New York, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Nanocellulose Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Nanocellulose Market Information by Application, Region, End-user, and Product Type - Forecast till 2030”, the market is estimated to grow at a 19.9% CAGR to reach USD 1100 Million by 2030.
Market Scope
Nanocellulose refers to a solid material derived from plant matter consisting of nano-sized cellulose fibrils. It is a lightweight pseudo-plastic material and showcases special types of gels or fluids thick in normal conditions.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 1100 Million |
| CAGR | 19.9% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, Region, End-user, and Product Type |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing automotive production and sales, expanding the cosmetics market. |
| Growing crude oil production, the surging oil & gas industry is anticipated to witness significant growth. |
Competitive Analysis
The catalog for the leading participants across the global market for nano cellulose includes players such as:
- Daicel Finchem Ltd (Japan)
- Kruger Inc. (Canada)
- Nippon Paper Industries C0., Ltd (Japan)
- Stora Enso (Finland)
- Borregard (Norway)
- American Process Inc.(U.S)
- Celluforce (US)
- UPM (Finland)
- Sappi Ltd (South Africa)
- Rettenmaier & Sohne GmbH + Co KG (Germany)
- Among others.
Market USP Covered
Market Drivers
The global market for nanocellulose has demonstrated massive development in recent years owing to the aspects such as expanding the cosmetics market, improving living standards, rising automotive production & sales, the surging oil & gas industry, rising disposable income, rapid urbanization, and increasing crude oil production.
Market Restraints
On the other hand, certain parameters are anticipated to restrict the market's performance. Some of these hurdles include higher prices for production and the requirement for extensive technical knowledge & machinery, causing a rise in production cost. In addition, the lack of awareness among consumers regarding the benefits of this market is also likely to limit the market's performance over the coming years.
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COVID-19 Impact
The global health hazard in the shape of COVID-19 has had a massive impact on most industry sectors. Considering the rapid spread of the infectious disease, several governments across the globe announced partial or complete lockdowns for quite a long time. Consequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for vehicles and travel restrictions imposed, the nano cellulose market faced several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates and all the global industrial operations returning to normal, the market is anticipated to experience substantial development over the forecasted timeframe.
Segment Analysis
Among all the types, the NFC segment is anticipated to secure the top spot across the global market for nano cellulose over the assessment era. The ability of NFC to form a strong entangled nanoporous network is considered the main aspect supporting the development of the segment. NFC is in rising demand because of its easy preparation in high yield, stiffness, strength, and specific surface area. Given the outstanding reinforcing potential, the segment is anticipated to witness substantial growth over the coming years.
Among all the application areas, the paper & board applications segment is anticipated to hold the top spot across the global market for nano cellulose over the assessment era. The growing use of nanocellulose as an additive in producing the paper to produce lighter & stronger paper & board is considered the primary aspect supporting the segment's growth. Therefore, it lowers the cost of production. The paper manufactured by this technique has enhanced properties like less transparency, less porosity, and high printing quality.
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Regional Analysis
The global market for nanocellulose is analyzed across five major geographies: the Middle East & Africa, Asia-Pacific, Europe, North America, and Latin America.
The MRFR analysis reports implying that the Asia-Pacific region is predicted to secure the top spot across the global market for nano cellulose over the assessment era. The primary parameter supporting the growth of the regional market is the expansion of composites & packaging and the automotive sector across the region. Furthermore, the expanding middle-class population coupled with the constant growth of new purchase lightweight automobile vehicles are also anticipated to boost the development of the regional market over the review era. In addition, factors such as a moderately stringent regulatory framework, less manufacturing cost, and availability of labor & raw material with low cost are also projected to positively influence the performance of the regional market over the coming years.
The North American regional market for nanocellulose is anticipated to record considerable development over the assessment timeframe. The main parameter boosting the development of the regional market is the growing regional production capacities. Furthermore, factors such as rising economic growth rate and high consumption potential are also likely to positively impact the performance of the regional market over the assessment era. The region has Canada and the US as the leading growth contributors and is likely to observe substantial development over the review era. The rapidly growing cosmetics and personal care industries across the region are anticipated to catalyze the regional market's growth over the coming years. As per the Department of Commerce (US), in 2015, national-wide toiletries and cosmetics constituted less than 3 % of the total market size.
The European regional market for nanocellulose is anticipated to demonstrate considerable development over the coming years. the constantly rising expenditure on innovation coupled with the increasing purchasing power of consumers in several nations such as Russia, France, Italy, Spain, the UK, Germany, and Poland are considered being the primary parameters supporting the expansion of the regional market.
The Latin American regional market for nanocellulose is anticipated to expand significantly over the assessment era, given mainly to the growing consumer spending on cosmetics and personal care products.
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