Nitrocellulose Market Tends to Show Steady Growth Post Pandemic | EURENCO, GRN Cellulose Pvt. Ltd., Hagedorn NC, Hengshui Orient Chemical Co.

According to a newly published report by Report Ocean titled, Nitrocellulose Market by Product and Application: Opportunity Analysis and Industry Forecast, 2020–2027.

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The global nitrocellulose market was valued at $0.8 billion in 2019, and is projected to reach $1.2 billion by 2027, growing at a CAGR of 5.5% from 2020 to 2027.

Nitrocellulose is a highly flammable substance created by nitrating cellulose with nitric acid or another strong nitrating agent. Guncotton is the name given to nitrocellulose when it is used as a low-order explosive or propellant. Furthermore, cellulose can be used as a plastic film, as well as in wood coatings and printing inks, if it is not completely nitrated. In the next six years, the global nitrocellulose market is expected to be driven by rise in demand for nitrocellulose from a wide range of applications such as explosives, printing inks, wood coatings, and plastic films.

The surge in demand for automotive paints is a major market driver for the global nitrocellulose market. Rise in environmental issues, as well as the improved efficiency offered by hybrid and electric vehicles, have resulted in increased demand for automotive paints. The highly explosive nature of nitrocellulose is a significant market constraint for the global nitrocellulose market. Dry nitrocellulose is highly flammable and can be ignited by friction or a spark. Careless handling of nitrocellulose will result in the death of many people and have dangerous impacts. The above reason is expected to act as a market restraint for the nitrocellulose market.

By product, M grade is predicted to be the largest and fastest-growing product during the forecast years. It is commonly used in consumer products as a thickener and emulsifier in lubricants, dietary supplement capsules, and other applications.

Based on applications, wood coating is projected to be the fastest-growing product during the forecast years. During the production process wood coating the product has a wide range. In various other color applications, cellulose wood coating based on nitrate, such as sap stains, fillers, overall stains and toners, can also be used. The wood cover is used for sliding doors and windows, furniture coverings, and others.

In terms of volume and value, the Asia-Pacific region dominates the nitrocellulose industry, which is expected to rise at a CAGR of 5.6% through 2022. Due to the developing end-user industry and increasing chemical use by manufacturers, China is a major revenue generator.

The global nitrocellulose market is consolidated in nature with a few players such as EURENCO, GRN Cellulose Pvt. Ltd., Hagedorn NC, Hengshui Orient Chemical Co., Ltd., Nitrex Chemicals India Pvt. Ltd., Nitrocellulose Group, Nitro Quimica, North Sichuan Nitrocellulose Corporation, Synthesia a.s., and TNC Industrial Co. Ltd., which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.

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Key Findings Of The Study

On the basis of product, the M grade cellulose segment emerged as the global leader by acquiring more than 63.1% of the market share in 2019, and is anticipated to continue this trend during the forecast period.
On the basis of application, the wood coatings segment accounted for 40.1% of the global market share in FY2019.
On the basis of region, Asia-Pacific is the major consumer of nitrocellulose among other regions. It accounted for around 53.6% of the global market share in 2019.
Impact Of Covid-19 On The Global Nitrocellulose Market

COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Some of the major economies suffering the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
Nitrocellulose is primarily used in printing inks, automotive paints, wood coatings, leather finishes, nail varnishes, and as an impact of national lockdown, these sectors were experiencing a slight decline in growth rate.
In many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. Demand for the product has been hindered, as there is no development due to the lockdown.
The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the chemical industry during the COVID-19 pandemic.
The automotive industries are facing issues such as delays in receiving nitrocellulose from the manufacturers due to the restriction on the import and export of commodities.
The pandemic is having a huge impact on the automotive industry. The production of automobiles has been disruptively stopped, contributing to a major loss in the total automotive sectors.
With the decrease in automotive production, the demand for nitrocellulose has significantly fallen, which is having a major impact on the nitrocellulose market.
However, the demand for online shopping is increasing in emerging countries and labels, plastic bags, and invoices are used for packaging, which eventually needs printing inks for labelling of deliverable packages. Thus, the increase of e-commerce platform acts as a driver for the nitrocellulose market.

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This release was published on openPR.