Hydroxypropyl methylcellulose (HPMC) or also called hypromellose is an inert, semisynthetic, viscoelastic polymer, which is used for eye-drop and controlled delivery component in oral medications. HPMC is also used as an excipient in the pharmaceutical industry. HPMC finds major applications in various industries including paints & coatings, pharmaceutical, building & construction, adhesives, and personal care. HPMC serves different purposes such as thickening agent, emulsifier, rheology modifier and controller, and stabilizing agent. It is known as a substitute for animal gelatin. It also used as a food additive in the food & beverage industry.
Global hydroxypropyl methylcellulose market size was valued at US$ 3,851 million in 2018 and is projected to register a CAGR of 11.8% over the forecast period (2019-2027). The global market is driven by various growth factors such as high demand for low-fat foods and pharmaceutical products. Increasing demand for HPMC from the pharmaceutical industry is expected to propel the market growth during the forecast period. HPMC is majorly used for ophthalmology, acting as a lubricant. It reduces eye irritation and acts as a lubricant at the same time. This is expected to increase the demand for HPMC and thereby propel growth of the market. Furthermore, growing use of HPMC in food & beverage industry is expected to boost the market growth in the near future. HPMC finds applications in dairy products, bakery products, sauces, desserts, and toppings. Moreover, growing research and development activities to produce a substitute for gluten in grain bread is expected to drive growth of the market. Furthermore, increasing application of HPMC in paints and coatings, as a thickener, emulsifier, and a stabilizing agent is expected to propel the market growth.
However, strict regulations imposed by government authorities on HPMC in food & beverage industry are expected to restrain growth of global hydroxypropyl methylcellulose market.
Market Regional Analysis
Asia Pacific is projected to gain the major market share in global hydroxypropyl methylcellulose market over the forecast period. This is owing to increasing demand for food & beverages from emerging economies such as China and India. Europe is projected to witness significant market growth, owing to a high growth of various industries such as paints & coatings, food & beverage, and personal care. Germany, France, Italy, and Spain are expected to lead the market in the region. South America and Middle East are expected to witness fastest growth, owing to high demand for HPMC in regions.
Key players operating in the global hydroxypropyl methylcellulose market include Zhejiang Kehong Chemical Co. Ltd, Ashland Inc., The Dow Chemical Company, and Samsung Fine Chemical Company.