Rising demand from various end-use industries such as food and beverage, textile, oil field chemicals, pharmaceutical, construction, personal care, paper, and adhesives is likely to propel growth of the global hydroxypropyl cellulose market over the forecast timeframe. This cellulose refers to the one that belongs to the ether class and is made by modification of chemicals. This chemical is utilized in the form of thickeners, stabilizers, and as viscosity agents.
End use, applications, and region are the three important parameters based on which the global hydroxypropyl cellulose market has been classified.
The global hydroxypropyl cellulose market is considered a highly concentrated market that is marked by competition based on differentiation of price.
Some of the prominent organizations in the global hydroxypropyl cellulose market comprise the below-mentioned:
The global hydroxypropyl cellulose market is characterized by the presence of the following restraints, drivers, and opportunities.
Hydroxypropyl cellulose finds utilization in the processing of polyvinyl chloride (PVC), encapsulation, binders, molding, and printing inks, adhesives, plastic foams, aerosols, paper, and pharmaceuticals. Rising demand from industries like adhesives and plastics considerably add to the growth of the global hydroxypropyl cellulose market in the years to come.
In addition, rising demand for packaged food products is likely to augur well for the market as the product can be used as a food additive following its approval from US-based Food and Drug Administration.
Asia Pacific is projected to be one of the rapidly growing regions in the global hydroxypropyl cellulose market. The growth of the region is likely to be driven by the shifting of manufacturing base of several consumer goods and FMCG companies to Asia Pacific.