMC). Among these product types, hydroxyethyl cellulose is the fastest growing
cellulose derivative, particularly in the Asia-Pacific region, owing to increasing
demand for non-ionic HEC in oil drilling, mining, paints & coatings, construction
activities and personal care applications. Moreover, growing use of HEC in lime,
gypsum, cement, organic plasters and mortars is also fueling the growth of the
market. Asia-Pacific is the fastest growing regional market for cellulose ether
& its derivatives, with significant developments in Japan, India, China and
South Korea. The Asia Pacific region is anticipated to remain the fastest
growing region until 2024, owing to growing investments in prominent
applications including, construction, mining, drilling fluids in oilfields as
well as pharmaceutical industries.
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“Government initiatives aimed at
improving infrastructure is anticipated to propel the growth of construction industry,
globally. Notably, the market is expected to witness substantial growth during the
forecast period, owing to increasing demand for cellulose ether & its
derivatives in construction as binders, thickeners and water-retention agents.
Increasing penetration of cellulose ethers in pharmaceuticals, paints and food
applications is also anticipated to have a positive impact on the global
market.”, stated Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
Cellulose Ether & Its Derivatives Market By Product Type, By Application,
By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global cellulose ether
& its derivatives market and provides statistics and information on market
structure, size, share and future growth. The report is intended to provide
cutting-edge market intelligence and help decision makers to take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
present in global cellulose ether & its derivatives market.
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