The global Carboxymethyl cellulose Market is estimated to be valued at US$ 1201.83 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Carboxymethyl cellulose (CMC) is primarily used as a thickening and stabilizing agent in food products. It is widely used in soups, sauces, and salad dressings to regulate thickness and viscosity levels. CMC is also added in processed meat products as a binding and stabilizing agent. Additionally, CMC finds application in pharmaceuticals as a binding, thickening, suspension agent in tablet production and for coating pills. It helps in improving yield, increasing viscosity of solutions, and controlling crystallization rate of drugs.
Market key trends:
Rising demand for modified and processed food products among working population due to changing lifestyle and food habits is a major factor fueling growth of the global carboxymethyl cellulose market. Manufacturers are focusing on developing more effective and eco-friendly CMC grades with improved functional properties to strengthen their market position. For instance, in 2021, Nouryon launched Klucel hydroxypropylcellulose (HPC) EF, a novel thermally-reversible thickening agent that exhibits high viscosity even at low usage levels. HPC EF allows processors to achieve targeted viscosities while reducing raw material costs. Growing use of CMC as an alternative to synthetic polymers in various end-use industries owing to its renewability, biodegradability and versatility is expected to offer lucrative opportunities over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs for manufacturing facilities and R&D. The carboxymethyl cellulose market is dominated by few major players with strong brand loyalty.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to the presence of many suppliers and substitutes. Buyers can negotiate lower prices due to the availability of alternatives.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute raw materials. However, industry players source raw materials from a limited number of suppliers concentrating power.
Threat of new substitutes: Substitutes like guar gum and xanthan gum pose a moderate threat. However, substitutes cannot fully replicate the functional characteristics of carboxymethyl cellulose.
Competitive rivalry: The global CMC market is competitive due to the presence of major players. Companies invest significantly in R&D for new product development and expansion to gain market share.
Key Takeaways
The Global Carboxymethyl Cellulose Market Share is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing demand from food & beverages industry. Application in food thickeners, emulsifiers, binders is driving market revenue.
Regional analysis: Asia Pacific dominates the global CMC market and is expected to grow at the fastest rate during the forecast period. Surging demand from food & beverage industries in China, India, Indonesia is fueling market growth in the region.
Key players operating in the carboxymethyl cellulose market are Akzo Nobel N.V., Ashland Inc., CP Kelco, Daicel Corporation, The Dow Chemical Company, Lamberti S.p.A., Penn Carbose Inc., Sichem LLC, SINCOCMC Co. Ltd, Yixing Tongda Chemical Co. Ltd, and Nouryon. Key players are investing in capacity expansions to cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
