The nanocellulose market size is expected to grow from USD 297 million in 2020 to USD 783 million by 2025, at a CAGR of 21.3% during the forecast period. The major factors driving the market are increasing demand for sustainable products with improved material science and growth in the private and government funding in R&D across developed nations.
The major players in the market include Fiberlean technologies (UK), Borregard (Norway), Nippon Paper Industries (Japan), Celluforce INC (Canada), Kruger INC (Canada), Stora Enso (Finland), Rise Innventia (Sweden), American Process Inc. (US), FPInnovations (Canada), UPM-Kymmene Oyj (Finland), Melodea (Israel), Cellucomp (Scotland), Blue Goose Refineries (Canada), Oji Holdings Corporation (Japan), VTT (Finland), and Sappi (South Africa). These players have adopted various growth strategies to expand their presence in the market further. New product launch, expansion, merger, acquisition, agreement, and partnership have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global nanocellulose market.
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Nippon Paper Industries (Japan) is progressing in the market by adopting a new product launch and expansion strategy. The company established a cellulose nanofiber (CNF) manufacturing plant at Gotsu, Japan in September 2017. This plant produces CNF to cater to food & cosmetics applications and has a capacity of more than 30 tons. In January 2018, the company launched a new functional material manufactured from mineral and cellulose fibers. This unique material is marketed under the trademark of Minerpa. This new material helped the company to enhance its product portfolio.
Stora Enso is one of the largest producers of microfibrillated cellulose (MFC) in the world. It has adopted various growth strategies, including acquisition and expansion, to maintain its leading position in the nanocellulose market. For example, Stora Enso acquired Cellutech AB (Sweden), a cellulose technology company in October 2018. This acquisition helped the company to develop nanocellulose materials for packaging applications and strengthen its position in the packaging industry. In November 2017, the company invested 9.1 million euros in the consumer board mills located in Finland and Sweden. This helped the company to accelerate the commercialization of MFC and to improve the rate of product development.
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