Carboxymethyl Cellulose Market (2021-2031) and Overview
The carboxymethyl cellulose market size is projected to reach US$ 2.3 billion by 2031 from US$ 1.7 billion in 2023. The market is expected to register a CAGR of 4% during 2023–2031. Rising demand for clean label ingredients and inclination toward using carboxymethyl cellulose (CMC) in an eco-friendly packaging solution are likely to remain key trends in the carboxymethyl cellulose market.
Carboxymethyl Cellulose Market Analysis
The rising demand for carboxymethyl cellulose from the pharmaceutical industry due to its stabilizing and binding properties drives the carboxymethyl cellulose market growth. Carboxymethyl cellulose (CMC) is a valuable ingredient in various pharmaceutical applications:
- CMC acts as a binder in tablet formulations, which helps hold all the ingredients together. It also acts as a disintegrant, aiding in the tablet's breakdown for efficient drug release.
- CMC is used in various pharmaceutical formulations as a viscosity modifier, enhancing the stability and ease of administration, especially in suspensions and syrups.
- Carboxymethyl cellulose stabilizes the emulsions and suspensions, ensuring that the pharmaceutical formulations remain well-dispersed and uniform.
- In some drug delivery systems, CMC is used to control the release of active pharmaceutical ingredients (APIs), providing a sustained and controlled release of optimal therapeutic effects.
- It is used in eye drops and ointments as a viscosity modifier and stabilizer, improving the retention of the product on the ocular surface
- In wound care products, CMC contributes to the formation of gels and ointments, aiding the protection and healing of wounds.
- CMC can also be used to enhance the bioavailability of poorly water-soluble drugs by improving their solubility and dissolution rate.
- It is GRAS-approved (i.e., Generally Recognized as Safe) by the Food and Drug Administration (FDA), making it suitable for pharmaceuticals without any significant safety concerns.
Thus, the wide range of applications of carboxymethyl cellulose (CMC) in the pharmaceutical industry drives its demand.
Carboxymethyl Cellulose Market Overview
Carboxymethyl cellulose is a cellulose derivative with a carboxymethyl group bound to one of the hydroxyl groups of the cellulose polymer. It is commonly used in pharmaceuticals, food & beverages, cosmetics, and other industries due to its excellent stabilizing, thickening, and emulsifying properties. In the food & beverages industry, carboxymethyl cellulose acts as an effective thickening agent, enhancing the texture and viscosity of various food products such as dressings, sauces, dips, and beverages. It helps stabilize the emulsions that prevent the separation of ingredients in products such as ice creams, salad dressings, and frozen desserts. In addition, carboxymethyl cellulose has water retention properties that help prevent the formation of ice crystals in ice creams and frozen desserts and improve moisture retention in bakery products. Therefore, the numerous benefits of carboxymethyl cellulose in food and beverage formulations propel its demand in the industry, which bolsters the carboxymethyl cellulose market growth.
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Carboxymethyl Cellulose Market: Strategic Insights
Market Size Value in US$ 1.7 billion in 2022 Market Size Value by US$ 2.3 billion in 2030 Growth rate CAGR of ~4% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Carboxymethyl Cellulose Market: Strategic Insights
| Market Size Value in | US$ 1.7 billion in 2022 |
| Market Size Value by | US$ 2.3 billion in 2030 |
| Growth rate | CAGR of ~4% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Carboxymethyl Cellulose Market Drivers and Opportunities
Various Strategies Adopted by Key Market Players
Market players adopt various strategies such as mergers & acquisitions, partnerships, collaborations, new product developments, and plant capacity expansions to stay ahead of the competition and increase their carboxymethyl cellulose market share. In July 2020, Nouryon completed the acquisition of J.M. Huber Corp’s carboxymethyl cellulose (CMC) business. The acquisition will help Nouryon to broaden its CMC product portfolio, which will help cater to a broader customer base across various geographies. Manufacturers are also expanding their manufacturing base across emerging economies to widen their customer reach and increase their market share in the carboxymethyl cellulose market. In February 2023, Nippon Paper Industries Co Ltd announced the establishment of a carboxymethyl cellulose manufacturing facility in Hungary, which is one of the popular materials used in lithium-ion batteries of electric vehicles. The expansion of its manufacturing and sales facility in Hungary will help the company strengthen its rapidly growing supply chain in Europe. Such strategies propel the carboxymethyl cellulose market growth.
Rising Focus on Sustainability to Provide Massive Opportunities
There is a trend toward using carboxymethyl cellulose (CMC) in an eco-friendly packaging solution with a growing emphasis on sustainability. CMC is biodegradable, which aligns with the increasing awareness of environmental sustainability. People are increasingly adopting products with biodegradable and eco-friendly packaging to reduce the environmental impact of conventional, fossil fuel-based packaging materials. This factor provides new opportunities for the carboxymethyl cellulose market development over the forecast period.
Carboxymethyl Cellulose Market Report Segmentation Analysis
Key segments that contributed to the derivation of the carboxymethyl cellulose market analysis are application and geography.
- Based on application, the carboxymethyl cellulose market is divided into food & beverages, pharmaceuticals & nutraceuticals, personal care & cosmetics, oil & gas, paper & pulp, detergents, and others. The food & beverages segment held the largest market share in 2023, and the personal care & cosmetics segment is projected to witness the fastest CAGR from 2023 to 2031. The personal care & cosmetics industry is witnessing rapid growth due to rising demand for various products such as shampoos, conditioners, moisturizers, gels, lotions, and cosmetic products. Changing lifestyles of people, rising interest in self-grooming and self-care, and availability of a wide range of personal care and cosmetics of different brands across the retail shelves are among the key factors driving the global personal care & cosmetics industry. CMC is becoming an integral part of personal care and cosmetic formulations as it acts as a viscosity modifier, stabilizer, film-forming agent, texture enhancer, and suspending agent. Thus, the rapid growth of the personal care industry coupled with increasing demand for CMC due to its various benefits are bolstering the carboxymethyl cellulose market growth.
Carboxymethyl Cellulose Market Share Analysis by Geography
The geographic scope of the carboxymethyl cellulose market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South America/South & Central America.
Asia Pacific held the largest carboxymethyl cellulose market share in 2023. The booming food & beverages industry due to increasing population, urbanization, and rising demand for convenience food provides strong growth potential to the carboxymethyl cellulose market across the region. Moreover, with the expansion of the pharmaceutical industry across Asia Pacific and rising awareness of health and well-being among people due to the increasing prevalence of lifestyle diseases, the demand for pharmaceutical ingredients, including CMC, is increasing.
Carboxymethyl Cellulose Market Report Scope
Carboxymethyl Cellulose Market News and Recent Developments
The carboxymethyl cellulose market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for carboxymethyl cellulose:
- Nouryon completed the acquisition of J.M. Huber Corp's carboxymethyl cellulose (CMC) business. The acquisition will help Nouryon broaden its CMC product portfolio, which will help cater to a broader customer base across various geographies. (Source: Carboxymethyl Cellulose – Nouryon, Press Release/Company Website/Newsletter, 2020)
- Nippon Paper Industries Co Ltd announced the establishment of a carboxymethyl cellulose manufacturing facility in Hungary, which is one of the popular materials used in lithium-ion batteries of electric vehicles. The expansion of its manufacturing and sales facility in Hungary will help the company strengthen its rapidly growing supply chain in Europe. (Source: Carboxymethyl Cellulose - Nippon Paper Industries Co Ltd, Press Release/Company Website/Newsletter, 2023)
Carboxymethyl Cellulose Market Report Coverage and Deliverables
The “Carboxymethyl Cellulose Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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