WILMINGTON, DE / ACCESSWIRE / December 22, 2022 / The global hydroxyethyl cellulose (HEC) market is projected to grow at a CAGR of 4.6% from 2022 to 2031. HEC is a polysaccharide derivative with water-retaining, emulsifying, bubble-forming, and gel-thickening properties. Hydroxyethyl cellulose is a thickening enhancer used in the production of water-based paints. This additive improves the paint's overall application and effectiveness. It also bolsters the durability and stability of water-based paints.
Global demand for hydroxyethyl cellulose is expected to rise during the forecast period, due to a rise in demand from multiple end-use industries such as food and beverage, textiles, building and construction, oil & gas, and pharmaceuticals. Methocel
According to the TMR report, the global hydroxyethyl cellulose market was valued at US$ 507.2 Mn in 2021 and is anticipated to reach US$ 793.5 Mn between 2021 and 2031. The rapidly expanding construction industry has propelled the need for building materials, which in turn would fuel the industry's demand for hydroxyethyl cellulose. Such factors are projected to aid in market expansion during the forecast period.
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Rise in On-site Application of Exterior and Interior Building Surfaces to Promote Market Growth: Increase in usage of hydroxyethyl cellulose in architectural coatings is projected to aid in the expansion of this market. Such coatings are currently in high demand from all three sectors - commercial, industrial, and residential. Rise in rate of on-site applications for both exterior and interior building surfaces is projected to boost the hydroxyethyl cellulose market growth during the forecast period.
Growth in Popularity of Water-based Paints and Coatings to Boost Demand for Hydroxyethyl Cellulose: The thickness of paints and coatings is derived from the volume of hydroxyethyl cellulose in them, and thus, the surge in demand for paints and coatings is projected to help create new market opportunities for the hydroxyethyl cellulose industry. Increase in popularity of water-based paints and coatings is likely to further help promote business growth during the forecast period.
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Increase in usage of hydroxyethyl cellulose in personal care and cosmetic products is anticipated to propel this market in the next few years
Rise in building and construction activities is projected to help increase the hydroxyethyl cellulose market size during the forecast period
Low cost of HEC and its diverse applications across multiple end-user industries are likely to help augment its demand in the future market
Asia Pacific accounted for 34.9% of the global market share and emerged dominant on account of the rapidly growing construction activities
The markets in North America and Europe are projected to witness significant growth during the forecast period due to the presence of a few large-scale vendors and their significant efforts to maintain brand presence in the overall market competition
Significant players in the global hydroxyethyl cellulose market include Daicel Miraizu Ltd., Celotech Chemical Co., Ltd., Shin-Etsu Chemical Co., Ltd., Ashland Global Specialty Chemicals Inc., Lotte Fine Chemical, SE Tylose, Sumitomo Seika Chemicals Co., Ltd., and Dow Chemical Company.
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Hydroxypropyl Cellulose View source version on accesswire.com: https://www.accesswire.com/733004/Hydroxyethyl-Cellulose-Market-to-Reach-US-7935-Mn-by-End-of-2031-TMR-Study