Wilmington, Delaware, United States, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global nanocellulose technology market was estimated to have acquired US$ 353.4 million in 2022. It is anticipated to register a 22.7% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 2.2 billion.
The exceptional mechanical strength and high surface area of nanocellulose make it suitable for water treatment applications. Nanocellulose based filters can provide an eco-friendly solution for water purification.
Integration of nanocellulose in smart packaging solutions, such as sensors and indicators for freshness and safety, can enhance the functionality of packaging materials.
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Trends for Nanocellulose Technology Market
- Ongoing research and development efforts to explore new applications and improve production processes are contributing to the growth of the nanocellulose technology market. The market is likely to expand further, as more innovations occur.
- Industries such as automotive, aerospace, and construction have a growing demand for lightweight yet strong materials. Unique properties of nanocellulose make it a potential solution for creating high performance materials that are both strong and lightweight.
- Industries are likely to adopt this technology in their manufacturing processes, as awareness of the benefits of nanocellulose increases, which is expected to lead to a higher demand for nanocellulose based products.
- Nanocellulose exhibits unique properties such as high strength, low weight, and high surface area. The characteristics make it suitable for various applications, including composites, paper and packaging, textiles, biomedical engineering, and electronics.
Global Nanocellulose Technology Market: Key Players
The following companies are well known participants in the global nanocellulose technology market:
- Borregaard
- UPM-Kymmene Corporation
- CelluForce Inc.
- American Process Inc.
- Nippon Paper Industries, Co. Ltd.
- Axcelon Biopolymers Corporation
- Innventia AB
- Melodea Ltd
- Oji Holdings Corporation
- Stora Enso
- Sappi Global
- BASF SE
- Daicel Finechem Ltd
Key Findings of the Market Report
- The unique properties of nanocellulose, such as its high surface area and excellent mechanical strength, make it a promising material for energy storage devices, like batteries and supercapacitors. It can also find applications in flexible electronics.
- The incorporation of nanocellulose into bio-based nanocomposites for various industries, including automotive and construction, offers an opportunity to replace traditional materials with more sustainable alternatives.
- Nanocellulose can contribute to the development of materials with enhanced recyclability. Utilizing nanocellulose in products that can be easily recycled aligns with the principles of a circular economy, reducing waste and environmental impact.
- The compatibility of nanocellulose with 3D printing processes opens up opportunities for creating complex and customized structures in various industries, such as healthcare, aerospace, and manufacturing.
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Global Market for Nanocellulose Technology: Regional Outlook
Various reasons are propelling the growth of the nanocellulose technology market in different regions. The regions include,
North America
- Increased investments in research and development activities, often supported by government initiatives and private funding, are expected to drive innovation and the development of new nanocellulose technologies in North America.
- Various industries, including automotive, packaging, and electronics, are expected to demand nanocellulose for applications ranging from lightweight materials to environmentally friendly packaging solutions.
Asia Pacific
- The abundance of raw materials in the region, such as wood pulp, which is a common source for nanocellulose production, is expected to contribute to the cost effectiveness and availability of nanocellulose in Asia Pacific.
- Ongoing research activities and technological advancements in nanocellulose production and applications in Asia Pacific are expected to stimulate market growth by opening up new possibilities and improving production efficiency.
Recent Development
- In 2021, Nippon Paper Industries Co. Ltd., announced the acquisition of Elopak ASA, a Norway based company, which was a strategic move aimed at enhancing the presence of the latter in the liquid paper packaging industry.
Global Nanocellulose Technology Market Segmentation
Product
- Cellulose Nano Fibrils
- Cellulose Nano Crystals
- Bacterial Nano Cellulose
End User
- Composite Manufacturing
- Paper Processing
- Food & Beverages
- Paints & Coatings
- Medical & Pharmaceutical
- Personal care
- Others (Oil & Gas, Textiles, Cement)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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