Press release
What's driving the Nitrocellulose Market share? | By Key Players: Nitro Quimica, DuPont Specialty Solutions, Hagedorn GmbH
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The government has laid down a few strict regulations which, along with the rise in the cost of petroleum derivatives, has collectively induced the manufacturers to revise their formulations for paints & coatings. Meeting the changing regulatory requirements will help support the growth of guncotton and in turn, drive nitrocellulose market size over the projected time period.
Enumerated below are some trends that are propelling nitrocellulose industry forecast:
1) Growing demand for leather products
Nitrocellulose is extensively used in the leather industries for finishes due to its ability to prevent the formation of foam and soften the leather. The product makes the leather soft and smooth coating it with a high gloss over the surface that in turn enhances the lifespan of the product across end-use applications.
Leather products usually need matt or high gloss finishes that improve their appearances and provide protection against moisture and heat. Global leather goods industry had accounted for more than USD 410 billion in the year 2017.
Constantly changing fashion trends with the increase in the consumer expenditure on high-quality clothing has driven the demand for multifunctional and comfortable apparel and footwear which will propel nitrocellulose market outlook.
2) Surging nail varnish demand in North America
There has been a rise in the number of people focusing on personal appearance which has increased the spending by consumers on innovative cosmetic products. With the rise in the trend of nail art among the young generation as an important grooming component, there has been a steady adoption of nail paints that have natural content and reduced chemical content, which will influence the business outlook.
The substance essentially has fast drying and effective features that makes it a key ingredient in the nail lacquer formulation and is mostly used in nail manicuring and cream products. North America nail varnish industry is estimated to reach more than USD 25 million by the year 2025.
Nitrocellulose paints used in higher levels in nail varnishes generally accentuates the flexibility of the film that improves the durability of the end-use product. Nail polish sales had surpassed USD 565 million in 2018 which amounted to nearly 50% of the nail products in the U.S markets, depicting a promising trend for nitrocellulose industry share.
3) Widening application scope in the automotive sector
The European region is witnessing a considerable development of the automotive industry which has fostered the demand for auto paints of high quality in order to protect the vehicles from oxidation, corrosion as well as improve their aesthetic value.
Europe automotive paints industry had accounted for more than 40 million in 2018. Manufacturers are more focused on enhancing the quality of auto paints by using nitrocellulose's high viscosity grades to repair and refinish. This is due to the product's quality standards that help enhance the film flexibility and strength without compromising with the quality standards.
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Nitrocellulose paints have the capability to enhance the presentation, performance and durability of vehicles which are major attributes contributing to the demand of the product in the region. Consumers are seeking automotive with improved coating performance helping in the reduction of vehicle maintenance and servicing over the long term.
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