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3. The Key Development Strategies, Namely, New Product Launch/Development, Expansion, Partnership/Agreement, and Acquisition, are Adopted by Leading Players for Boosting the Growth of the Cellulose Acetate Market

Cellulose acetate are used in a variety of end-use industries, including cigarette manufacturing, textiles & apparel, medical, wastewater treatment, and others. Led by strong end-user demand, the cellulose acetate industry is growing at a rapid pace. However, amidst the global COVID-19 pandemic, the demand for Cellulose acetate from the above-mentioned industries is expected to show a sharp decline in 2020 from 2019. The global cellulose acetate market size is projected to grow from USD 5.0 billion in 2021 to USD 6.3 billion by 2026, at a compound annual growth rate (CAGR) of 4.7% during the forecast period.

Over the past few years, companies have strengthened their positions in the global Cellulose acetate market by adopting strategies, such as new product launch/ development, expansion, agreement/partnership, and acquisition. From 2016 to 2020, new product launch and partnerships have been the key strategies adopted by the market players to maintain their growth in the global cellulose acetate market. For instance, in October 2019, Eastman Chemical Company announced the launch of a new portfolio of 13 cellulose esters to be used in food contact applications such as inks, adhesives, tapes and labels, and internal can and other coatings. Similarly, in November 2020, Sappi Dissolving Pulp partnered with Birla Cellulose, one of the leading viscose manufacturers in the textile value chain to provide a forest-to-garment traceability solution for brand owners. Through this collaborative partnership, Sappi continues to strengthen its sustainability credentials within the textile industry. The Cellulose acetate business of these companies is severely affected due to the outbreak of COVID - 19 pandemic. The reduced demand for cigarettes and textiles and disruption in the supply chain have compelled the cellulose acetate manufacturing companies to operate at partial capacities, resulting in reduced demand for cellulose acetate.

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The major manufacturers profiled in this report include Eastman chemical Company (US), Solvay, Celanese Corporation (US), Daicel Corporation (Japan), China National Tobacco Corporation (China), Mitsubishi Chemical Holdings (Japan), Sichuan Push Acetati Co. Ltd. (China), Rayonier Advanced Materials Inc. (US), Acordis Cellulosic Fibers Co Ltd (Belgium), Sappi Limited (South Africa). These companies adopted various organic and inorganic growth strategies. For instance, in January 2020, Daicel Corporation developed a more environment-friendly form of Cellulose Acetate, a naturally derived plastic, with twice the marine biodegradability of existing products. Daicel offers the new product as an effective solution to the recent marine plastic waste problem.

Eastman Chemical Co. offers specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Fiber segment offers cellulose acetate tow for use in filtration media, primarily cigarette filters. Eastman offers a wide variety of products, including adhesives, bonding materials, coatings, and specialty materials. The company was founded by George Eastman in 1920 and is headquartered in Kingsport, US.

Daicel Corporation is a Japan-based specialty chemical company which operates through five business segments namely, cellulosic derivatives, organic chemicals, plastics, pyrotechnic devices, and others. The company offers a product portfolio with a comprehensive range of products which include cellulose acetate, tow for cigarette filters, high-performance chemicals, engineering plastics such as liquid crystal polymers (LPCs), resin compounds, and automotive airbag inflators. The company also has a strong global presence in regions such as Europe, Asia, and North America with a total 75 group companies.

Rayonier Advanced Materials, Inc. engages in the production and sale of cellulose products, which is a natural polymer commonly used in the production of cell phone and computer screens, filters, and pharmaceuticals. It produces more than 25 grades of high-purity performance fibers for products ranging from food, cosmetics, and pharmaceuticals to paints, filters, impact-resistant plastics, and digital display screens. It is one of the global leaders in cellulose acetate manufacturing. It operates through the following segments: High Purity Cellulose, Forest Products, Paperboard, Pulp and Newsprint, and Corporate. The company was founded in 1926 and is headquartered in Jacksonville, FL. It has a wide distribution network across the globe.

Related Reports:

Cellulose Acetate Market by Type (Fiber, Plastic), Application (Cigarette Filters, Textiles & Apparel, Photographic Films, Tapes & Labels), and Region (North America, Europe, APAC, MEA, & South America) - Global Forecast to 2026

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