Hydroxypropyl Methyl Cellulose Market Report, Global HPMC Market Share

The 2023 Hydroxypropyl Methylcellulose Market Report is finally completed, this report was written by Kemox after more than a month of intensive research. All the data in this report are compiled by Kemox after visiting the authoritative websites in the industry, and we try our best to make it as accurate as possible. In this report, we provide an in-depth analysis of the current status of the global HPMC market, its growth factors, market shares by region, and various factors that may affect the market in the future.

Hydroxypropyl Methyl Cellulose Global Market Report 2023

Hydroxypropyl Methylcellulose market size has witnessed robust growth in recent years. The global HPMC market traded at USD 4.36 billion in 2023. The global HPMC market is expected to grow at a CAGR of 4.3% during 2024-2032. The construction application segment dominated the market with a revenue share of over 40.0%. An increase in applications in the pharmaceutical industry, a rise in the production of food and beverages, and a surge in cosmetics have led to the growth of HPMC over the predictable period. Particularly notable is the fact that the top five producers in the industry accounted for more than 60.0% of the market share.

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What is the market share of Hydroxypropyl Methylcellulose in various regions across the globe?

Looking at the world, different geographical regions act as pieces of a puzzle that together form a complete picture of the global HPMC market. At the regional level, the market is segmented into the U.S., China, Other Asian Countries, South America, Western Europe, Central/Eastern Europe, and the Middle East & Others. Asia Pacific dominated the market with a revenue share of over 40.0% due to growing demand and investments in the construction and infrastructure industry in the region. Contributions from countries such as China, India, and Japan, and others would be the major drivers of growth in the region. China accounted for more than 25.0% share in the Asia Pacific region and India, one of the fastest growing economies in the world, accounted for more than 15.0% share in the Asia Pacific region. Some of the key players in the global HPMC market include Ashland, Dow Chemical, Lotte Fine Chemicals, DuPont, Mitsubishi Chemical Group, Kaimaoxing Cellulose (Shandong) Co., Ltd, Celotech Chemicals, Shandong Yiteng, Shanxi Sanwei Group, and others.

Future Factors Influencing the Hydroxypropyl Methyl Cellulose Market

The global HPMC market is expected to grow on account of the increasing application of HPMC in various industries.HPMC is widely used as an additive in several industries. Growth in the construction industry is expected to drive the HPMC market. HPMC is used as a water retention agent and retardant for cement mortars. The Oxford Economics Institute, a leader in global economic forecasting and econometric analysis in the U.S., predicts that in September 2021, the value of the world’s construction industry is expected to grow by 42%. or $4.5 trillion, to reach $15.2 trillion by 2030. There is currently a high global demand for residential and commercial units, and HMPC consumption is expected to increase with the booming industrialization. Infrastructure projects are being strengthened on a large scale in all regions. Many developing or less developed countries are showing the same trend. Population growth and urbanization in emerging economies are stimulating demand for infrastructure and residential construction. Increasing demand for personal care products is expected to drive the growth of the HPMC market.HPMC is used in skin care, hair care, cream, lotion, and gel formulations for cosmetics and personal care products as viscosity modifiers and thickeners in cosmetic formulations. According to the Bureau of Labor Statistics, a U.S. government agency, the average consumer spending on personal care products increased by 12.3% in 2022, from $771 in 2021 to $866 in 2022. Thus, increasing demand for personal care products is driving the growth of the HPMC market. Rising expenditure in the pharmaceutical industry is expected to drive the growth of the HPMC market.HPMC is used in the pharmaceutical industry for treating dryness and allergies caused by reduced tear production and helps in preventing eye damage. In June 2023, according to the European Federation of Pharmaceutical Industries and Associations according to the European Pharmaceutical Industry Trade Association (EFPIA), the total pharmaceutical production in Europe was USD 384.2 billion (EUR 34.0 billion) in 2022, which is about 4.95% higher than USD 366.267 billion (EUR 323.95 billion) in 2021. Thus, rising expenditure in the pharmaceutical sector is driving the growth of the HPMC market.

Challenges faced by the hydroxypropyl methylcellulose market

Firstly, cotton, pulp and wood are the major raw materials used in the production of HPMC, the production and supply of these products are subject to market fluctuations due to environmental, social and political factors, the changing base prices of these raw materials and unstable supply can pose a challenge to the market expansion; Secondly, the outbreak of the COVID-19 pandemic led to the imposition of stringent embargo regulations in several countries, which resulted in the temporary closure of many hydroxypropyl methylcellulose end-use industries. However, with the World Health Organization’s announcement that COVID-19 no longer constitutes a “public health emergency of international concern”, the HPMC market will largely be unaffected by COVID-19 in the future, but the possibility of a resurgence of the COVID-19 mutant virus cannot be ruled out. Thirdly, the growing tendency of various industries to favor green and sustainable solutions and the increasing environmental awareness of the general public require HPMC companies to take responsibility for the impact on the environment and adopt green and sustainable solutions.

Article source: hpmc market