by The Carboxymethyl Cellulose Market is estimated to be valued at US$ 1201.83 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Carboxymethyl cellulose (CMC) is a cellulose derivative with carboxymethyl groups (-CH2COOH) bound to some of the hydroxyl groups of the glucopyranose monomers that make up the cellulose backbone. It is commonly used in a wide variety of consumer products and industrial applications as a viscosity modifier and stabilizer. Common applications include thickeners and emulsifiers in foods and personal care products like toothpaste; stabilizers in detergents and concrete; and coatings in pharmaceutical tablets and paper products.
Market Dynamics:
The increasing use of carboxymethyl cellulose in food and beverages industry is a major driver fueling the market growth. CMC has wide application as thickener and stabilizer in foods such as sauces, dairy products, and bakery fillings. It is used in very small amounts to create viscosity and prevent separation. Growing processed food industry globally is increasing the demand for CMC. Additionally, expanding pharmaceutical industry is also propelling the market growth. As pharmaceutical tablet coatings, CMC acts as binder and disintegrating agent while extending drug release time. It aids in controlled drug delivery and offers benefits like taste masking and extended shelf life to tablets. Demand from construction industry is another factor expected to augment the market over the forecast period. CMC finds usage in manufacturing of cement-based products and in concrete mix as set retarding admixture and water retaining agent. It reduces water demand, increases cohesion and workability of concrete mix. The above mentioned factors are estimated to significantly boost the growth of carboxymethyl cellulose market during 2023-2030 period.
Segment Analysis
Carboxymethyl Cellulose Market is segmented into Food and Beverages, Oil and Refining, Detergents, Construction, Pharmaceuticals and other segments. The food and beverages segment dominates the global carboxymethyl cellulose market due to its extensive use as a stabilizer and thickening agent in various food products like baked goods, dessert mix, canned soups, frozen food, canned meat etc.
PEST Analysis
Political: The governments across the globe are supporting the chemical industry through various initiatives and policies to promote the use of bio-based chemicals like CMC which is driving the market growth.
Economic: The growing economies and increasing disposable income are fueling the demand for processed food and beverages where CMC finds widespread applications thus propelling the market.
Social: Rising health awareness among consumers is augmenting the demand for low-fat and low-calorie processed foods incorporated with CMC.
Technological: The manufacturers are focusing on developing innovative production technologies to lower the production cost of CMC and make it available at affordable prices.
Key Takeaways
The Global Carboxymethyl Cellulose Market Share is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period, due to increasing demand from processed food industry. Regionally, Asia Pacific is projected to dominate the CMC Market during the analysis period owing to growing food processing industry in emerging economies like India and China.
Regional analysis
Asia Pacific is projected to be the fastest growing as well as the dominating region in the carboxymethyl cellulose market on account of expanding processed food industry and rising health-conscious population in developing economies like India and China. The demand is mainly driven by food and beverage, personal care and oil drilling segments.
Key players
Key players operating in the Carboxymethyl Cellulose market are Akzo Nobel N.V., Ashland Inc., CP Kelco, Daicel Corporation, The Dow Chemical Company, Lamberti S.p.A., Penn Carbose Inc., Sichem LLC, SINCOCMC Co. Ltd, Yixing Tongda Chemical Co. Ltd, and Nouryon. These players are focusing on new product launches and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
