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Carboxymethylcellulose (CMC)-Global Market Insights and Sales Trends 2025
Synopsis
Carboxymethylcellulose is made from cellulose, commercially made from wood & chemically modified. CMC cellulose supports in extending the solubility of proteins to a certain pH level. Cellulose gum boosts the aesthetics of the finished product by imparting smooth texture and modifies the viscosity of numerous pharmaceutical formulations, foods and personal care products.
The global Carboxymethylcellulose (CMC) market size is expected to reach US$ 1025.8 million by 2029, growing at a CAGR of 2.7% from 2023 to 2029. The market is mainly driven by the significant applications of Carboxymethylcellulose (CMC) in various end use industries. The expanding demands from the Oil & Gas, Food & Beverages, Paper and Pharmaceutical & Cosmetics, are propelling Carboxymethylcellulose (CMC) market. Above 99.5 %, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the 90-99.5% segment is estimated at % CAGR for the next seven-year period.
Asia Pacific shows high growth potential for Carboxymethylcellulose (CMC) market, driven by demand from China, the second largest economy with some signs of stabilising, the Carboxymethylcellulose (CMC) market in China is forecast to reach US$ million by 2029, trailing a CAGR of % over the 2023-2029 period, while the U.S. market will reach US$ million by 2029, exhibiting a CAGR of % during the same period.
Report Objectives
This report provides market insight on the different segments, by manufacturers, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Carboxymethylcellulose (CMC), with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Carboxymethylcellulose (CMC) market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Carboxymethylcellulose (CMC) market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Carboxymethylcellulose (CMC) sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Carboxymethylcellulose (CMC) covered in this report include DowDuPont, DKS, NIPPON PAPER INDUSTRIES, Daicel Corporation, Ashland, Lamberti, Akzo Nobel N.V., CP Kelco, Shanghai Shenguang Edible Chemiccals and QINGDAO SINOCMC CHEMICAL, etc.
The global Carboxymethylcellulose (CMC) market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
DowDuPont
DKS
NIPPON PAPER INDUSTRIES
Daicel Corporation
Ashland, Lamberti
Akzo Nobel N.V.
CP Kelco
Shanghai Shenguang Edible Chemiccals
QINGDAO SINOCMC CHEMICAL
Global Carboxymethylcellulose (CMC) market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Carboxymethylcellulose (CMC) market, Segment by Type:
Above 99.5 %
90-99.5%
50-90%
Global Carboxymethylcellulose (CMC) market, by Application
Oil & Gas
Food & Beverages
Paper
Pharmaceutical & Cosmetics
Detergents
Others
Core Chapters
Chapter One: Introduces the study scope of this report, executive summary of market segments by Type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Two: Detailed analysis of Carboxymethylcellulose (CMC) manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Three: Sales, revenue of Carboxymethylcellulose (CMC) in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter Four: Introduces market segments by Application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Five, Six, Seven, Eight and Nine: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter Ten: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter Eleven: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics. Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Analysis of sales channel, distributors and customers.
Chapter Thirteen: Research Findings and Conclusion.
Carboxymethylcellulose is made from cellulose, commercially made from wood & chemically modified. CMC cellulose supports in extending the solubility of proteins to a certain pH level. Cellulose gum boosts the aesthetics of the finished product by imparting smooth texture and modifies the viscosity of numerous pharmaceutical formulations, foods and personal care products.
The global Carboxymethylcellulose (CMC) market size is expected to reach US$ 1025.8 million by 2029, growing at a CAGR of 2.7% from 2023 to 2029. The market is mainly driven by the significant applications of Carboxymethylcellulose (CMC) in various end use industries. The expanding demands from the Oil & Gas, Food & Beverages, Paper and Pharmaceutical & Cosmetics, are propelling Carboxymethylcellulose (CMC) market. Above 99.5 %, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the 90-99.5% segment is estimated at % CAGR for the next seven-year period.
Asia Pacific shows high growth potential for Carboxymethylcellulose (CMC) market, driven by demand from China, the second largest economy with some signs of stabilising, the Carboxymethylcellulose (CMC) market in China is forecast to reach US$ million by 2029, trailing a CAGR of % over the 2023-2029 period, while the U.S. market will reach US$ million by 2029, exhibiting a CAGR of % during the same period.
