Ethyl Cellulose Sector: Growth Drivers and Challenges
Growth Drivers
Rise in Drug Manufacturing Companies to Boost the Market Growth
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
Improper Use of Ethyl Cellulose to Hamper the Market Growth
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.
Ethyl Cellulose Market: Key Insights
|
Base Year |
2023 |
|
Forecast Year |
2024–2036 |
|
CAGR |
6.4% |
|
Regional Scope |
|
