The microcrystalline cellulose market is expected to register a CAGR of over 6% during the forecast period. One of the main factors driving the market is the growing demand for microcrystalline cellulose from the pharmaceutical industry across significant economies of the world. However, high manufacturing and production cost of microcrystalline cellulose is expected to hinder the growth of the market studied.
- By end-user industry, the pharmaceutical industry is expected to dominate the market over the forecast period.
- The growing demand for microcrystalline cellulose composites as lining adhesives for canvas is likely to act as an opportunity for the market studied in the coming years.
- The Asia-Pacific region is expected to dominate the market with increasing manufacturing from the pharmaceutical industry in countries like India and China.
Key Market Trends
Increasing Demand of Microcrystalline Cellulose from Pharmaceutical Industry
- Microcrystalline cellulose (MCC) is a pure partially depolymerized cellulose synthesized from α-cellulose precursor (type Iβ), obtained as a pulp from fibrous plant material, with mineral acids using hydrochloric acid to reduce the degree of polymerization.
- Microcrystalline cellulose is a commonly used excipient in the pharmaceutical industry. It has excellent compressibility properties and is used in solid dose forms, such as tablets.
- The factors such as disease prevalence, affordability, consumer attitudes, government (and insurance company) policies, and available supply of medicines boost the pharmaceutical industry, which, in turn, increases the demand for microcrystalline cellulose.
- Hence, owing to the factors mentioned above, the application of microcrystalline cellulose from the pharmaceutical industry is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market during the forecast period. The rising demand for microcrystalline cellulose from pharmaceutical and cosmetics industries in countries like China and India is expected to drive the demand for microcrystalline cellulose in this region.
- The largest producers of microcrystalline cellulose are based in the Asia-Pacific region. Some of the leading companies in the production of microcrystalline cellulose are Sigachi Industries Pvt. Ltd, Huzhou City Linghu Xinwang Chemical Co. Ltd, DuPont, Asahi Kasei Corporation, and J. Rettenmaier & Sohne GmbH + Co. KG, among others.
- According to L'Oreal data, the global cosmetic market, which is valued at more than EUR 220 billion, grew by more than 5.5% in 2019, with sales from online platforms gaining the highest momentum, of more than 25% during the same year. This growth is majorly spurred on in the Asia-Pacific region by the limitless diversity of consumer aspirations and owing to the continuous innovations in the industry.
- Asia-Pacific has the highest demand for cosmetics, particularly luxury products. The region accounted for over half of the skincare market in 2019. Lancôme emerged as the number one select skincare brand in China. In contrast, L'Oréal emerged as the number one brand in skincare and facial cleansers among other consumer products in the Asia-Pacific region.
- Owing to the factors mentioned above, the market for unidirectional tape in the Asia-Pacific region is projected to grow significantly during the study period.
The microcrystalline cellulose market is partially fragmented in nature, with only a few major players dominating the market. Some of the major companies are Chemfield Cellulose, Accent Microcell Pvt. Ltd, FMC Corporation, Sigachi Industries Pvt. Ltd, and DuPont, among others.
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