Report Objectives
This report provides market insight on the different segments, by manufacturers, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Carboxymethylcellulose (CMC), with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Carboxymethylcellulose (CMC) market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Carboxymethylcellulose (CMC) market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Carboxymethylcellulose (CMC) sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Carboxymethylcellulose (CMC) covered in this report include DowDuPont, DKS, NIPPON PAPER INDUSTRIES, Daicel Corporation, Ashland, Lamberti, Akzo Nobel N.V., CP Kelco, Shanghai Shenguang Edible Chemiccals and QINGDAO SINOCMC CHEMICAL, etc.
The global Carboxymethylcellulose (CMC) market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
DowDuPont
DKS
NIPPON PAPER INDUSTRIES
Daicel Corporation
Ashland, Lamberti
Akzo Nobel N.V.
CP Kelco
Shanghai Shenguang Edible Chemiccals
QINGDAO SINOCMC CHEMICAL
Global Carboxymethylcellulose (CMC) market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Carboxymethylcellulose (CMC) market, Segment by Type:
Above 99.5 %
90-99.5%
50-90%
Global Carboxymethylcellulose (CMC) market, by Application
Oil & Gas
Food & Beverages
Paper
Pharmaceutical & Cosmetics
Detergents
Others
Core Chapters
Chapter One: Introduces the study scope of this report, executive summary of market segments by Type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Two: Detailed analysis of Carboxymethylcellulose (CMC) manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Three: Sales, revenue of Carboxymethylcellulose (CMC) in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter Four: Introduces market segments by Application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Five, Six, Seven, Eight and Nine: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter Ten: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter Eleven: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics. Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Analysis of sales channel, distributors and customers.
Chapter Thirteen: Research Findings and Conclusion.
Index1 Carboxymethylcellulose (CMC) Market Overview
1.1 Carboxymethylcellulose (CMC) Product Overview
1.2 Carboxymethylcellulose (CMC) Market Segment by Type
1.2.1 Above 99.5 %
1.2.2 90-99.5%
1.2.3 50-90%
1.3 Global Carboxymethylcellulose (CMC) Market Size by Type
1.3.1 Global Carboxymethylcellulose (CMC) Market Size Overview by Type (2018-2029)
1.3.2 Global Carboxymethylcellulose (CMC) Historic Market Size Review by Type (2018-2023)
1.3.3 Global Carboxymethylcellulose (CMC) Forecasted Market Size by Type (2024-2029)
1.4 Key Regions Market Size Segment by Type
1.4.1 North America Carboxymethylcellulose (CMC) Sales Breakdown by Type (2018-2023)
1.4.2 Europe Carboxymethylcellulose (CMC) Sales Breakdown by Type (2018-2023)
1.4.3 Asia-Pacific Carboxymethylcellulose (CMC) Sales Breakdown by Type (2018-2023)
1.4.4 Latin America Carboxymethylcellulose (CMC) Sales Breakdown by Type (2018-2023)
1.4.5 Middle East and Africa Carboxymethylcellulose (CMC) Sales Breakdown by Type (2018-2023)
2 Global Carboxymethylcellulose (CMC) Market Competition by Company
2.1 Global Top Players by Carboxymethylcellulose (CMC) Sales (2018-2023)
2.2 Global Top Players by Carboxymethylcellulose (CMC) Revenue (2018-2023)
2.3 Global Top Players by Carboxymethylcellulose (CMC) Price (2018-2023)
2.4 Global Top Manufacturers Carboxymethylcellulose (CMC) Manufacturing Base Distribution, Sales Area, Product Type
2.5 Carboxymethylcellulose (CMC) Market Competitive Situation and Trends
2.5.1 Carboxymethylcellulose (CMC) Market Concentration Rate (2018-2023)
2.5.2 Global 5 and 10 Largest Manufacturers by Carboxymethylcellulose (CMC) Sales and Revenue in 2022
2.6 Global Top Manufacturers by Company Type (Tier 1, Tier 2 and Tier 3) & (based on the Revenue in Carboxymethylcellulose (CMC) as of 2022)
