High Demand from Multiple Industries Owing to Favorable Functional Properties to Aid Carboxymethyl Cellulose Market Growth
Carboxymethyl cellulose, also known as cellulose gum finds applications in a host of industries, including food & beverages, paints & adhesives, pharmaceutical, and cosmetics. Carboxymethyl cellulose is primarily used as a thickening, binding, emulsifying, sizing, and stabilizing agent in various applications due to which, the demand for carboxymethyl cellulose has witnessed consistent growth over the past few years. The demand for carboxymethyl cellulose is projected to experience consistent growth, owing to favorable functional properties of carboxymethyl cellulose, including optimum acid resistance, desired water resistance, high viscosity, and salt resistance.
Research and development activities continue to open up new avenues and opportunities for players involved in the current carboxymethyl cellulose market. The adoption of carboxymethyl cellulose across the different industrial sectors is expected to be the major factor that is likely to drive the growth of the carboxymethyl cellulose market during the forecast period. Over the past few years, due to exponential rise in the global demand for carboxymethyl cellulose, manufacturers are largely focusing on increasing their production capacity to cater to this demand and also expand their presence across different regions of the world. At the back of these factors, the global carboxymethyl cellulose market is expected to attain a market value of ~US$ 2 Bn by the end of 2030.
Soaring Demand from Multiple End-use Industries to Propel Carboxymethyl Cellulose Market Growth
Carboxymethyl cellulose is also referred to as the “MSG of the industry” and has a myriad of applications in different industrial sectors. The food industry is projected to provide abundant opportunities to the players involved in the current market landscape, as the demand continues to scale-up due to the various benefits of carboxymethyl cellulose. Sodium carboxymethyl cellulose continues to garner significant popularity across the food industry, as it plays an imperative role in minimizing production costs, extending the shelf life of food products, and enhance the overall taste of food products. In the past decade, sodium carboxymethyl cellulose is increasingly being used in the production of ice cream, owing to several benefits such as improved taste, providing optimum volume to the ice cream, minimizing production costs, and mitigate the utilization of large volumes of raw materials. While ice cream production remains one of the most prominent end-use applications of sodium carboxymethyl cellulose, the demand for carboxymethyl cellulose for flour and drink production is also moving in an upward trajectory.
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As the food sector continues to provide an array of lucrative opportunities to the participants of the carboxymethyl cellulose market, the pulp & paper industry is another prominent end-use industry that is anticipated to boost the growth prospects of the global carboxymethyl cellulose market during the assessment period. Carboxymethyl cellulose is extensively used for wet-end addition to enhancing the strength and overall process of paper formation. As carboxymethyl cellulose can be mixed into hot as well as cold water and one of the most ideal water retention agents, carboxymethyl cellulose continues to attract the attention of companies operating in the paper & pulp industry. The pharmaceutical sector is another industrial sector that is likely to provide fertile grounds for growth of the carboxymethyl cellulose market. Over the past couple of decades, pharmacists are increasingly swaying toward compounding medicines to offer safe and effective medical treatments, particularly in patients suffering from dermatological diseases. Several skincare companies are using carboxymethyl cellulose to produce new skincare products with improved quality to attract more consumers. In addition, as skincare companies continue to focus on improving the overall quality of their products, the demand for carboxymethyl cellulose is expected to experience steady growth in the upcoming years.
Demand Likely to Decline in 2022 amid COVID-19 Pandemic, Market Players to Focus on Product Diversification
The ongoing COVID-19 pandemic is likely to hinder the growth of the global carboxymethyl cellulose market particularly in the first two quarters of 2022, as government authorities across the world continue to enforce restrictions on trade and transportation. These restrictions have created several bottlenecks across the entire supply chain due to which, the demand for carboxymethyl cellulose is projected to witness a steady decline during the COVID-19 pandemic. However, market players should explore potential opportunities across the pharmaceutical sector, as drug production and manufacturing are likely to remain stable during the ongoing health crisis. Product diversification is anticipated to remain key for long-term growth due to consistent demand from an array of end-use industries.