Ethyl Cellulose Market Segmentation By Forms {Solid (Powder and Granules) and Liquid}; By Application (Pharmaceuticals, Cosmetics, Food Packaging, Paints & Coatings, and Electronic Items) and By Grade (Pharmaceutical, Industrial and Food) – Global Demand Analysis & Opportunity Outlook 2028
Buy Now Report ID: 701 | Published Date: Feb 10, 2023
Since chronic medical problems are constantly increasing and new diseases are being continuously discovered, the requirement for versatile drugs is high which has led to a rise in demand for ethyl cellulose which is a key excipient in producing drugs. According to the statistics by the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), each year on research and development, the research-based pharmaceutical industry spends over USD 149.8 billion. Also, the advancement in healthcare technology and research activities has resulted more pharmaceutical companies to produce all types of medicines and supplements required by the market. This is anticipated to significantly expand the ethyl cellulose market.
CLICK TO DOWNLOAD FREE SAMPLE REPORT
Ethyl cellulose is used as a fragrance ingredient in cosmetic products and widely used as a coating and binding agent in plastics and packaging companies. Additionally, many of the growing plastic industries requires ethyl cellulose as a key component. On the back of these factors, the market is predicted to grow over the forecast period.
Increasing use of solar panels and cells around the globe and rise in pharmaceutical as well as plastic packaging companies are some of the factors anticipated to promote the growth of the global ethyl cellulose market. Further, the ethyl cellulose market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by grade into pharmaceutical, industrial and food. Among these segments, the pharmaceutical grade is anticipated to hold the leading share in the market on account of high demand for advanced drugs and setting up of more drug research and development centers. The industrial and food grade segment, on the other hand, is anticipated to grow at the highest rate in the ethyl cellulose market as a result of increasing demand for products related to cosmetics, food packaging, plastics and personal care.
Despite the growing usage of ethyl cellulose, there is a possibility of its misuse as an excipient in drug manufacturing. This is estimated to hinder the growth of ethyl cellulose market in the future.
Our in-depth analysis of the ethyl cellulose market includes the following segments:
On the basis of regional analysis, the ethyl cellulose market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for ethyl cellulose in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market ethyl cellulose. Moreover, the growing requirements of ethyl cellulose in the drug formulation methods and the increasing usage of solar panels and cells in this region owing to the polymers of ethyl cellulose which is the key component in manufacturing of solar panels, further increases the product demand. The market in Asia Pacific is predicted to grow at the highest rate during the forecast period as a result of developing pharmaceutical industry and growing plastic production in the region. The improving methods of drug manufacturing in the region, especially in countries such as China, India and Japan further raise the demand for ethyl cellulose.
The ethyl cellulose market is further classified on the basis of region as follows:
March 2019: One of the subsidiaries of Univar Solutions Inc., Univar Hellas Ltd. announced that the subsidiary of The Dow Chemical Company, Dow Europe GmbH, has expanded its product range of beauty care specialities organic product in Greece by its distribution partner Univar Solutions.
November 2019: DuPont de Nemours, Inc. announced that it displayed at the CPhI Worldwide event its essential pharmaceutical portfolios. Further, the company also received the EXCiPACT Good Manufacturing Practice (GMP) Certification Standards award for the ETHOCEL™ excipient facilities.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Submit Your Request For Proposal (RFP)
