The market for nanocellulose is expected to grow from USD 297 million in 2020 to USD 783 million by 2025, at a CAGR of 21.3%. Rising concerns regarding the environment along with the market impetus for greater sustainability in the use of products, are driving the demand for nanocellulose. The rising resource constraint is also shifting the demand for bio-based products, which is a significant driver of the nanocellulose market.
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MFC & NFC is projected to lead the global nanocellulose market during the forecast period.
Based on type, the nanocellulose market has been segmented into three types, namely, MFC & NFC, CNC/NCC, and others. MFC & NFC is projected to lead the global nanocellulose market during the forecast period. The demand for MFC & NFC is the highest as they provide various advantages such as material efficiency, strength enhancement, lightweight and renewable barrier materials.
Pulp & paper applications accounted for the largest share in the overall nanocellulose market in 2019.
The nanocellulose market has been segmented based on application into five categories, namely, pulp & paper, composites, biomedical & pharmaceuticals, electronics & sensors, and others. Among these applications, the pulp & paper application accounted for the largest market share in 2019. Nanocellulose helps to increases the absorbency of several paper products and helps to cut down the overall production cost. This is driving the market for nanocellulose in the pulp & paper segment.
Europe is the leading nanocellulose market.
Europe is the largest market for nanocellulose. The competitive and diversified industrial sector is supporting the growth of the nanocellulose market in Europe. The increasing consumption of nanocellulose is also influenced by the excellent business environment and a strict regulatory framework of the region. The significant applications of nanocellulose in the region are pulp & paper and composites.
The major vendors in the nanocellulose 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).
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