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The Nanocellulose Market to Register a Stout Growth by End 2023
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According to the report published by TMR, the global market for nanocellulose, which stood at US$54.19 mn in 2014, is predicted to reach an estimated value of US$699.6 mn by 2023 end. This massive increase in figure is mainly on account of a phenomenal CAGR of 33.8% over the forecast period (2015 to 2023).
Nanofibrillated Cellulose to Emerge Largest Market Segment Based on End Use
On the basis of the product, nanofibrillated cellulose was the largest segment in 2014, holding over 50% share of the overall nanocellulose market, followed by nanocrystalline cellulose. Nanofibrillated cellulose is used in a number of end-use industries such as oil & gas, composites, pharmaceuticals, paper processing, and paints & coatings.
Based on geography, North America and Europe were the dominant regional markets for nanocellulose, together holding over 60% share in the year 2014. The countries in these regions have been hugely responsible for the growth of nanocellulose, on account of high demand of end use products such as food and beverages, paper processing, and personal care. This trend is expected to continue in the forthcoming years.
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Environmental Sustainability Concerns to Provide Rich Growth Opportunity
Growing concerns over ecological balance benefits the global nanocellulose market inferable from the product’s green innovation and eco-accommodating nature. As indicated by a study conducted by the Global Greenhouse Gas Emissions, about 18.5% of pollution is because of industrial procedures, 10.5% because of fossil fuel processing. The rising awareness regarding maintenance of ecological balance will fuel the market in the following years.
The burgeoning packaging industry alongside the immense demand for feasible and sustainable packaging materials is expected to support the nanocellulose market growth over the forecast duration. Stringent protocols implemented by administrative bodies has restricted non-biodegradable packaging material especially for food industry, which is anticipated to drive interest for economical light weight packaging material in the coming years. The product has attractive properties including its light weight, prevalent quality, rigidity and transparency makes it reasonable for various business applications such as oil and gas, automotive, food & beverage, aviation and personal care. It has the possibility to supplant various petrochemical based items and is practical and economically viable when compared with other nanoscale elite materials.
Nanocrystalline cellulose is largely used in food & beverages, biocomposites, packaging, and paints & coatings. It enables reduction in the amount of damages caused due to wear and tear and humidity. Thus, nanocrystalline cellulose is a suitable for packaging applications, and is a segment that could provide a number of opportunities for growth on account of its varied use.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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