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Ethyl Cellulose Market size is poised to grow at over 6.4% CAGR during the forecast period i.e., between 2024-2036.
Increasing use of solar panels and cells around the globe and rise in pharmaceutical as well as plastic packaging companies are some of the factors anticipated to promote the growth of the market
Growth Drivers
Since chronic medical problems are constantly increasing and new diseases are being continuously discovered, the requirement for versatile drugs is high which has led to a rise in demand for ethyl cellulose which is a key excipient in producing drugs. According to the statistics by the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), each year on research and development, the research-based pharmaceutical industry spends over USD 149.8 billion. Also, the advancement in healthcare technology and research activities has resulted more pharmaceutical companies to produce all types of medicines and supplements required by the market. This is anticipated to significantly expand the ethyl cellulose market.
Expanding Cosmetic, Plastics and Food Packaging Industry to Drive the Market Growth
Ethyl cellulose is used as a fragrance ingredient in cosmetic products and widely used as a coating and binding agent in plastics and packaging companies. Additionally, many of the growing plastic industries requires ethyl cellulose as a key component. On the back of these factors, the market is predicted to grow over the forecast period.
Challenges
Despite the growing usage of ethyl cellulose, there is a possibility of its misuse as an excipient in drug manufacturing. This is estimated to hinder the growth of ethyl cellulose market in the future.
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
6.4% |
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Regional Scope |
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The ethyl cellulose market is segmented by grade into pharmaceutical, industrial and food. Among these segments, the pharmaceutical grade is anticipated to hold the leading share in the market on account of high demand for advanced drugs and setting up of more drug research and development centers. The industrial and food grade segment, on the other hand, is anticipated to grow at the highest rate in the market as a result of increasing demand for products related to cosmetics, food packaging, plastics and personal care.
Our in-depth analysis of the global market includes the following segments:
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By Forms |
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By Application |
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By Grade |
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On the basis of regional analysis, the ethyl cellulose market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for ethyl cellulose in North America industry is anticipated to dominate majority revenue share by 2036, impelled by growing requirements of ethyl cellulose in the drug formulation methods, and increasing usage of solar panels and cells in the region. owing to the polymers of ethyl cellulose which is the key component in manufacturing of solar panels, further increases the product demand. The market in Asia Pacific is predicted to grow at the highest rate during the forecast period as a result of developing pharmaceutical industry and growing plastic production in the region. The improving methods of drug manufacturing in the region, especially in countries such as China, India and Japan further raise the demand for ethyl cellulose.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
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