The global hydroxyethyl cellulose market size is expected to reach USD 1.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.5% from 2022 to 2030. The growth is majorly driven by rising demand for cellulose products in water-borne architectural paints and coatings, textile, personal care and cosmetics, and other industrial applications. The cellulose esters market is anticipated to be driven by growing demand in the paper and paperboard, textile, photographic films, and food and beverages industries. The production process of HEC begins with cellulose as a raw material in the form of sheets and rolls, which are treated with sodium hydroxide solution and reacted with ethylene oxide.
Hydroxyethyl Cellulose Market Report Highlights
- The pharmaceutical application is expected to witness the fastest CAGR of 5.7% over the forecast period, owing to its utility in the sector because of its strong medical values and properties. It can be used as protective colloids, adhesives, stabilizers, suspending agents, and dispersants
- Asia Pacific is poised to witness the fastest CAGR of 5.7% over the forecast period. This is attributable to the rising demand from the end-user industries such as paper, textile, and others
- Major factors responsible for driving the demand include increasing production of paper worldwide and shifting consumer preference toward sustainable alternatives in the textile and food industry
- Hydroxyethyl cellulose is mentioned in the FDA Inactive Ingredients database and is incorporated in non-parenteral medicines permitted and licensed in the U.K. In Canada, it is encompassed in the country’s list of acceptable non-medicinal ingredients
- The market is consolidated in nature with the presence of major players. The companies have used various strategies like product diversification, capacity expansion, investing in R&D activities, and mergers and acquisitions to gain a competitive edge over others
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Hydroxyethyl ester of cellulose is majorly used as a thickening agent and water binder in several industry applications including pharmaceutical formulations, adhesives, building materials, and personal use care products. The building materials application segment accounted for more than 14.0% of the revenue share in 2021 and is estimated to witness a significant growth rate in the near future. There is a clear growth in the consumption of HEC products due to the increasing utility of these products in building materials, along with consumer preference for sustainable products.
Increasing consumption in building materials coupled with rising demand from the cosmetics industry is expected to boost the market growth. The COVID-19 pandemic has negatively impacted the market, considering demand-supply restrictions and the shutdown of non-essential product warehouses. In 2020, the prices of cellulose witnessed a rise owing to low inventory levels and the shutdown of production plants. Low levels of inventory with recovering demand, challenges in container logistics, and reduced supply due to the shutdown of manufacturing plants negatively impacted the market amid the COVID-19 pandemic.
Hydroxyethyl Cellulose Market Insights By Demographics
Asia Pacific dominated the market for hydroxyethyl cellulose and accounted for the largest revenue share of 54.6%. Increasing construction and infrastructure spending, particularly in countries like China, India, and Japan, is expected to drive the region’s market. Asia Pacific is a highly import-dependent region. Although there are several market players with smaller capacities, the region is still not self-sufficient for the demand. Europe has accounted for the second-largest revenue share of the hydroxyethyl cellulose market. Europe is the home of major economies like Germany, France, and the U.K., with a continuously increasing number of manufacturers and suppliers of food products and beverages, cosmetics, construction, and chemical products. Increasing consumer demand for organic dietary supplements, pharmaceutical formulations, and growing awareness about harmful chemicals and ingredients is also anticipated to fuel the demand over the forecasted period.
Industry Share Analysis By Major Companies
The competition in the market for hydroxyethyl cellulose is highly dependent on the grade of products, the number of sellers/manufacturers, and geographical location. The products manufacturers are engaged in continuous R&D activities, capacity expansion, mergers and acquisitions, and other strategies to gain a competitive advantage over others. Manufacturers are focusing intensely on improving their product portfolios by forming strategic Joint Ventures (JV) with some prominent companies. In recent years, major players have made significant investments in innovation to assist corporations in developing new products, addressing the rising demand, and increasing their revenue. Many companies have diversified their supply sources to secure a steady supply of raw materials. Some of the prominent players in the hydroxyethyl cellulose market include:
- Ashland
- Dow Chemicals
- Shin-Etsu Chemicals Co., Ltd.
- AkzoNobel N.V.
- Daicel Corporation
- Lotte fine Chemicals
- Chemcolloids Ltd.
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Hydroxyethyl Cellulose Market Segmentation
Grand View Research has segmented the global hydroxyethyl cellulose market on the basis of application and region:
- Hydroxyethyl Cellulose Application Outlook (Volume, Tons; Revenue, USD Million, 2018 – 2030)
- Hydroxyethyl Cellulose Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 – 2030)
- List of Key Players of Hydroxyethyl Cellulose Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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