According to a new research report by Global Market Insights Inc., the global Carboxymethyl Cellulose Market size is estimated to surpass USD 1.73 billion by 2027. The market is witnessing a continuing trend toward the consumption of low-fat & low-calorie food favors and use of food additives that reduce the overall content of fat in foods.
The desire for natural food products and increasing obesity levels are boosting the growth of natural additives and fat replacers in the market. This factor has been benefiting food additives such as sweeteners, emulsifiers, and hydrocolloids. Carboxymethyl cellulose thickens and stabilizes foods. It also replaces fat, thereby increasing fiber content in foods. This factor helps manufacturers to provide fat-free and healthier food to customers by utilizing CMC, thereby fueling the carboxymethyl cellulose market growth over the projected timeframe.
Demand for CMC is likely to increase owing to the rising application of products in the pulp paper industry. Carboxymethyl cellulose is used in the papermaking process due to its ability to retain water and thicken. Furthermore, the mining sector will be a potential area of application for carboxymethyl cellulose in the future. Iron ore mining activities are estimated to rise in the next few years due to high demand from various manufacturing and construction activities.
The growing demand for crude oil & natural gas has encouraged exploration companies to engage in extensive drilling activities. Carboxymethyl cellulose used in drilling mud balances various physical parameters such as regulating viscosity, reducing water loss, and increasing thixotropy. Carboxymethyl Cellulose (CMC) will witness strong demand from oil & gas applications in the coming years.
Rising adoption of 80% - 95% purity CMC will boost market revenue
Based on purity, the 80% - 95% segment is likely to grow at a CAGR of 4.2% from 2021 - 2027. 80% to 90% purity range indicates the semi-purified form of CMC. It is particularly used in oil & gas, pulp & paper, detergents & laundry, and other industries. CMC of this purity type will have substantial demand in oil drilling applications in the coming years.
Carboxymethyl cellulose with purity below 80% is projected to witness growth at a CAGR of above 4% by 2027. Purity below the 80% range indicates the technical-grade CMC type. It is particularly used in oil & gas, pulp & paper, detergents & laundry, and other industries including construction, mining, etc. The segment will observe significant demand from small- & medium-scale manufacturers by 2027 due to its low costs compared to other grades of CMC.
Surging demand for CMC in the pharmaceutical industry
The pharmaceutical sector is projected to generate a revenue of over USD 85 million by 2027 at a CAGR of around 4.8% from 2021 to 2027. CMC is widely used in injectable, ophthalmic, oral & topical pharmaceutical formulations due to its ability to provide better dissolution and disintegration properties. The product is also used as a matrix former & binder in tablet coatings for solid dosage forms and stabilizer & thickener in lotions, ointments, etc.
The U.S. has been the most promising domestic environment for the commercialization and development of pharmaceutical products with the fewest barriers in the industry. For instance, according to the U.S. Centers for Medicare & Medicaid Services (CMS), U.S. healthcare spending reached USD 3.81 trillion in 2019, which accounted for 17.7% of the GDP. These significant growth aspects in the pharmaceutical sector will bolster the carboxymethyl cellulose market share in the coming years.
Browse key industry insights spread across 250 pages with 145 market data tables & 24 figures & charts from the report, “Carboxymethyl Cellulose Market By Purity (Above 95%, 80% - 95%, Below 80%), By End-user (Food & Beverage, Pharmaceuticals, Personal Care, Oil & Gas, Pulp & Paper, Detergents & Laundry), Industry Analysis Report, Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
The personal care & cosmetic industry will support the European market growth
Europe tends to experience a positive demand for carboxymethyl cellulose due to the surging personal care & cosmetics industry. The strength of the European cosmetics industry lies in its mix of large & small companies; for example, there are 5.76 million Small & Medium-sized Businesses (SMEs) in Europe and this number is escalating every year. Furthermore, more than 85% of new jobs are created by SMEs in the cosmetics industry. The personal care industry in Europe is science-driven with over 32,000 scientists from the cosmetics industry. The regional carboxymethyl cellulose market will experience high demand in personal care applications by 2027.
The CMC market is fragmented. Factors including product penetration in key end-user markets, the presence of established manufacturers, product consumption, and intensity of rivalry govern the competitive nature of the carboxymethyl cellulose industry. The increasing entry of new companies along with the value chain is likely to lead to market fragmentation in the coming years. Some of the major industry participants include Triveni Chemicals, J.M. Huber Corporation, Akzo Nobel B., DKS Co., Ltd., Ashland, Lamberti SA, etc.