Market Size of Cellulose Derivatives Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 7.10 Million tons |
| Market Volume (2029) | 9.84 Million tons |
| CAGR (2024 - 2029) | > 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cellulose Derivatives Market Analysis
The Cellulose Derivatives Market size is estimated at 7.10 Million tons in 2024, and is expected to reach 9.84 Million tons by 2029, growing at a CAGR of greater than 6.5% during the forecast period (2024-2029).
The cellulose derivatives market was negatively impacted, and its growth and stability were hindered by the spread of the COVID-19 pandemic worldwide in 2020. Governments across the world imposed specific parameters and regulations, which caused the market to experience challenges such as the unavailability of raw materials, transportation limitations, and a reduced workforce. Further, as countries worldwide started to work on recovering their socioeconomic state in 2021, the market also started to witness recovery and growth due to rising investment and other business activities across the end-user industries.
Major factors driving the market studied are the increasing demands from the pharmaceutical industry and the growing use of cellulose ether in the building and construction industry.
The major hindrance to this market is the competition for regenerated cellulose fibers from synthetic fibers and other protein-based fibers. Manufacturers often prefer switching toward inexpensive synthetic materials, like polyester, to cut down their production costs. In addition, synthetic fibers possess superior characteristics of adaptability, durability, elasticity, and strength equal to that of VSF, making it a suitable choice for manufacturers.
The innovation of biofuels as a promising renewable energy source through the use of cellulose is a significant opportunity for the growth of the market.
Asia-Pacific accounted for the highest market share, and the region is also likely to dominate the market during the forecast period.
