ALBANY, New York, August 24, 2015 /PRNewswire/ —
According to a new market study released by Transparency Market Research (TMR), the global carboxymethyl cellulose market will display a 3.2% CAGR between 2013 and 2019. If the figure holds true, the market, which had a valuation of US$834.0 million in 2012, will reach US$1,039.8 million in 2019.
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The research report, titled ” Carboxymethyl Cellulose Market for Food and Beverages, Oil Drilling Fluids, Paper Processing, Personal Care, Paints & Adhesives, and Other End-users – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019“, is available for sale on the company website.
According to the report, the high demand for carboxymethyl cellulose (CMC) in low-fat and gluten-free frozen desserts is driving the market for carboxymethyl cellulose. Carboxymethyl cellulose reduces fat content in food and is preferred in place of other hydrocolloids due to its superior performance characteristics and low cost.
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Thus, increasing demand from the food and beverages sector, combined with rising oil exploration activities worldwide, has generated significant demand for carboxymethyl cellulose in the last couple of years. In the food and beverages sector, CMC is used as a stabilizer, rheology controller, thickener, and water binder, whereas for oil drilling fluids, it is used as a viscosifier and rheology controller.
Moreover, increasing demand for CMC in personal care products and increasing iron ore and mining activities are offering opportunities for growth of the CMC market.
However, regulations set by the U.S. Food and Drug Administration (FDA) for use of carboxymethyl cellulose and the easy availability of eco-friendly substitutes limit the growth of this market.
By end user, food and beverages registered the highest revenue in the CMC market in 2012. This was followed by oil drilling fluids, accounting for 22.3% of the total demand for carboxymethyl cellulose in 2012.
Furthermore, personal care is expected to be a rapidly growing end user of CMC in the coming years, adds the report. Paints and adhesives and paper processing will observe stable demand for CMC in the next few years. However, industrial detergents and mining are expected to open promising opportunities for the expansion of the CMC market in the years to come.
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In 2012, Asia Pacific dominated the carboxymethyl cellulose market, accounting for nearly 35% of the overall market. The expanding food and beverages industry in the region has been beneficial for the demand for CMC.
Rising oil exploration activities, combined with demand from the food and beverages sector, will spur the CMC market in Latin America and the Middle East.
Europe trails Asia Pacific in terms of revenue in the CMC market. The demand for carboxymethyl cellulose from various end users such as personal care, food and beverages, and paper processing has been beneficial for the growth of the overall market.
In 2012, North America accounted as the third largest market for carboxymethyl cellulose. In the region, the U.S. emerged as the regional leader, due to the flourishing food and beverage industry and high consumer spending on personal care products.
The Carboxymethyl Cellulose Market is segmented as:
Carboxymethyl Cellulose Market: End-user Analysis
- Food and beverages
- Oil drilling fluids
- Paper processing
- Personal care
- Paints and adhesives
- Others (Including industrial detergents, mining, etc.)
Carboxymethyl Cellulose Market: Regional Analysis
- North America
- Asia Pacific
- Rest of the World
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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SOURCE Transparency Market Research