Introduction to Ethyl Cellulose
Ethyl cellulose is a derivative of cellulose. In the derivatives of the cellulose, some of the hydroxyl groups on the repeating glucose units are converted into ethyl ether groups to form ethyl cellulose. The number of ethyl groups varies depending on the manufacturer. Ethyl cellulose is also known as ‘ethyl ether of cellulose’ or ‘cellulose ethyl ether’ as its chemical name. Ethyl cellulose is widely used as a polymer in producing solar panel plates, binder in pharmaceutical formulations, coating agent for modified release tablets and as taste masking agent. It is also used as a food additive which acts as an emulsifier or thickener.
Market Size and Forecast
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.
Rise in Drug Manufacturing Companies to Boost the Market Growth
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
Expanding Cosmetic, Plastics and Food Packaging Industry to Drive the Market Growth
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.
Improper Use of Ethyl Cellulose to Hamper the Market Growth
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:
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