The global nitrocellulose market is projected to reach a valuation of USD 1.05 billion by 2024, according to a report by Grand View Research, Inc. Nitrocellulose is a compound derived by exposing cellulose to nitric acid or other nitrating agents. Its major uses include inks, coatings, and plastic films. It is used in various industrial sectors by altering its nitrogen content accordingly.
Demand for nitrocellulose inks from China, Colombia, and Vietnam is expected to drive market volume between 2014 to 2024 (forecast period). The adhesive properties and non-reactive nature of nitrocellulose is projected to drive overall market demand. Rise in printing ink applications are also expected to impact market growth in the forthcoming years. In addition, the superior properties gained by inks due to the integration of the compound in its formula are anticipated to affect market volume by 2024. Increased expenditure on infrastructural projects, especially in Asia Pacific, is projected to play a key role in market growth. While strict regulations regarding its use may hamper market demand, the growing rate of industrialization can, nevertheless, create market opportunities.
he growing trend of electrophoretic coating as a primer in the automotive industry is expected to open up new market avenues. The medical sector has shown high demand for nitrocellulose membranes for Western blotting assays. The compatibility of the compound with detection methods such as fluorescence and chemiluminescence makes it a foremost option for protein blotting.
Full Research Report On Nitrocellulose Market Analysis:
U.S. Nitrocellulose Market Volume By Application, 2014 – 2024 (Kilo Tons)
The defense and aerospace industry has also shown rising scope for the application of nitrocellulose. Need for smokeless propellants in guns is predicted to augur well for market demand. In addition, nitrocellulose is being used in propellants, a vital component of military and civilian applications such as aircraft ejection seats, rocket propellants, and gas generators. Recently, BAE Systems availed a government contract for a new nitrocellulose plant at Radford Army Ammunition Plant in Virginia, U.S. Efforts such as these are sure to benefit the market.
The nitrocellulose market is segregated on the basis of application and region. Major market applications include nail varnishes, leather finishes, automotive paints, wood coatings, and printing inks. Printing inks was one of the largest market segments in 2015 due to their application in flexography and gravure printing in the packaging industry. It is expected to capture over 27% market share by 2024. The wood coatings segment is anticipated to hold over 20% market share in the same year.
Regions covered in the report include North America, Latin America, Middle East and Africa (MEA), Asia Pacific (APAC), and Europe. The APAC market is expected to witness tremendous growth over the forecast period due to the propagation of leather and automotive sectors in Vietnam and India respectively. It reportedly accounted for over 50% market demand in 2015. The expanding printing inks industry in China is touted to be one of the major drivers of the APAC market during the forecast period.
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Europe has acquired a significant share in the market so far but may yield to Latin America and APAC due to greater demand in these regional markets. The MEA market is anticipated to witness slow growth in the coming years, but will still hold promise thanks to economies in United Arab Emirates (UAE) and Saudi Arabia. The South Africa market is touted to expand due to proliferation of inks and coatings companies. Joint ventures are prominent as is evident with the agreement signed between Flint Group and Eagle Ink Systems as well as Continental Printing Inks.
The Latin America market is predicted to be led by Brazil due to increasing production of trailers and motor vehicles. The Mexican market is also projected to exhibit high growth. Nitrocellulose is a vital component in lacquer paints used on guitars to increase their shelf life. Considering that Mexico is a major hub of guitar making, demand for nitrocellulose-based varnishes is sure to drive the regional market.
Prominent market players include Abu Zaabl Co. for Specialty Chemicals, Hagedorn- NC GmbH, TNC Industrial Co., Ltd., Atomax Chemicals Co., Ltd., and Nitrochemie AG. Companies are attempting to control market prices by integrating their value chain. Mergers and acquisitions are being resorted to to sustain market hold. For instance, Nitro Quimica recently acquired Alchemix Corporation, effectively expanding its product portfolio.
Access Full Press Release Of This Report By Grand View Research: https://www.grandviewresearch.com/press-release/global-nitrocellulose-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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