Nitrocellulose Market Size Will Attain USD 1.43 Billion by 2030 Registering a Promising CAGR of 5.6% – Exclusive Report by The Brainy Insights
The global nitrocellulose market size is projected to reach USD 1.43 billion by 2030 from its value USD 0.88 billion in 2021, at CAGR of 5.6% during forecast period, according to The Brainy Insights. Asia Pacific currently dominates the nitrocellulose market due to an increase in residential and commercial construction activities in line with rapid urbanisation.
Newark, Oct. 16, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 0.88 billion in 2021 global nitrocellulose market will reach USD 1.43 billion in 2030. Nitrocellulose is utilised in solvent-based paints, wood coatings, nail varnishes, polish finishes, and its employment in explosives. It is recommended in automobile paints because it is a better adhesive and non-reactive than other paints. It has a minimal scent, is cost-effective, easy to apply, and takes little time. Because of its high-quality outcomes, its application in printing inks is increasing. Printing inks are widely utilised in the packaging sector, where demand has increased due to the pandemic’s e-commerce boom. When employed in emulsifiers, nitrocellulose also finds usage in the aircraft sector. Because of its durability, stickiness, quick drying, and high solubility, nitrocellulose is increasingly used in many products.
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Key Insight of the Global Nitrocellulose Market
Asia Pacific will dominate the market during the forecast period.
Due to increased residential and commercial construction activities in line with rapid urbanisation, Asia Pacific dominates the nitrocellulose market. An increase in demand for automotive paints to meet the needs of various automobile MNCs in the region developing new hybrid and electric vehicles will also bode well for the regional market.
In 2021, the M-grade cellulose segment dominated the market with the largest market share of 32% and revenue of 0.28 billion.
The product type segment is divided into M-grade cellulose, E-grade cellulose and others. In 2021, the M-grade cellulose segment dominated the market with the largest market share of 32% and revenue of 0.28 billion.
The wood coating segment is expected to grow at the fastest CAGR of 7.5% during the forecast period.
The application segment is divided into printing inks, automotive paint, wood coating, leather finishing, nail varnishes, & other applications. The wood coating segment is expected to grow at the fastest CAGR of 7.5% during the forecast period.
Advancement in market
A new high-strength circular yarn for fabric and apparel manufacture, made with 50% recycled pre- and post-consumer textile waste, has been introduced, according to Indian viscose giant Birla Cellulose. The Circular Yarn Blend from Birla Cellulose has received certification from the Forest Stewardship Council (FSC), the Recycled Claim Standard (RCS), and the Global Recycle Standard (GRS) for PCW (Pre-& Post-Consumer Waste). Additionally, it uses blockchain technology, enabling complete yarn mix traceability, accountability, and transparency across the supply chain.
|Projected Market Size in 2030||USD 1.43 billion|
|CAGR Growth Rate||5.6%|
|Key Market Players||Nitrex Chemicals India Pvt. Ltd,Nitro Quimica,TNC Industries Co. Ltd.,EURENCO,Hagedorn NC,Dupont Specialty Solutions,Nitrocellular Group,Hengshui Orient Chemicals,ERN Cellulose Pvt. Ltd.,North Sichuan Nitrocellulose Corporation,Synthesis a.s.,Nitrochemie AG|
|Key Segment||Industry Analysis, Trends, Analysis and Forecast|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Driver: The developing world’s cities are growing quickly.
Construction activity has increased in developing countries due to the governments of these countries launching programmes that promise houses for everyone. A similar increase will inevitably follow the growth of the building and construction industries in the furniture business. Nitrocellulose is used in wood coatings and automotive paint, which will grow along with the industries mentioned earlier.
Restraints: Nitrocellulose’s is highly inflammable.
The extremely combustible nature of the compound, which necessitates careful handling and can lead to loss of life and property, would hinder the expansion of the nitrocellulose business.
Opportunities: Growth of the e-commerce market.
Unexpectedly, the pandemic struck several nations around the world. It stopped all economic activity by stopping labour-intensive businesses and lowering consumer demand to an all-time low. With time, the e-commerce sector’s consumer demand increased, led by online demand for clothes and leather accessories like belts and coats. With the growth of online shopping, printing inks will increasingly be used in the publishing, packaging, textile, and leather industries. With greater internet access and advanced digital technology throughout the Asia Pacific, this e-commerce boom will continue. The industry in Asia Pacific is expected to be led by Malaysia and Japan.
Challenges: stringent government regulations and rules.
Nitrocellulose is a hazardous material because of its propensity to catch fire easily. As a result of this classification, the government is more careful when managing and approving import licences. Complying with these regulations and customs import standards takes much time, eventually driving up expenses. Another problem for the market competitors is the constantly changing regulatory constraints.
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Some of the major players operating in the global nitrocellulose market are:
• Nitrex Chemicals India Pvt. Ltd
• Nitro Quimica
• TNC Industries Co. Ltd.
• Hagedorn NC
• Dupont Specialty Solutions
• Nitrocellular Group
• Hengshui Orient Chemicals
• ERN Cellulose Pvt. Ltd.
• North Sichuan Nitrocellulose Corporation
• Synthesis a.s.
• Nitrochemie AG
Key Segments covered in the market:
By Product Type
• M Grade Cellulose
• E Grade Cellulose
• Printing Inks
• Leather Finishes
• Wood Coating
• Automotive Paint
• Nail Varnishes
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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