Hydroxypropyl Cellulose Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The hydroxypropyl cellulose market is expected to register a CAGR of over 4% during the forecast period. One of the main factors driving the market is the increasing demand for ophthalmic drugs due to the rising prevalence of eye disease. However, government limitations on the use of hydroxypropyl cellulose as food additives are expected to hinder the growth of the market studied.

Key Highlights

• By application, demand for hydroxypropyl cellulose in the pharmaceutical industry is expected to grow further during the forecast period.
• Increasing demand for hydroxypropyl cellulose in the textile industry is likely to act as an opportunity for the market studied in the coming years.
• Asia-Pacific dominated the market across the world with the most substantial consumption from countries, such as China and India.

Key Market Trends

Increasing Demand forOphthalmic Drugs with Rising Prevalence Eye Disease

• Hydroxypropyl cellulose is a cellulose ether containing hydroxypropyl substitution, which is obtained from the reaction of alkali cellulose with propylene oxide at high temperatures and pressures and occurs as a white powder. It is soluble in water and certain organic solvents.
• Hydroxypropyl cellulose is used to treat ophthalmic medical conditions characterized by insufficient tear production, such as keratoconjunctivitis sicca, recurrent corneal erosions, decreased corneal sensitivity, exposure, and neuroparalytic keratites.
• Additionally, hydroxypropyl cellulose is used as a thickener, a low-level binder in tablets, an emulsion, and a stabilizer in pharmaceuticals.
• According to the WHO, in 2018, it was estimated that approximately 1.3 billion people were living with some form of vision impairment. The increasing prevalence of eye diseases is increasing the demand for ophthalmic drugs, which, in turn, increases the demand for hydroxypropyl cellulose globally.
• Hence, owing to the factors mentioned above, the application of hydroxypropyl cellulose in ophthalmic drugs 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 for hydroxypropyl cellulose during the forecast period. The rising demand for ophthalmic drugs in developing countries like China, India, and Japan is expected to drive the demand for hydroxypropyl cellulose in this region.
• The largest producers of hydroxypropyl cellulose are based in the Asia-Pacific region. Some of the leading companies in the production of hydroxypropyl cellulose are NIPPON SODA CO. LTD, Shandong Head Europe BV, Shin-Etsu Chemical Co. Ltd, Ashland, and DuPont, among others.
• An increase in the number of middle-class households, advancement in medical infrastructure, and the increasing penetration of health insurance in the country are likely to play a significant role in influencing the growth of hydroxypropyl cellulose made ophthalmic drugs.
• The growing consciousness towards maintaining one's appearance and a considerable increase in disposable incomes boosts the cosmetics market, increasing the demand for hydroxypropyl cellulose in the Asia Pacific region.
• The rising awareness about a high nutritional diet and the increasing need to impart ethnic taste is accelerating the food additive market, which, in turn, increases the demand for hydroxypropyl cellulose in the Asia-Pacific region.
• Owing to the factors mentioned above, the market for hydroxypropyl cellulose in the Asia-Pacific region is projected to grow significantly during the study period.

Competitive Landscape

The hydroxypropyl cellulose market is partially consolidated in nature, with only a few major players dominating the market. Some of the major companies are NIPPON SODA CO. LTD, Shandong Head Europe BV, Shin-Etsu Chemical Co. Ltd, Ashland, and DuPont, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support