Carboxymethyl Cellulose Market at a CAGR of 3.5% from 2020 to 2030
Carboxymethyl Cellulose Market: Introduction
The global carboxymethyl cellulose market was valued at ~US$ 1 Bn in 2019 and is anticipated to expand at a CAGR of 3.5% from 2020 to 2030. Characteristics of carboxymethyl cellulose such as thickening ability, rheology modification, water retention, filtration reduction, and binding ability are expected to drive the demand for carboxymethyl cellulose in the near future. Asia Pacific accounted for a major share of the global carboxymethyl cellulose market in 2019. In terms of demand, China held dominant share of the carboxymethyl cellulose market in the region in 2019. The carboxymethyl cellulose market in Asia Pacific is anticipated to expand at a CAGR of more than 3% based on value during the forecast period.
Key Drivers of Carboxymethyl Cellulose Market
Carboxymethyl cellulose is extensively employed in the manufacturing of baked goods, ice creams, dairy products, gels in heart & cornea surgeries, coating of tablets, finishing of fabric, film forming agent in lotion, creams, shampoos, drilling fluid, etc. It is used extensively in food & beverages and pharmaceutical sectors. Characteristics of carboxymethyl cellulose to control crystallization and reduce crystal size help retain the effectiveness of frozen food.
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Carboxymethyl cellulose helps avoid the formation of sandy texture in half-frozen products such as milk shakes and fruit punches. In cosmetics and pharmaceutical sectors, the high purity grade of carboxymethyl cellulose is used as a fat-free ointment base or tablet filling matrix. Mixed esters of carboxymethyl cellulose, such as carboxymethyl cellulose acetate butyrate, exhibit zero-order release of the active component when used as a filling matrix for drug-delivery agents.
Increase in demand for hydrocolloids in foodstuffs, owing to the rapid growth of convenience food & beverages sector is likely to drive the demand for carboxymethyl cellulose in the near future. Some consumers are allergic to gluten. This makes them intolerant to conventional gluten-containing desserts such as low-fat ice creams, non-fat ice creams, frozen novelties, and frozen yogurt. Carboxymethyl cellulose acts as a thickener and stabilizer in ice creams and other frozen desserts. This helps maintain the texture and appearance of desserts. Furthermore, carboxymethyl cellulose is available at lower cost than other thickeners and stabilizers. These factors are estimated to propel the demand for carboxymethyl cellulose in the food & beverages segment in the near future.
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Asia Pacific Dominates Carboxymethyl Cellulose Market
Based on volume and revenue, Asia Pacific led the global carboxymethyl cellulose market in 2019. Countries with large population and high growth in middle-class population, such as China and India, offer lucrative opportunities to the market in Asia Pacific. Sales of packaged food are rising in India, owing to an increase in disposable income of consumers. Asia Pacific is a prominent market for fast food, with significantly large markets in China, Japan, and India.
Presence of large numbers of consumers of fast food in the region is driving the carboxymethyl cellulose market in Asia Pacific. Furthermore, rise in investments in the pharmaceutical and cosmetics sectors by key manufacturers in the region is boosting these industries in Asia Pacific. Growth in the pharmaceutical and cosmetics industries is projected to offer lucrative opportunities to the carboxymethyl cellulose market in the region.
Market Share of Prominent Players
Key players operating in the global carboxymethyl cellulose market are Nouryon Chemicals Holding B.V., DuPont de Nemours, Inc., CP Kelco, Ashland Inc., Jining Fortune Biotech Co., Ltd., Nippon Paper Industries Co., Ltd., Daicel Corporation, Dai-Ichi Kogyo Seiyaku Co., Ltd, and Quimica Amtex S.A De C.V. The carboxymethyl cellulose market is highly fragmented. Companies operating in the global carboxymethyl cellulose market merge, acquire, or enter into strategic partnerships with regional/local companies in order to gain higher share.