2.7 Date of Key Manufacturers Enter into Carboxymethylcellulose (CMC) Market
2.8 Key Manufacturers Carboxymethylcellulose (CMC) Product Offered
2.9 Mergers & Acquisitions, Expansion
3 Carboxymethylcellulose (CMC) Status and Outlook by Region
3.1 Global Carboxymethylcellulose (CMC) Market Size and CAGR by Region: 2018 VS 2022 VS 2029
3.2 Global Carboxymethylcellulose (CMC) Historic Market Size by Region
3.2.1 Global Carboxymethylcellulose (CMC) Sales in Volume by Region (2018-2023)
3.2.2 Global Carboxymethylcellulose (CMC) Sales in Value by Region (2018-2023)
3.2.3 Global Carboxymethylcellulose (CMC) Sales (Volume & Value) Price and Gross Margin (2018-2023)
3.3 Global Carboxymethylcellulose (CMC) Forecasted Market Size by Region
3.3.1 Global Carboxymethylcellulose (CMC) Sales in Volume by Region (2024-2029)
3.3.2 Global Carboxymethylcellulose (CMC) Sales in Value by Region (2024-2029)
3.3.3 Global Carboxymethylcellulose (CMC) Sales (Volume & Value), Price and Gross Margin (2024-2029)
4 Global Carboxymethylcellulose (CMC) by Application
4.1 Carboxymethylcellulose (CMC) Market Segment by Application
4.1.1 Oil & Gas
4.1.2 Food & Beverages
4.1.3 Paper
4.1.4 Pharmaceutical & Cosmetics
4.1.5 Detergents
4.1.6 Others
4.2 Global Carboxymethylcellulose (CMC) Market Size by Application
4.2.1 Global Carboxymethylcellulose (CMC) Market Size Overview by Application (2018-2029)
4.2.2 Global Carboxymethylcellulose (CMC) Historic Market Size Review by Application (2018-2023)
4.2.3 Global Carboxymethylcellulose (CMC) Forecasted Market Size by Application (2024-2029)
4.3 Key Regions Market Size Segment by Application
4.3.1 North America Carboxymethylcellulose (CMC) Sales Breakdown by Application (2018-2023)
4.3.2 Europe Carboxymethylcellulose (CMC) Sales Breakdown by Application (2018-2023)
4.3.3 Asia-Pacific Carboxymethylcellulose (CMC) Sales Breakdown by Application (2018-2023)
4.3.4 Latin America Carboxymethylcellulose (CMC) Sales Breakdown by Application (2018-2023)
4.3.5 Middle East and Africa Carboxymethylcellulose (CMC) Sales Breakdown by Application (2018-2023)
5 North America Carboxymethylcellulose (CMC) by Country
5.1 North America Carboxymethylcellulose (CMC) Historic Market Size by Country
5.1.1 North America Carboxymethylcellulose (CMC) Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
5.1.2 North America Carboxymethylcellulose (CMC) Sales in Volume by Country (2018-2023)
5.1.3 North America Carboxymethylcellulose (CMC) Sales in Value by Country (2018-2023)
5.2 North America Carboxymethylcellulose (CMC) Forecasted Market Size by Country
5.2.1 North America Carboxymethylcellulose (CMC) Sales in Volume by Country (2024-2029)
5.2.2 North America Carboxymethylcellulose (CMC) Sales in Value by Country (2024-2029)
6 Europe Carboxymethylcellulose (CMC) by Country
6.1 Europe Carboxymethylcellulose (CMC) Historic Market Size by Country
6.1.1 Europe Carboxymethylcellulose (CMC) Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
6.1.2 Europe Carboxymethylcellulose (CMC) Sales in Volume by Country (2018-2023)
6.1.3 Europe Carboxymethylcellulose (CMC) Sales in Value by Country (2018-2023)
6.2 Europe Carboxymethylcellulose (CMC) Forecasted Market Size by Country
