Global Hydroxypropyl Methylcellulose (HPMC) Market Size Set to Touch USD 6.27 Billion by 2029

Published | 16 May 2023

Global hydroxypropyl methylcellulose (HPMC) market is flourishing because of an increasing demand from pharmaceutical applications and rising demand for low-fat foods.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global hydroxypropyl methylcellulose (HPMC) market size at USD 5.41 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global hydroxypropyl methylcellulose market size to grow at a CAGR of 2.25% reaching a value of USD 6.27 billion by 2029. Major growth drivers for the global hydroxypropyl methylcellulose (HPMC) market include a growing demand from end-use industries, such as construction and pharmaceuticals. Leading industry players are prioritizing the development of tailored manufacturing processes and cutting-edge solutions to expand their consumer base and drive future revenue growth. HPMC, a versatile powder with wide-ranging applications, is utilized as a stabilizer, thickening agent, and emulsifier in the production of various food products, including sauces, toppings, frozen fruits, ketchup, and bakery items. An upsurge in the demand for low-fat products, stemming from an increasing health-consciousness among consumers, is other factor propelling the expansion of the global hydroxypropyl methylcellulose market throughout the forecast period. However, a rising demand for substitutes is anticipated to hinder the overall market growth.

Global Hydroxypropyl Methylcellulose Market – Overview

Hydroxypropyl Methylcellulose Market (HPMC) is a powder that has no taste or smell, is not harmful, and is light in color. When dissolved in cold water, it creates a colloid solution. HPMC has a wide range of applications in different fields, including construction and ophthalmology. Due to its remarkable biodegradability and biocompatibility, it is now frequently used in making bio composites. HPMC is a versatile powder that has various applications across multiple industries. It is commonly used as a thickening agent, stabilizer, and emulsifier in the production of frozen fruits, ketchup, sauces, toppings, and baked goods. The increasing demand for low-fat products is driving the demand for HPMC as consumers become more health-conscious. HPMC is also used in the manufacturing of cosmetic products such as ointments, creams, pastes, and lotions because of its ability to act as a bio adhesive, excipient, and dispersing agent. Moreover, HPMC has a significant application in ophthalmology, where it works as a lubricant and helps to alleviate eye irritation. The powder is also employed in industrial settings, such as inks, textile printing and dyeing, and papermaking.

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Impact of COVID-19 on Global Hydroxypropyl Methylcellulose Market

COVID-19 pandemic had a dual impact on the global hydroxypropyl methylcellulose market. The pandemic disrupted the supply chain of hydroxypropyl methylcellulose, leading to a shortage of raw materials and affecting the production of this substance. The lockdowns and restrictions imposed by governments across the world also affected the demand for hydroxypropyl methylcellulose, particularly in industries such as construction and cosmetics, which have experienced a decline in demand due to the economic slowdown caused by the pandemic. On the other hand, the demand for hydroxypropyl methylcellulose in pharmaceutical applications increased during the pandemic. As healthcare systems across the world were overwhelmed by the pandemic, the demand for drugs and medicines surged, leading to an increase in the demand for excipients such as hydroxypropyl methylcellulose. Also, the pandemic created growth opportunities for the hydroxypropyl methylcellulose market, particularly in the area of plant-based medicines and supplements, which have gained popularity as people look for ways to boost their immune systems.

Global Hydroxypropyl Methylcellulose Market – By Product

By product, the global hydroxypropyl methylcellulose market is divided into Industrial Grade HPMC, Pharmaceutical Grade HPMC, and Food Grade HPMC segments. The pharmaceutical grade hydroxypropyl methylcellulose (HPMC) segment holds the highest share in the global HPMC market. It can be attributed to the increasing demand for HPMC as an excipient in the pharmaceutical industry. HPMC is used in drug formulations as a binder, thickener, and stabilizer due to its excellent properties such as biocompatibility, controlled-release, and bio adhesion. With the rising demand for innovative drug delivery systems and the growing popularity of plant-based medicines, the demand for HPMC in the pharmaceutical industry is expected to continue to grow in the coming years. Also, the pharmaceutical grade HPMC segment is also expected to witness significant growth due to the increasing prevalence of chronic diseases and the growing demand for personalized medicine. As healthcare systems across the world face increasing pressure to provide better healthcare services, the demand for innovative drug formulations using HPMC as an excipient is expected to rise.

Competitive Landscape

Major players operating in the global hydroxypropyl methylcellulose (HPMC) market include Ashland, Shin-Etsu Chemical Co., Ltd., Chemcolloid Limited, Zhejiang Haishen New Materials limited, DuPont de Nemours, Inc., CP Kelco U.S., Inc., Celotech Chemicals Co., Ltd., Hebei Yibang Building Materials Co., Ltd., and Changzhou Guoyu Environmental S&T Co., Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Hydroxypropyl Methylcellulose (HPMC) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Hydroxypropyl Methylcellulose (HPMC) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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