Global cellulose ester market is anticipated to witness considerable growth owing to numerous applications in paints, coatings, primers, enamels for automotive, wood, plastic, paper, consumer electronics, graphic arts, inks and overprint varnishes. Cellulose esters are eminent in the coatings industry on account of their pigment wetting characteristics, excellent flow-out properties, compatibility and fast dry times. They also find application in pharmaceutical and industrial applications and are extensively used in solid pharmaceutical dosage for controlled drug delivery, fuelling the growth of cellulose ester market growth over the forecast period.
Increased awareness and concern regarding environmental issues will further trigger the growth of cellulose ester market on account of its use as renewable bio-based material that offers environment sustainability. Cellulose esters can be segmented on basis of ingredients, such as cellulose acetate, cellulose acetate propionate and sub-market that includes pharmaceutical excipients. Major players in this segment are Novartis AG, Roche Pharmaceuticals, Abott Pharmaceuticals, Johnson & Johnson and Bayer Healthcare. North America, Asia Pacific and Europe are market leaders in cellulose esters consumption for pharmaceutical drugs. The development of modern drug delivery technology is further fuelling the growth of the market. They are the key ingredients in wide range of drug delivery systems due to properties such as low toxicity, stability, high water permeability and ability to form nano particles.
Cellulose ester is a crucial raw material for printing inks on account of its properties like viscosity modification, binding and release. The application of cellulose ester in plastic coatings and automotive application is expected to trigger its growth potential in the forecast period on account of rapid growth in automobile sector. Paints of various colors may be coated to match other interiors or to give a metallic appearance. Cellulose esters are additive components for various thermosetting and thermoplastic coating systems on account of properties such as good flow and leveling, rapid film formation, heat and moisture stability, non- yellowing and ultraviolet stability.
Technological advancement in using cellulose esters in manufacturing contact lenses is anticipated to further extend the market share for cellulose ester. The contact lenses prepared from cellulose esters are observed to be more scratch resistant, harder and with low water absorption rate. The transition towards green technology and increased awareness for using biodegradable plastic is a key driver for the use of cellulose ester in the paint coatings, plastics, composites, optical films, laminates and membrane and related separation media further fuelling the growth of global market.
North America followed by Europe is the market leader for cellulose plastic. Major players in this sector are Eastman Chemical Company, Membrane Solutions, Zhejiang Honghao Technology Co. Ltd. Mitsubishi Rayon Company Limited, Daicel Chemical Industries, Solvay, SK Chemicals Co. Ltd. and Celanese Corporation.
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