Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Cellulose Nanocrystals Market by Source Type, Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global cellulose nanocrystals market was valued at $55.7 million in 2021, and is projected to reach $315.8 million by 2031, growing at a CAGR of 19% from 2022 to 2031.
Nanocrystals of cellulose are chemical aggregates that can be combined to generate a crystalline form of the medicine surrounded by a thin layer of surfactant. They have several applications in materials research, chemical engineering, quantum dots for biological imaging, and nanomedicine for medication delivery. Nanocrystals can also be stacked and put to flexible substrates to produce solar panels. They have also been utilized in the production of filters that convert crude oil into diesel fuel.
The growth of cellulose nanocrystals in biomedical engineering is expected to enhance by key factors such as development in Artificial Intelligence (AI) technology, and high investment in R&D for expansion of the biomedical industry has enhanced the market growth. In addition, increased crop yields, rise in production of drug, and surge in demand for genetically modified plants in developed and developing countries are expected to increase the demand for cellulose nanocrystals.
Fluorescence imaging using nanocrystals has been employed in gene identification, protein analysis, enzyme activity evaluation, element tracing, cell tracking, early-stage illness diagnosis, and monitoring real-time therapy effects in medical imaging.
Philips announced the introduction of an AI-enabled MR imaging portfolio in November 2021, intending to improve the efficiency and sustainability of radiology operations by speeding up MR tests. These factors together act as the key drivers responsible for the growth of the cellulose nanocrystals market during the forecast period.
Cellulose nanocrystals have a wide range of applications in various end-use industries. However, the production process of cellulose nanocrystals requires extensive technical expertise. Furthermore, the higher price of cellulose nanocrystals has enforced manufacturers to opt for substitute products.
The manufacturing of cellulose nanocrystals for a given purpose necessitates high-end technology. Nanocellulose production has not yet been marketed on a significant scale due to a lack of competence. Furthermore, the few companies that manufacture cellulose nanocrystal materials hold patents on their technologies which requires a considerable initial investment. These factors are restraining the overall growth of the cellulose nanocrystal market during the forecast period.
Rise in population across the globe, increase in disposable income among people, and rapid shift in the consumer preference for packaged food have enhanced the performance of the cellulose nanocrystal market. Moreover, the increase in food processing activity has escalated the food packaging industry.
For instance, according to a report published by the Indian Ministry of Food Processing Industry in August 2022, the contribution of the food processing sector has increased continuously with Gross Value Added (GVA) in the food processing sector from Rs.1.34 lakh crore in 2014-15 to Rs. 2.37 lakh crore in 2020-21 at a (CAGR) of 9.97%.
Cellulose nanocrystal is widely used in the low-calorie replacement for carbohydrate additives. According to an article published by the National Library of Medicine, cellulose nanocrystals are primarily obtained from naturally occurring cellulose fibers and they are biodegradable and renewable in nature because of that it is also considered as thickeners, flavor carriers, and suspension stabilizers in a wide variety of food products.
These factors are expected to enhance the cellulose nanocrystal market; thus, offering the most remunerative opportunities during the forecast period.
Market Dynamics
Drivers
- Robust demand for cellulose nanocrystals in biomedical industry
- Impeded growth of cellulose nanocrystal in the pharmaceutical industry
Restraints
- Lack of technical expertise and high production cost is expected to restrain the market
Opportunities
- Surge in the demand for cellulose nanocrystal in the food and beverages industry
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cellulose nanocrystals market analysis from 2021 to 2031 to identify the prevailing cellulose nanocrystals market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cellulose nanocrystals market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cellulose nanocrystals market trends, key players, market segments, application areas, and market growth strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 403 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $55.7 million |
| Forecasted Market Value (USD) by 2031 | $315.8 million |
| Compound Annual Growth Rate | 18.9% |
| Regions Covered | Global |
Key Market Segments
By Source Type
- Wood
- Straw
- Cotton
- Others
By Application
- Biomedical
- Pulp and Paper
- Food and Beverages
- Cosmetics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Anomera, Inc.
- GranBio
- CelluForce
- CelluComp
- Melodea Ltd
- Nanocrystacell
- Kruger Inc.
- Sappi
- Blue Goose Refineries
- innotech alberta
For more information about this report visit https://www.researchandmarkets.com/r/36mx1p
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