6.2.1 Europe Carboxymethylcellulose (CMC) Sales in Volume by Country (2024-2029)
6.2.2 Europe Carboxymethylcellulose (CMC) Sales in Value by Country (2024-2029)
7 Asia-Pacific Carboxymethylcellulose (CMC) by Region
7.1 Asia-Pacific Carboxymethylcellulose (CMC) Historic Market Size by Region
7.1.1 Asia-Pacific Carboxymethylcellulose (CMC) Market Size Growth Rate (CAGR) by Region: 2018 VS 2022 VS 2029
7.1.2 Asia-Pacific Carboxymethylcellulose (CMC) Sales in Volume by Region (2018-2023)
7.1.3 Asia-Pacific Carboxymethylcellulose (CMC) Sales in Value by Region (2018-2023)
7.2 Asia-Pacific Carboxymethylcellulose (CMC) Forecasted Market Size by Region
7.2.1 Asia-Pacific Carboxymethylcellulose (CMC) Sales in Volume by Region (2024-2029)
7.2.2 Asia-Pacific Carboxymethylcellulose (CMC) Sales in Value by Region (2024-2029)
8 Latin America Carboxymethylcellulose (CMC) by Country
8.1 Latin America Carboxymethylcellulose (CMC) Historic Market Size by Country
8.1.1 Latin America Carboxymethylcellulose (CMC) Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
8.1.2 Latin America Carboxymethylcellulose (CMC) Sales in Volume by Country (2018-2023)
8.1.3 Latin America Carboxymethylcellulose (CMC) Sales in Value by Country (2018-2023)
8.2 Latin America Carboxymethylcellulose (CMC) Forecasted Market Size by Country
8.2.1 Latin America Carboxymethylcellulose (CMC) Sales in Volume by Country (2024-2029)
8.2.2 Latin America Carboxymethylcellulose (CMC) Sales in Value by Country (2024-2029)
9 Middle East and Africa Carboxymethylcellulose (CMC) by Country
9.1 Middle East and Africa Carboxymethylcellulose (CMC) Historic Market Size by Country
9.1.1 Middle East and Africa Carboxymethylcellulose (CMC) Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
9.1.2 Middle East and Africa Carboxymethylcellulose (CMC) Sales in Volume by Country (2018-2023)
9.1.3 Middle East and Africa Carboxymethylcellulose (CMC) Sales in Value by Country (2018-2023)
9.2 Middle East and Africa Carboxymethylcellulose (CMC) Forecasted Market Size by Country
9.2.1 Middle East and Africa Carboxymethylcellulose (CMC) Sales in Volume by Country (2024-2029)
9.2.2 Middle East and Africa Carboxymethylcellulose (CMC) Sales in Value by Country (2024-2029)
10 Company Profiles
10.1 DowDuPont
10.1.1 DowDuPont Company Information
10.1.2 DowDuPont Introduction and Business Overview
10.1.3 DowDuPont Carboxymethylcellulose (CMC) Sales, Revenue and Gross Margin (2018-2023)
10.1.4 DowDuPont Carboxymethylcellulose (CMC) Products Offered
10.1.5 DowDuPont Recent Development
10.2 DKS
10.2.1 DKS Company Information
10.2.2 DKS Introduction and Business Overview
10.2.3 DKS Carboxymethylcellulose (CMC) Sales, Revenue and Gross Margin (2018-2023)
10.2.4 DKS Carboxymethylcellulose (CMC) Products Offered
10.2.5 DKS Recent Development
10.3 NIPPON PAPER INDUSTRIES
10.3.1 NIPPON PAPER INDUSTRIES Company Information
10.3.2 NIPPON PAPER INDUSTRIES Introduction and Business Overview
10.3.3 NIPPON PAPER INDUSTRIES Carboxymethylcellulose (CMC) Sales, Revenue and Gross Margin (2018-2023)
10.3.4 NIPPON PAPER INDUSTRIES Carboxymethylcellulose (CMC) Products Offered
10.3.5 NIPPON PAPER INDUSTRIES Recent Development
