Global Nitrocellulose Market is likely to reach USD 1.05 billion by 2024 and it is anticipated to witness an exponential growth in the forecast period. Nitrocellulose is also termed as “Cellulose nitrate”, an extremely inflammable compound produced by nitrating cellulose by exposure to nitric acid or the other powerful nitrating agents. Nitrocellulose, when used as a low-order propellant, is termed as “Guncotton”.
The factors that propel the growth of the nitrocellulose market include an abundance of cellulose and growth of nitrocellulose, increasing application scope in leather, printing, automotive and furniture businesses, increasing printing usage mainly in e-commerce and packaging industries. On the other hand, there are factors that may hamper the growth of the market including growing digitization causing a reduction in printing ink usage and increasing computer use. Nitrocellulose industry is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The new trend gaining momentum in the market is the increasing acceptance of natural wood coating technology. Over the past few years, vendors in the chemical industry have been focusing on sustainable procedures that have a negligible impact on the environment. The growth of environment-friendly products supports vendors to increase a competitive edge. R&D activities related to raw materials offer enough development opportunities to vendors.
Nitrocellulose market could be explored by product type, application, and geography. The market could be explored by product type as E grade cellulose, M grade cellulose, and others. The “M grade cellulose” segment led the nitrocellulose industry in 2017 and is anticipated to maintain its dominance by 2024. The key factors that may be attributed to the growth of market includes it is extremely used in consumer products such as emulsifier and thickener in lubricants in nutritional supplement capsules and others.
The key applications that could be explored in the nitrocellulose market include Nail Varnish, Automotive Paints, Leather Finishes, Printing Inks, and Wood Coatings. The “Wood Coatings” segment led the nitrocellulose industry in 2017 and is anticipated to maintain its dominance by 2024. The key factors that may be attributed to the growth of the market includes growing residential construction activities and extensive scope during the production procedure of wood coatings. Wood coatings segment is followed by Automotive Paints segment.
Asia-Pacific accounted for the major market share of nitrocellulose in 2015 and will continue to lead in the forecast period. The factors that could be attributed to the growth include rising demand from end-use industries such as automotive paints, printing inks, leather tanning & finishes, and wood coating. In addition, several producers are also shifting their production bases to Asia Pacific economies in order to decrease the cost of production and developing economies such as Thailand, India, and China are the major producer and importer of the cellulosic material across the region.
Some of the key players that fuel the growth of the nitrocellulose industry comprise Hagedorn, Tembec, Manuco, DowDuPont, Nitro Química, Synthesia, Eurenco, Jiangsu Tailida Group, HENGSHUI ORIENT CHEMICAL CO., Nitro Chemical Industry, Nitrex Chemicals India, T.N.C. INDUSTRIAL and Nitrochemie. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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