Newark, Nov. 21, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global nitrocellulose market is expected to grow from USD 0.88 Billion in 2021 to USD 1.43 Billion by 2030, at a CAGR of 5.6% during the forecast period 2022-2030.
Nitrocellulose was earlier associated with names such as xyloid, pyroxylin and collodion cotton. Nitrate is a compound produced when cellulose is treated with nitric acids or other heavy nitrate compounds. Cellulose is found in organic compounds, and the primary source of cellulose to make nitrocellulose is wood pulp. If the cellulose is partially nitrated, then the resultant products find many applications in the form of plastic film, wooden coatings and ink painting. With its many advantages as an input material for automobile, textile, personal care and cosmetics industries, it is highly inflammable and explosive. The highly inflammable property makes nitrocellulose an ingredient in explosives and has a demand in the industry. Proper care while in transit, on-boarding, and off-boarding of this cargo has to be done with extra care, which is a demerit of this compound for transport.
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Increased government spending on housing projects, growth in the E-commerce market with increased internet penetration, and environmental concerns driving the demand for hybrid and electric vehicles will all lead to the need for automotive paint, wood coating, and printing inks which are based on nitrocellulose compounds. All these combined factors drive the nitrocellulose market; the better durability, resistance, easy application, affordability, non-reactive nature and aesthetic appearance will provide an impetus for increased usage of nitrocellulose-based products. New product developments and strategic collaborations amongst top companies striving to expand are some of the factors that are predicted to drive global market growth in the future.
Key players operating in the global nitrocellulose market are Nitrex Chemicals India Pvt. Ltd, Nitro Quimica, TNC Industries Co. Ltd., EURENCO, Hagedorn NC, Dupont Specialty Solutions, Nitrocellular Group, Hengshui Orient Chemicals, ERN Cellulose Pvt. Ltd., among others. To enhance their market position in the global nitrocellulose market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
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• Nitro Quimica, a chemicals company based out of Brazil, launched its new line of nitrocellulose-based products and its derivatives along with its original portfolio. Inks and varnishes were the products that were targeted.
• Nitro Quimico is investing in its R&D to increase their market share. Around 2% of their annual revenue is diverted to innovations.
The M grade cellulose segment dominated the market with a market value of around 0.28 billion in 2021.
The product type segment is divided into M grade cellulose, E grade cellulose and others. The M grade cellulose segment dominated the market with a market share of around 32% in 2021. M grade cellulose is commonly used in emulsifiers which finds its applications in dietary supplements in the personal care and cosmetics industry. With the probiotics, cosmetics market growing exponentially in the forecast period, the M grade cellulose market will also show significant growth.
The wood coating and automotive paint segments are expected to grow at the fastest CAGR of 5.8% over the forecast period.
The application segment is divided into printing inks, automotive paint, wood coating, leather finishing, nail varnishes, & other applications. In 2021, the wood coating segment is expected to drive the demand in the forecast period with rapid development in the furniture sector along with a rise in demand. Wood coating finds a wide range of applications with its high adhesive ability and faster drying property which is user-friendly. After the fall in demand for automobiles during the pandemic and increased environmental concerns, the development of hybrid and electric vehicles is on the rise, contributing to the increase in demand for automotive paints. Automotive paint also finds applications in the construction sector, which has also picked up in recent months. This, in addition to the rebound in the automobile sector, will drive the demand for automotive paint.
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Scope of the Report:
| Report Metrics | Details |
| Market size available for years | 2019–2030 |
| Base year considered | 2021 |
| Forecast period | 2022–2030 |
| Market Size in 2022 | $0.88 billion |
| Projected Market Value in 2030 | $1.43 billion |
| CAGR | 5.6% From 2022 to 2030 |
| Segments covered | Product Type, Application, Regions |
| Geographies covered | North America, Asia Pacific, Europe, Middle East and Africa, and Latin America |
| Companies covered | Nitrex Chemicals India Pvt. Ltd, Nitro Quimica, TNC Industries Co. Ltd., EURENCO, Hagedorn NC, Dupont Specialty Solutions, Nitrocellular Group, Hengshui Orient Chemicals, ERN Cellulose Pvt. Ltd., North Sichuan Nitrocellulose Corporation, Synthesis a.s., Nitrochemie AG, |
Regional Segment Analysis of the Nitrocellulose Market
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global nitrocellulose market, with a market share of around 49.3% in 2021. During the forecast period, Asia Pacific is expected to be the largest market. The Nitrocellulose market in Asia Pacific has been expanding rapidly. Nitrocellulose in Asia Pacific is dominated by China. With more than 8.6% of annual growth is projected for the world’s largest construction market China from 2022-30, it is anticipated that this will drive the demand for nitrocellulose-based automotive paint and wood coating. This demand will be complemented by the flagship schemes like housing for the Indian government in the Asia Pacific region. Japan, with its internet penetration of over 90%, will provide a significant market opportunity for e-commerce giants, which in turn will increase the demand for nitrocellulose-based printing inks to be used in packaging.
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About the report:
The global nitrocellulose market is analysed based on value (USD Billion). All the segments have been analysed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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