NEWARK, Del, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global sales of carboxymethyl cellulose increased at an average annual growth rate of around 4.5% over the historical period from 2018 to 2022. The net worth of the total quantity of carboxymethyl cellulose sold globally in 2022 was valued at over US$ 1,835.10 million. The market value is predicted to increase to US$ 1,923.2 million in the current year, 2023, exhibiting a strong growth trend.
The increased usage of carboxymethyl cellulose across several industries, including food & beverage, pharmaceutical, paints & coatings, and textiles, showed strong growth in its demand. So, the global market has the potential to record a stable CAGR of 4.8% between 2023 and 2033, according to FMI. As this pattern is anticipated to continue in the upcoming years, the overall market value could reach around US$ 3,073.5 million by 2033.
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Carboxymethyl cellulose serves as a stabilizer, thickener, and emulsifier in various food and beverage products, such as dairy products, sauces, and dressings. The pharmaceutical industry is also using it as a disintegrant and binder in tablet formulations to improve medication delivery and effectiveness. The demand for carboxymethyl cellulose in the food & beverage and pharmaceutical industries has been pushed by the rising demand for processed and convenience foods.
Carboxymethyl cellulose is used in the paint and coatings sector as a rheology modifier to enhance the consistency and performance of the end product. In addition to this, it also serves as a sizing agent in the textile industry, giving materials strength and stability throughout production. The rise of the textile sector and the growing demand for paints and coatings is anticipated to boost carboxymethyl cellulose sales further.
Key Takeaways from the Global Carboxymethyl Cellulose Market Study Report by FMI
- By the end of 2022, the United States dominated the global market by acquiring almost 12% of the total revenue share. The companies based in the country are in a good position to benefit by seizing chances to broaden their customer base in foreign countries.
- In Europe, Germany was the leading market for carboxymethyl cellulose until 2022, with a global revenue share of 5.6% that year.
- The demand for carboxymethyl cellulose is expanding fast in the Asia Pacific region as a result of rising industrialization in many countries. For instance, China and India are poised to witness year-on-year growth rates of 6.8% and 6.5% from 2023 to 2033 respectively.
“Carboxymethyl Cellulose (CMC) emerges as a pivotal player in various industries, demonstrating versatile applications in food and beverage, pharmaceuticals, and cosmetics. The study underscores CMC's growing demand owing to its unique properties, such as thickening, stabilizing, and water retention capabilities, positioning it as a crucial ingredient with significant market potential.” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape for the Carboxymethyl Cellulose Market Players
Regional industries that manufacture and provide carboxymethyl cellulose are seeing much better commercial opportunities as demand for the product is spreading out in emerging economies. New market players are getting a competitive edge in global and regional marketplaces by providing custom solutions catering to various industrial requirements. However, the fluctuation in raw material prices, which can affect manufacturing costs and overall profitability, is the main challenge the regional industries face.
Key Companies Profiled
- CP Kelco,
- The Dow Chemical Company
- Ashland Global Holding Inc.,
- Anqiu Eagle Cellulose Co., Ltd,
- Wealthy Chemical Industry (Suzhou) Co., Ltd.
- Shanghai Shenguang Edible Chemicals Co., Ltd.
- Akzo Nobel N.V.
- Nippon Paper Industries Co. Ltd.
- Lamberti S.p.A.
- Xuzhou Liyuan Cellulose Technology Co. Ltd.
- Daicel Finechem Ltd
- Química Amtex, S.A. de C.V.
- DKS Co. Ltd
- Ugur Seluloz Kimya AS
- Mikro Technik GmbH
These leading industries are leveraging the rising demand to diversify their product offerings, develop cutting-edge production techniques, and build a strong worldwide presence.
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Carboxymethyl Cellulose Industry Survey by Category
By Grade:
- High Purity Grade (99.5%+)
- Technical Grade (90 to 99.5%)
- Industrial Grade (50 to 90%)
By Application:
- Food & Beverage
- Detergent
- Paper & Pulp
- Oil Field Drilling Fluid
- Cosmetic & Pharmaceutical
- Paint & Coating
- Others (Construction, Mining, Textile, etc.)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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