Selbyville, Delaware, Aug. 29, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Nanocellulose Market is expected to exceed USD 2.4 billion in revenue by 2030, progressing at a CAGR of 27% from 2022 to 2030.
A positive outlook toward the oil & gas sector will drive the nanocellulose industry trends, says the report. Increasing investments in oil and gas facilities to address their escalating demand in several countries as well as increasing food and beverages consumption across the world will propel the adoption of nanocellulose. Emerging sustainability trends are also prompting companies to mitigate their carbon emissions, thereby positively influencing the nanocellulose market scenario.
Request for Sample Report: https://www.gminsights.com/request-sample/detail/2423
For instance, in July 2022, Sappi Biotech, a South African renewable company, received approval from Science Based Targets Initiative (SBTi) in its pursuit to reduce the carbon footprint with scientifically-derived emission reduction targets. Elevated product ownership prices may emerge as a major restraining factor, cites the report. Increasing focus by companies to innovate nanocellulose technology to produce and enhance other end-use products may encourage players to eventually reduce product prices.
Wide applicability of nanocrystalline to aid nanocellulose market growth
Based on product, the report segregates the nanocellulose industry into nanofibrillated, nanocrystalline, and bacterial. The nanocrystalline cellulose segment is set to reach a valuation of more than USD 919 million by 2030 due to its unique optical, chemical, and electrical characteristics. The shape, size, and charge of nanocrystalline bring about unique behavior in solutions, which makes it customizable for various applications.
Increasing product uptake as adhesives to push paper processing application segment demand
The nanocellulose market outlook from paper processing applications will remain positive until 2030. The paper processing segment is likely to grow at a CAGR of 26.1% and reach more than USD 328 million in revenue by 2030. Nanocellulose is used as adhesives in paper processing on account of its longevity and better paper machine efficiency, which will boost the usage of these products in paper processing companies.
Request for the Customization of this Report: https://www.gminsights.com/roc/2423
LATAM to emerge as a prominent regional ground
The report cites that the Latin America nanocellulose market will exceed a valuation of USD 36.30 million by the end of the study timeframe. Favorable efforts by governments to improve infrastructure may be a major reason that is accelerating regional growth. In addition, increasing disposable income of consumers and growing awareness regarding nanocellulose will propel the LATAM nanocellulose industry progress. The proliferating oil & gas industry in line with the introduction of technologically advanced sustainable products will favor the industry scenario in the MEA region. As per the report, the Middle East & Africa market for nanocellulose will exhibit significant growth at 27.2% CAGR through 2030.
Product innovation to remain a vital growth strategy
The competitive landscape of the nanocellulose industry is inclusive of Innventia AB, Borregaard ASA, Sappi Limited, FPInnovations, CelluForce Inc, American Process Inc., Kruger Inc., Nippon Paper Group Inc., Daicel Corporation, Melodea Ltd., Asahi Kasei Corporation, J. Rettenmaire & Sohne GmBH (JRS), CelluComp Ltd., Holmen AB, Stora Enso, and Oji Holdings Corporation. These companies engage mainly in rigorous research projects and in product development to maintain their market stance in the coming years.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
