Portland, OR, Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cellulose sponge market garnered $1.6 billion in 2021, and is estimated to generate $2.6 billion by 2031, manifesting a CAGR of 5.0% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.6 billion |
| Market Size in 2031 | $2.6 billion |
| CAGR | 5.0% |
| No. of Pages in Report | 280 |
| Segments covered | Type, End Use Industry, and Region. |
| Drivers | Rapid increase in population in both developed and developing economies |
| Rise in import and export of various cosmetics and skincare products | |
| Bio degradability, non-toxic, and bio renewable properties of cellulose sponge | |
| Up-gradation in technology | |
| Increased focus on the cosmetic sector | |
| Opportunities | Growth in chemical and petrochemical industry |
| Restraints | Low shelf life period |
| Complex manufacturing process |
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Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global cellulose sponge market, owing to disruptions in the supply chain for various industrial products.
- In the first quarter of the pandemic, there was complete shutdown of industries such as automotive, cosmetic, chemical, medical, manufacturing, and others due to strict imposition of lockdown, which hampered the growth of the global cellulose sponge market.
- Owing to lockdown, manufacturers faced shortage in labor units and production losses. The rising awareness regarding worker security, safety, and guidelines by government posed an additional challenge to resume their basic operations in manufacturing unit.
- However, as the restrictions imposed due to lockdowns are being lifted in the fourth quarter of the pandemic, the cosmetic, medical, pharmaceuticals, automotive, and other sectors are expected to recover soon, owing to the record of production unit in both developed and developing economies. This factor will boost the growth of the global cellulose sponge market in the post-pandemic.
The research provides detailed segmentation of the global cellulose sponge market based on type, end use industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on type, the synthetic cellulose sponge segment held the highest share in 2021, accounting for nearly three-fifths of the global cellulose sponge market, and is expected to continue its leadership status during the forecast period. However, the natural cellulose sponge segment is expected to register the highest CAGR of 5.3% from 2022 to 2031.
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Based on end use industry, the automotive segment accounted for the highest share in 2021, contributing to more than one-fourth of the global cellulose sponge market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the medical segment is expected to manifest the highest CAGR of 6.0% from 2022 to 2031.
Based on region, North America held the largest share in 2021, contributing to more than one-third of the total cellulose sponge market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 5.6% during the forecast period. The research also analyzes regions including Europe and LAMEA.
Leading market players of the global cellulose sponge market analyzed in the research include 3M Company, Americo Manufacturing, Armaly Sponge Company, Corazzi Fiber S.r.l., Fiama, Industrial Commercial Supply, Kalle GmbH, Marian, Inc., Sponge Technology Corp. LLC, Spontex, Suvic Products Limited, The Indestructible Bruske Brush, UC Sponge Co., Ltd., Vileda, and WITPFoam.
The report provides a detailed analysis of these key players of the global cellulose sponge market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
