Synopsis of Nanocellulose Market
The Global Nanocellulose Market is projected to grow at a moderate CAGR over the forecast period 2017-2023, reported extensively by Market Research Future (MRFR). Important factors attributing to the growth of the global market are improving living standards, increasing automotive production & sales, and expanding cosmetics market. Additionally, the demand for nanocellulose is anticipated to propel the growth over the forecast period owing to escalating oil & gas industry. Growing crude oil production across the globe is assumed to drive the market growth during the forecast period. Moreover, rapid urbanization combined with rising disposable income in developing economies along with continuous expansion of the paints & coatings sector and demand for biodegradable material also fuels the market growth. Lastly, expansion of personal care industry in developed and developing economies also are deemed drive the growth of the market over the forecast period 2017-2023.
High cost of Nanocellulose production processes and procedures for effective manufacturing to obtain price–performance in the various applications poses as the largest challenge. However, nanocellulose is a renewable material that has special characteristics such as lightweight, high strength and durability. These factors also help make it popular, and in demand among the consumers, therefore this market is gaining momentum in various sectors.
Prevalent trends like increasing use of nanocellulose in pharmaceutical industry, in oil and gas industry and growing demand for green alternatives to non-renewable materials also act as an impetus for the growth of the market.
The Global Nanocellulose Market is segmented on the basis of Type, Application and Region. On the basis of type, the market is segmented into nanofibrillar cellulose (NFC), nanocrystalline cellulose (NCC), bacterial cellulose (BCC). In recent times, nanofibrillar cellulose (NFC) has gained popularity across the world due to its renewable nature, good biocompatibility and excellent physical properties that are useful for diverse applications in pharmaceutical and biomedical fields. It also possesses potential to enhance wound healing and recovery in severely burned patients. On the other hand, bacterial cellulose, due to its unique properties has been used in the food industry, the medical field, commercial and industrial products, and other technical areas.
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On the Basis of Application, the market is classified into composites & packaging, paper & board, paints & coatings, oil & gas, personal care, and others. The use of nanocellulose helps solve the unsustainability, costs and disposal challenges that many industries face. Nano-sized particles that are part of the renewable resources can potentially solve the sustainability issues. For instance, in food packaging industry, it prevents spoilage of food contents, extends shelf life of food products and also blocks the entry of oxygen into food products. Thus eliminating food wastage, and helps preserve their freshness.
Geographically, the Nanocellulose Market is spread across five regions that are Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among all the regions, Asia Pacific is projected to grow at the highest CAGR during the forecast period owing to the expansion of composites & packaging as well as the automotive sector. Nanocellulose has become a popular aspect in various countries of Asia Pacific such as China, India, Vietnam, Thailand, Malaysia, Bangladesh, South Korea, and Japan. This growth is in account of increasing middle-class population combined with the continuous growth of new purchase light weight automobile vehicle. Moreover, rising number of light weight and heavy-duty vehicles on road coupled with technological advancement are expected to propel the growth of the market during the assessment period 2017-2023. Availability of inexpensive labor & raw material, cheap set up manufacturing cost, and moderately stringent regulatory framework are factors thrusting the market in these countries.
North America is the largest market for nanocellulose trailed by Europe and Asia Pacific. North America is presumed to experience a moderate growth due to its high consumption potential, rising production capacities, and increasing economic growth rate. Countries such as the U.S. and Canada are among the major contributors and are predicted to see a remarkable demand during the forecast period 2017-2023.
In North America, U.S accounts for the largest market share followed by Canada in terms of value and volume and is projected to grow at a healthy CAGR owing to growing composites and packaging sector. In Europe, the demand for nanocellulose is estimated to grow in various countries such as Italy, Poland, Spain, Germany, the UK, France, and Russia due to rising expenditure in innovation and increasing purchasing power of consumers. Germany and the UK have up surged as the prominent consumer market on account of increasing automotive production and sales and increasing demand for lightweight passenger cars.
Latin American countries such as Brazil, Argentina, and Colombia, are also projected to experience average growth due to rising consumer spending on personal care products and cosmetics. The Middle East & Africa is estimated to witness significant growth during the forecast period due to the tremendous growth of oil & gas industry.
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