The Carboxymethyl Cellulose Market was valued at $ 1.2 billion in 2016 and will exceed revenue collection of $ 1.7 billion by 2024 with an annual growth rate of 4% over forecast period.
Ocean View, DE -- (SBWIRE) -- 04/08/2020 -- Robust demand from oil & gas applications is anticipated to drive carboxymethyl cellulose market forecast over the projected period.
In recent years, water-based drilling fluids such as CMC have gained significant traction as an environmentally sustainable substitute over conventional oil-based fluids. This trend will undeniably fuel the demand for the product in the near future.
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Carboxymethyl cellulose or cellulose gum is prominently used for thickening, binding, soil anti-redisposition, water retention, and as a protective colloid across a wide range of industries including oil & gas, food & beverage, pharmaceuticals, personal care, construction, detergents & laundry, textile, pulp & paper, and many others.
Global Growth drivers are
- High demand for low fat foods and gluten-free frozen desserts
- Increasing number of oil drilling activities
Regional Growth drivers are
- Positive outlook from the pharmaceutical and cosmetics sectors in Asia Pacific
Growing prevalence of obesity
Obesity, which was once considered a major problem only in high-income countries, has been increasingly prevalent in middle-income and low-income countries, and largely across urban regions. Statistical records suggest that the number of overweight children below the age of 5 in Africa have increased by around 50% since 2000.
Consequently, more and more consumers are opting for low-fat and low-calorie foods. This is expected to propel the demand for various food additives, including cellulose gum, which is widely used to lessen the fat content of foods items. Rising occurrence of obesity and the subsequent shift in lifestyle choices will present lucrative growth opportunities for CMC manufacturers.
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Increasing penetration in pulp & paper sector
Pulp & paper is emerging to become a substantial contributor to carboxymethyl cellulose market growth. The segment accounted for a 15% revenue share during 2016. Excellent thickening, adhesive, and suspending properties of cellulose gum make it best-suited for an array of operations within the pulp & paper industry. The product controls curl, reduces porosity and improves surface properties, making it desirable for calendar water box, size press, paper, and other applications for surface treatment.
In addition to paper & pulp, personal care and food & beverage are two of the major application segments for carboxymethyl cellulose market. Carboxymethyl cellulose with purity above 95% captured more than 40% revenue share during 2016. This can be attributed to the strong demand for high-purity CMC (above 99.5%) across these sectors.
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Rising health concerns in North America
Unhealthy snacking habits and increased consumption of ready meals, junk foods and sugary beverages along with a sedentary lifestyle has increased occurrence of obesity in North America. These habits have significantly increased the risk of chronic diseases such as hypertension, type-2 diabetes, coronary heart diseases and cardiovascular disorders as well.
North America carboxymethyl cellulose market will record a healthy 4% CAGR during over 2016-2024. This can majorly be attributed to strong demand for cellulose gum from the region's food & beverage sector which prominently uses the product as a food stabilizer and fat replacer.
Prominent Players are –
Akzo Nobel N.V., J.M. Huber Corporation, Ashland, The Dow Chemical Company, Nippon Paper Industries, USK Kimya A.S., Daicel Corporation, Lamberti S.P.A., Chongqing Qiaofeng Industrial (Group) Co. Ltd., DKS Co. Ltd., Patel Industries, Triveni Chemicals, QINGDAO SINOCMC CHEMICAL Co. Ltd., Qingdao Tianya Chemical Co Ltd