According to the recently published report by Market Research Future (MRFR), the global Nanocellulose Industry is expected to expand at a decent growth during the forecast period. The growth of the market can be attributed to the improving living standards, growing automotive production sales, and expanding cosmetics market. The demand for the market is also projected to experience a period of growth due to the proliferating oil gas industry. The burgeoning crude oil production on a global scale is another driving factor behind the growth of the market during the forecast period. Add to this, fast-paced urbanization coupled with rising disposable income across developing economies is expected to push the demand for the market as well. The consistent expansion of the paints coatings industry and an increasing demand for biodegradable materials is another market growth driver. Furthermore, the booming popularity and the subsequent expansion of the personal care industry across developed and developing nations is projected to drive growth trajectory of the global nanocellulose market during the assessment period between 2017 and 2023.
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Market Segmentation
The global nanocellulose market is segmented in terms of application and type.
By type, the market includes nanocrystalline cellulose (NCC), nanofibrillar cellulose (NFC), and bacterial cellulose (BCC).
By application, the market comprises of personal care, paper board, oil gas, composites packaging, paints coatings, and others.
Regional Analysis
The global nanocellulose market is regionally distributed into five regions, namely Europe, Latin America, North America, Asia Pacific, and the Middle East Africa.
North America is the leading market holder of nanocellulose market in the global landscape. North America is expected to witness a decent growth during the forecast period due to high consumption potential, increasing economic growth rate, and rising production capacities. Countries like the US and Canada are the major contributors to the global dominance of North America and is anticipated to garner significant demand in the coming years.
The European regional market is expected to gain traction and expand during the forecast period as well. This is primarily because of the surging demand from European countries like Poland, Italy, France, Russia, the UK, Spain, Germany, and Russia. The demand can be attributed to the rising level of expenditure in innovation and an increase in the purchasing power of the consumers. The Latin American region is also reported to witness a period of growth during the review period due to the presence of countries like Colombia, Argentina, and Colombia and a rising consumer expenditure on personal and cosmetic products. Lastly, the Middle Eastern and the African region is also expected to witness massive growth due to the booming oil and gas industry.
Among these regions, the Asia Pacific region is calculated to grow with the highest CAGR during the forecast period due to the growth and expansion of packaging composites and the automotive industry. The nanocellulose market growth in this region is expected to increase in proliferating fashion due to the increasing demand from the various residing countries herein, namely Thailand, China, South Korea, Vietnam, India, Malaysia, Bangladesh, and Japan. The demand can be attributed to the growing middle-class population and an inclination towards purchasing light weight automobiles. Some of the other drivers of the market in the Asia Pacific region are advancing technologies, high rate of adoption, cheap set-up cost, availability of cheap labor raw materials, and moderately strict regulatory framework.
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Competitive Landscape
The global nanocellulose market is home to various leading players like Borregaard (Norway), American Process Inc. (U.S.), Nippon Paper Industries Co., LTD. (Japan), CelluForce (U.S.), Stora Enso (Finland), Kruger Inc. (Canada), Sappi LTD. (South Africa), J. Rettenmaier Söhne GmbH + Co KG (Germany), Daicel Finechem LTD (JAPAN), UPM (Finland), and others.
March 1st, 2019, Researchers of Empa are using biodegradable nanocellulose and other additions to produce printed ear implants. Researchers are working on integrating both human cells and therapeutics into its base structure to create and produce biomedical implants.
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