Sodium Carboxymethyl Cellulose Market is set to grow at a CAGR of 2.72% to register revenue $2.38 billion by 2023
Asia-Pacific dominates with major share and growth in the Sodium Carboxymethyl Cellulose Market
Asia-Pacific is one of the major regions for the carboxymethylcellulose sodium, owing to growth of the pharmaceutical industry in countries such as China and India. The Asia-Pacific market for sodium carboxymethyl cellulose manufacturers and consumption is expected to grow at a CAGR of 3.04% to reach revenue of $1.02 billion by 2023. As pharmaceutical industry is the leading end-user industry, here China is the second largest region representing sales, currently amounting to 17% of total healthcare expenditures. The European market for carboxymethylcellulose sodium generated $711.45 million in 2017. The market is expected to grow at a CAGR of 2.44% to reach revenue of $819.51 million by 2023. The European region is one of the largest markets for sodium carboxymethylcellulose, due to its adoption in food as well as in pharmaceutical industry. North America is the biggest market for cosmetic, followed by Europe. The North American market is expected to grow at a CAGR of 2.78% to reach revenue of $412.17 million by 2023 from $349.63 million in 2017.
Selected Application Analysis done in the full Report:
- The Sodium Carboxymethyl Cellulose CMC market is used in several applications such as food and beverages, detergents, mining applications and many more. Among all, Food and Beverages is the leading market holder, growing at a CAGR of 3.4% to reach revenue of $587.48 million by 2023 from $480.7 million in 2017. Food and beverage production is one of the biggest industries worldwide. Due to the rising population, the food and beverages industry will continue to develop at a robust pace in the future. The next leading segment is Detergent market, increasing at a CAGR of 2.2% to reach revenue of $366.22 million by 2023 from $321.4 million in 2017. Increasing sales of detergents due to emulsifying and protective colloid properties, is aiding the market of synthetic detergents.
- Textile industry is the slowest growing segment, but it has an equal CAGR of 2.2% to reach revenue of $99." title="" target="">02 million by 2023. The use of sodium cmc in textiles is set to see a surge, both in terms of revenue and volume.
Excerpts on Market Growth Factors
- Growing consumer demands for food products are set to drive the market in the coming future. This is due to the diverse use of sodium cmc market in applications, which has increased the sale and is expected to grow over the years.
- Rise in population will lead to a rise in the plea for goods in food and beverage, grooming care, and chemical sectors. This massive rise in requirement will escalate the consumption of CMC based products across the globe.
- The research and development in carboxymethyl cellulose products and goods, have significantly improved their response time. This major change is expected to gain powerful foothold across the global market and create remarkable growth opportunities in the near future for long term.
Key players of the Sodium Carboxymethyl Cellulose Market
The global presence of major manufacturing firms in the industry such as The Dow Chemical Company, Akzonobel, Ashland Inc., and Diacel Corporation are estimated to positively affect the market due to increase in sodium cmc uses in food and beverages, detergent products and pharmaceutical industry. Ashland Inc. has a product named as Aqualon™ sodium Carboxymethyl cellulose, which is used for personal care and cosmetic applications. The Dow Chemical Company has a set of products such as Antiso, Walocel, Grindsted® Cellulose Gum Bak, Grindsted® Cellulose Gum Bev, Grindsted® Cellulose Gum Mas, Grindsted® Cellulose Gum Amd and Others, which are used in industrial application. Akzonobel is known for Akucell, Depramin, Peridur and Staflo, used in food and beverages industry.
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