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.

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).

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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.

“Global 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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