Market Analysis
The global nanocellulose market is likely to grow at a healthy CAGR between 2021- 2030, as per the new Market Research Future (MRFR) report. Nanocellulose is a solid material that is lightweight and derived from plant matter that contains nano-sized cellulose fibrils. Owing to its excellent features, it has a wide range of applications, including oil and gas, paper and board, personal care, composites and packaging, paints and coatings, and others.
Various factors are adding to the global nanocellulose market Size. These factors, according to the new MRFR report, include burgeoning demand for biodegradable material, expanding paints and coatings sector, increasing disposable income, especially in developing economies, and rapid urbanization. Additional factors adding market growth in the region include increasing crude oil production worldwide, growing oil and gas industry, expanding cosmetics market, improving living standards, and increasing automotive production & sales.
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On the contrary, lack of technological advances and high cost of research and development are factors that may limit the nanocellulose market growth over the forecast period.
COVID-19 Analysis/COVID-19 Impact on the Nanocellulose Market
The COVID-19 pandemic has impacted the society and the economy at large across the world. Its impact is increasing with every passing day and has also affected the supply chain. This pandemic is also creating uncertainty, especially in the stock market, along with a fall in the business confidence, slowing down the supply chain considerably, and creating panic amid customer segments. It had a major impact on the process of production of different industries, including materials and chemicals. Trade barriers are again limiting the demand-supply outlook. Following the shutdown of industries on a temporary basis and the lockdown, the production process in its entirety is being affected adversely, thereby hindering the nanocellulose market growth globally.
But there is also a brighter side. Lack of face masks has motivated a team at Caraga State University in developing a nanocellulose filter that is sourced from waste materials for face masks, which is extremely crucial to battle COVID-19. The specialty of this face mask is it has the greater ability to remove the smallest particles and has excellent breathability. Again, another project is being carried out in Mahatma Gandhi University to create a technique for effectively disinfecting the PPE (Personal Protective Equipment), which is worn by the frontline health workers who are fighting against COVID-19. A nano cellulose coating separated from curcumin and natural fibers will help in increasing the PPE suits’ efficiency. These contributions are likely to boost the nanocellulose market growth.
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Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global nanocellulose market based on type & application.
By type, the global nanocellulose market is segmented into nanocrystalline cellulose (NCC), nanofibrillar cellulose (NFC), and bacterial cellulose (BCC).
By application, the global nanocellulose market is segmented into oil and gas, paper and board, personal care, composites and packaging, paints and coatings, and others. Of these, the paints and coatings segment will lead the market over the forecast period.
Key Players
Leading players profiled in the global nanocellulose market report include J. RETTENMAIER & SÖHNE GmbH + Co KG (Germany), Kruger Inc. (Canada), NIPPON PAPER INDUSTRIES CO., LTD. (Japan), DAICEL FINECHEM LTD (JAPAN), STORA ENSO (Finland), Sappi Ltd. (South Africa), Borregaard (Norway), UPM (Finland), AmericanProcess Inc. (U.S.), CelluForce (U.S.), and others.
Regional Analysis
Based on the region, the global nanocellulose market report covers the recent trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), Latin America & the Middle East & Africa (MEA). Of these, the APAC region will dominate the market over the forecast period. Factors fuelling nanocellulose market growth in the region include the expansion of the automotive sector, composites and packaging, and growing middle-class population and demand for lightweight automobiles in Japan, South Korea, Bangladesh, Malaysia, Thailand, Vietnam, India, and China. Besides, moderately stringent regulatory framework, cheap set up manufacturing cost, availability of cheap raw material and labor, high adoption rate, and technological advances are also adding market growth.
The global nanocellulose market in North America is predicted to hold the second-largest share over the forecast period. Factors fuelling nanocellulose market growth in the region include increasing economic growth rate, rising production capacities, and high consumption potential. Canada & the US are the chief contributors in the region for the booming composites and packaging sector.
The global nanocellulose market in Europe is predicted to have remarkable growth over the forecast period for consumers increasing purchasing power and growing expenditure in innovation. The UK and Germany are the chief contributors in the region for burgeoning demand for lightweight passenger cars and increasing sales & production of automotive.
The global nanocellulose market in Latin America is predicted to have moderate growth over the forecast period for increasing consumer expenditure in personal care and cosmetic products.
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The global nanocellulose market in the MEA is predicted to have remarkable growth over the forecast period for the booming oil and gas industry.
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