The global hydroxypropyl methylcellulose market size is expected to reach USD 2.85 billion by 2030, as per the new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.8% from 2022 to 2030. The market growth is majorly attributed to the rising demand for low-fat food among the young population and product penetration in food and cosmetics applications.
Hydroxypropyl Methylcellulose Market Report Highlights
- The pharmaceuticals application segment is expected to register the fastest revenue-based CAGR of 5.3% over the forecast period owing to the rising product demand because of its non-toxic and safe medicinal properties. HPMC is also utilized as a coating agent and compression aid for tablets and as an alternative for animal-derived gelatin in formulating capsules
- HPMC can be used in the production of various fillings, foams, and coatings products. It is widely used as an alternative for gluten substitution in gluten-free baking. It can also be applied to sweets and cakes in order to prevent grease from penetrating and retaining moisture
- Asia Pacific is expected to register the fastest revenue-based CAGR over the forecast period because of the rising use of the product in construction and infrastructure projects. China and India accounted for a major share in the global construction industry
- Europe held the second-largest revenue share in 2021 on account of the significant growth in the personal care industry, particularly customized hair care formulations, skincare creams, lotions, and makeup products
- The key players of the industry focus on offering high-quality products to cater to the specific requirements of the end-use industries. Raw materials such as caustic soda, propylene oxide, and cotton are produced in bulk in order to avoid extra supply costs and maintain a strong supply network
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Hydroxypropyl methylcellulose (HPMC) is a tasteless, odorless, non-toxic, and light-colored powder, which forms a colloid solution as dissolved in cold water. It finds applications in various fields, ranging from construction to ophthalmology. It is being increasingly utilized in preparing biocomposites on account of its excellent biodegradability and biocompatibility.
The pharmaceuticals application segment held a considerable revenue share in 2021. The number of obese people worldwide is growing significantly due to the rising consumption of junk and ready-to-eat items. HPMC helps in reducing the appetite of obese individuals who are trying to lose weight. It is available in tablets and gives a feeling of fullness that helps reduce food intake.
The shutdown of various industries had an ill effect on the global market demand. It dipped sustainably due to the halt of construction projects. Additionally, the negative impact of the pandemic on key end-use industries such as construction, personal care and cosmetics, textile, and chemicals hampered the product demand in 2020.
Hydroxypropyl Methylcellulose Market Insights By Demographics
The rising demand for hand sanitizers following the outbreak of COVID-19 has significantly triggered the demand for HPMC globally. The Asia Pacific dominated the market with a revenue share of over 50.0%. This is attributed to the rising demand and investments in the construction and infrastructure industries to meet the needs of the growing population. India is among the fastest-growing economies of the world, and hence the demand for construction and infrastructure rises due to the increasing urbanization and some government initiatives like PM Aawas Yojana, under which multiple houses are being constructed. HPMC is widely utilized in the food industry of Asia Pacific for stabilizing, thickening, suspending, and emulsifying a wide range of food items.
Industry Share Analysis By Major Companies
The market is highly competitive with manufacturers intensely focusing on improving their products. Strong experience and expertise in the HPMC market have helped manufacturers maintain significant market shares. Various strategic tactics and decisions of the leading companies have helped them to grow in the market and acquire a large customer base. The major distribution channels present in the market include the manufacturers’ distribution network, direct supply agreements with industrial users, and third-party distribution channels. The online distribution channel is also gaining importance on account of significant investments by multinationals in e-commerce platforms in order to capture a larger potential market share. Some prominent players in the global hydroxypropyl methylcellulose market include:
- Ashland
- Shin-Etsu Chemical Co., Ltd.
- Chemcolloid Limited
- Zhejiang Haishen New Materials limited
- DuPont de Nemours, Inc.
- CP Kelco U.S., Inc.
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Hydroxypropyl Methylcellulose Market Segmentation
Grand View Research has segmented the global hydroxypropyl methylcellulose market on the basis of application and region:
- Hydroxypropyl Methylcellulose Application Outlook (Volume, Tons; Revenue, USD Million, 2018 – 2030)
- Hydroxypropyl Methylcellulose Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 – 2030)
- List of Key Players of Hydroxypropyl Methylcellulose 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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