Nanocellulose: Rising Demand from Paper & Board as well as Paints & Coatings sector will boost the Growth of the Global Market

Nanocellulose is derived from wood pulp or plant cellulose. It can be obtained through chemical or mechanical treatment to cellulose, a biopolymer material abundantly available worldwide. It exhibit excellent thermal, rheological, mechanical, and structural properties such as biodegradability, low density, superior strength, and high water binding capability. With the aforementioned properties, it is widely used in various applications such as oil & gas, personal care, paints & coatings, paper & board, composites & packaging, and others.

Some of the prominent factors that positively influence the growth of Nanocellulose Market are rising crude oil production, growing demand for composite, and increasing urbanization. Moreover, rapid industrialization along with rising per capita disposable income in developed and emerging economies are expected to drive the growth of the market over the assessment period 2022-2030. Furthermore, continuous expansion of automotive sector along with shifting manufacturers focus towards cost-effective vehicles are predicted to fuel the growth of the market during the assessment period 2022-2030. Rising application scope of cellulosic based products in paper & pulp production along with increasing environmental concerns is estimated to drive the Global Nanocellulose Market over the assessment period.In 2019, the Nanocellulose Market Value is registered as USD 296 Million and is expected to reach USD 1.1 Billion and exhibits a CAGR of 19.9% during the forecast period.

Competitive Analysis:

The major players operating in the Nanocellulose Market are DAICEL FINECHEM LTD (JAPAN), NIPPON PAPER INDUSTRIES CO., LTD. (Japan), Borregaard (Norway), CelluForce (U.S.), Sappi Ltd. (South Africa), Kruger Inc. (Canada), STORA ENSO (Finland), AmericanProcess Inc. (U.S.), UPM (Finland), J. RETTENMAIER & SÖHNE GmbH + Co KG (Germany), and others.

Market Segmentation:

The Global Nanocellulose Market is segmented into types, application, and regions. On the basis of type, the market is segmented into nanofibrillar cellulose (NFC), nanocrystalline cellulose (NCC), bacterial cellulose (BCC). Among these, nanofibrillar cellulose accounted for the largest market share in 2016 and expected to retain its dominance over the forecast period due to wide utilization in numerous end use application such as paints & coatings, oil & gas, and composites & packaging. Moreover, it can be widely utilized in textiles, packaging films, and personal care products. Bacterial cellulose is predicted to grow at the highest CAGR during the forecast period as it provide immense potential in the fields of drug delivery system and biomedical implants. On the basis of application, the market is segmented into composites & packaging, paper & board, paints & coatings, oil & gas, personal care, and others. Composites & packaging is the largest application segment and accounted for around 40% of the market share. Nanocellulose based composites are used in automotive sector due to its high tensile strength and excellent thermal durability. Moreover, they are used as rheological modifier in paints & coatings, food & beverages, and oil & gas sector.

Regional Analysis:

North America is estimated to be the largest Nanocellulose Market followed by Europe and Asia Pacific on account of strong existence of many big market players. European countries such as Germany and Spain are predicted to register a strong growth due to tremendous demand for Nanocellulose based composites in the automobile sector. In Asia Pacific, countries such as China, Japan, and India are the fastest growing market for Nanocellulose, and is estimated to grow at the same pace over the assessment period. Improving living standards along with the growing personal care sector is expected to contribute to the regional market growth. In North America, the U.S and Canada are among the major contributors to the regional market growth on account of expansion of cosmetics & personal care as well as rising innovations. The Middle East and Africa is estimated to witness a steady growth due to increasing foreign investments and shifting of manufacturing base for end use industries to these region.

Read More About This Report: Nanocellulose Market Share