Emerging economies in the globe expected to provide significant growth opportunities for the global carboxymethyl cellulose market. Significant growth potential exists in emerging economies, such as those in the Asia Pacific region. There is a substantial demand for carboxymethyl cellulose (CMC) based products in countries, such as India, China and South Korea. Since the chemical industry is consolidated, investments in product development by key manufacturers could create a significant opportunity for end use industries as a rise in the demand for thermoplastic polymers and personal care, cosmetic and pharmaceutical products will lead to an increase in the consumption of CMC. Rise in population will translate to a rise in the demand for goods in personal care, food & beverage and chemical sectors. This tremendous rise in demand will escalate the consumption of CMC based products across the globe.
In developed economies, commercial buyers prefer equipment with advanced diagnosis and automation. Through research and development and product innovation in carboxymethyl cellulose products and goods, the manufacturers have significantly improved their response time for such custom requirements from clients. This trend is expected to gain traction across the global market and create tremendous growth opportunities in the near future and in turn fuel the market growth in the long term.
According to Future Market Insights, the global market for carboxymethyl cellulose is expected to exhibit robust growth rate during the period of forecast. The global carboxymethyl cellulose market is projected to grow at a value CAGR of 5.2% during the forecast period, 2017-2027. During the 2012-2016 timeline, the market reflected a steady growth path to reach an estimate of a bit over US$ 1400 Mn in 2017. With this high growth rate, the market is estimated to reach a valuation of more than US$ 2.3 Bn by the end of the year of assessment (2027).
Food & beverages, cosmetics & pharmaceutical & oil drilling fluid segments are collectively expected to hold more than 60% of the global market share by 2027 end
The food and beverage segment is highly attractive from business point of view. The players involved in CMC market are focusing on this segment owing to higher growth potential that it holds. Following this, the cosmetic and pharmaceuticals segment also has shown higher contribution from the growth perspective. Below are few highlights from the high potential application segments in the global carboxymethyl cellulose market.
Food and beverage segment to cement its dominance over the period of forecast
The food and beverage segment in the application category is anticipated to grow at a faster rate to reach a high market valuation of more than US$ 870 Mn by the end of the assessment year (2017) from a value of around US$ 480 Mn in 2017. This segment is projected to grow at a stellar 6.1% value CAGR during the period of forecast. With respect to volume, the food and beverage segment is the leading segment with high number of units produced every year.
Cosmetics and pharmaceuticals and oil field and drilling fluid segments to witness significant growth
Cosmetics and pharmaceuticals segment in application category is the second fastest growing segment and is projected to reflect a high CAGR of 5.4% throughout the period of forecast. This segment is estimated to reach a value of around US$ 290 Mn by the end of 2027. The oil field drilling fluid segment is projected to grow at a CAGR of 5.2% during the said period and is expected to reach a noteworthy value by end of assessment year.
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