10.4 Daicel Corporation
10.4.1 Daicel Corporation Company Information
10.4.2 Daicel Corporation Introduction and Business Overview
10.4.3 Daicel Corporation Carboxymethylcellulose (CMC) Sales, Revenue and Gross Margin (2018-2023)
10.4.4 Daicel Corporation Carboxymethylcellulose (CMC) Products Offered
10.4.5 Daicel Corporation Recent Development
10.5 Ashland, Lamberti
10.5.1 Ashland, Lamberti Company Information
10.5.2 Ashland, Lamberti Introduction and Business Overview
10.5.3 Ashland, Lamberti Carboxymethylcellulose (CMC) Sales, Revenue and Gross Margin (2018-2023)
10.5.4 Ashland, Lamberti Carboxymethylcellulose (CMC) Products Offered
10.5.5 Ashland, Lamberti Recent Development
10.6 Akzo Nobel N.V.
10.6.1 Akzo Nobel N.V. Company Information
10.6.2 Akzo Nobel N.V. Introduction and Business Overview
10.6.3 Akzo Nobel N.V. Carboxymethylcellulose (CMC) Sales, Revenue and Gross Margin (2018-2023)
10.6.4 Akzo Nobel N.V. Carboxymethylcellulose (CMC) Products Offered
10.6.5 Akzo Nobel N.V. Recent Development
10.7 CP Kelco
10.7.1 CP Kelco Company Information
10.7.2 CP Kelco Introduction and Business Overview
10.7.3 CP Kelco Carboxymethylcellulose (CMC) Sales, Revenue and Gross Margin (2018-2023)
10.7.4 CP Kelco Carboxymethylcellulose (CMC) Products Offered
10.7.5 CP Kelco Recent Development
10.8 Shanghai Shenguang Edible Chemiccals
10.8.1 Shanghai Shenguang Edible Chemiccals Company Information
10.8.2 Shanghai Shenguang Edible Chemiccals Introduction and Business Overview
10.8.3 Shanghai Shenguang Edible Chemiccals Carboxymethylcellulose (CMC) Sales, Revenue and Gross Margin (2018-2023)
10.8.4 Shanghai Shenguang Edible Chemiccals Carboxymethylcellulose (CMC) Products Offered
10.8.5 Shanghai Shenguang Edible Chemiccals Recent Development
10.9 QINGDAO SINOCMC CHEMICAL
10.9.1 QINGDAO SINOCMC CHEMICAL Company Information
10.9.2 QINGDAO SINOCMC CHEMICAL Introduction and Business Overview
10.9.3 QINGDAO SINOCMC CHEMICAL Carboxymethylcellulose (CMC) Sales, Revenue and Gross Margin (2018-2023)
10.9.4 QINGDAO SINOCMC CHEMICAL Carboxymethylcellulose (CMC) Products Offered
10.9.5 QINGDAO SINOCMC CHEMICAL Recent Development
11 Upstream, Opportunities, Challenges, Risks and Influences Factors Analysis
11.1 Carboxymethylcellulose (CMC) Key Raw Materials
11.1.1 Key Raw Materials
11.1.2 Key Raw Materials Price
11.1.3 Raw Materials Key Suppliers
11.2 Manufacturing Cost Structure
11.2.1 Raw Materials
11.2.2 Labor Cost
11.2.3 Manufacturing Expenses
11.3 Carboxymethylcellulose (CMC) Industrial Chain Analysis
11.4 Carboxymethylcellulose (CMC) Market Dynamics
11.4.1 Carboxymethylcellulose (CMC) Industry Trends
11.4.2 Carboxymethylcellulose (CMC) Market Drivers
11.4.3 Carboxymethylcellulose (CMC) Market Challenges
11.4.4 Carboxymethylcellulose (CMC) Market Restraints
12 Market Strategy Analysis, Distributors
12.1 Sales Channel
12.2 Carboxymethylcellulose (CMC) Distributors
12.3 Carboxymethylcellulose (CMC) Downstream Customers
13 Research Findings and Conclusion
14 Appendix
14.1 Research Methodology
14.1.1 Methodology/Research Approach
14.1.2 Data Source
14.2 Author Details
14.3 Disclaimer
Published By : QY Research
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