Nitrocellulose is a compound used as low-level explosive or propellant. It has found a prominent use in wood finishes and coatings. It was used in conjunction with camphor to create celluloid. Celluloid is used in producing tennis balls, billiard balls, and guitar picks. Its use had even migrated to the film industry which used it to record movies till 1948.
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The global nitrocellulose coatings market is expected to reach great heights due to increased demand from Colombia, Vietnam, China, UK, and India. Rise of infrastructure projects in Asia Pacific, mainly in China, will propel market demand. But the flammable and hazardous nature of nitrocellulose can stunt market growth.
The market is split by applications and regions. Applications encompass auto refinish paints, leather finishes, foil & film lacquers, and cosmetics. Leather finishes manage to accentuate the design and texture of the wood. This segment will gain significant revenue due to art deco artists and home owners and the furniture industry in general. Auto refinish coatings will benefit the automotive after sales industry.
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Regions covered under the market are North America, Asia Pacific, Europe, and Rest of the World (RoW). Middle East & Africa will witness high market demand due to increased construction activities in Saudi Arabia and South Africa. Asia Pacific will record the highest growth rate due to infrastructure projects in Indonesia, India, and China. Nitrocellulose coatings are used in more than 50% households in Malaysia.
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Europe will lose market shares to Asia Pacific in the coming years. North America will gain significant market revenue on account of the presence of automotive manufacturers. Some of the major players in the nitrocellulose coating market are Akzo Nobel N.V., KAPCI Coatings, Carpoly Chemical Group Co., Ltd., Mr. Hobby, and Hero Paints Pvt. Ltd. Mergers and acquisitions form a core strategy of these players to increase their market presence.
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