Nitrocellulose Market set to grow at CAGR exceeding 6.5% by 2023.

U.S. nitrocellulose industry is anticipated to be driven by the heavy demand for the product for printing inks. Printing inks dominated the application landscape of nitrocellulose market by contributing to more than 25% of the overall revenue in 2015, with a volume of 50 kilo tons. This growth can be attributed to the heavy industrialization and urbanization across the globe. These inks possess strong adhesive characteristics, limited additive reactions, and can dry faster, subject to which they are widely used in the packaging and e-commerce sectors. This in turn, will propel U.S. nitrocellulose industry from printing inks, given that the country is experiencing a rapid surge in its e-commerce and packaging industries.

Nitrocellulose Market is anticipated to gain profitable traction over the next few years, pertaining to the compound’s extensive applications in printing inks, nail varnish, wood coatings, automotive paints, and leather finishes. Also, referred to as cellulose nitrate or more commonly, flash paper, nitrocellulose is an extremely flammable compound formed by the process of cellulose nitration. It is a major component of nail polish, smokeless gunpowder, wound dressings, salicylic acid carrier, and the famous magician’s bright, ash-less flash paper. Nitrocellulose market is expected to be valued at USD 940 million by 2023, growing at a CAGR of 7%.

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This compound is used in the antigen-antibody binding process for diagnostic tests such as CRP, pregnancy, radon tests, and U-albumin tests and as a carrier of medications (when dissolved in organic solvents), subject to which it finds extensive usage in the medical sector. This will rapidly propel the global nitrocellulose industry. The product, being an integral constituent of nail varnish and wood coatings, is extensively used for manufacturing furniture. The growing e-commerce sector and the subsequently increasing online sales of furniture will fuel nitrocellulose market over the years to come.

In 2015, U.S. nitrocellulose industry share from wood coatings was more than six kilo tons and is slated to grow at a CAGR of more than 5.2% over 2016-2023. This growth can be attributed to the heavy demand from the furniture sector in the U.S. These coatings can be combined with toners and glazers to be used in a wider spectrum of applications, which will propel U.S. nitrocellulose market from wood coatings applications, set to hit a revenue of USD 28 million by 2013. They also enable easy finesse of the finished furniture, in terms of polishing and rubbing the coated material, thereby expanding their end-use domain utilization and fueling the market size.

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Primarily led by the U.S., North America nitrocellulose market is expected to grow at a rate of 5% over 2016-2023. The rising e-commerce industry and the changing trends of the consumers toward online furniture shopping will fuel the regional nitrocellulose industry.

The automotive industry is experiencing a gradual shift from regular paints to nitrocellulose based paints, owing to the fact that they are convenient to apply and are available in a wide range of choices. Automotive paints accounted for over 20% of the overall nitrocellulose market share in 2015, and are anticipated to grow at a rate of 5% over 2016-2023. Driven by the rapidly developing automobile sector in countries such as India, China, Indonesia, and Thailand, nitrocellulose industry share from automotive paints applications will exceed USD 170 million by 2023.

Browse key industry insights spread across 119 market data tables & 13 figures & charts from the report, “Nitrocellulose Market Size By Application (Automotive Paints, Printing Inks, Leather Finishes, Wood Coatings, Nail Varnish), Industry Analysis Report, Regional Outlook (U.S. Germany, France, UK, China, India, Japan), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/nitrocellulose-market-report

Europe nitrocellulose market, mainly led by Germany, UK, and France, is expected to record a CAGR of 4.5% over 2016-2023. Nitrocellulose market revenue from Germany and France together is anticipated to be more than USD 85 million by 2023.

Global nitrocellulose market will witness the participation of numerous small and big players. Prominent companies include ones being Baoding Baofeng, Nitro Quimica, The Dow Chemicals, Hebei Beixin, Eurenco, SNPE, Sichuan Nitro Cell Co. Ltd., Nitro Chemicals Industries, and TNC Industrial Co. A majority of the key participants have their presence centered in China, which will lead to the subsequent growth of APAC nitrocellulose industry. In addition, the small and medium-sized manufacturers are also striving to consolidate their position in the highly-fragmented nitrocellulose market by making use of innovative technologies to enhance the features of the product and expand its application domain.

Related Report:
• Leather Chemicals Market Size By Product (Tanning & Dyeing, Beamhouse Chemicals, Finishing Chemicals), By End-user (Footwear, Furniture, Automobile, Garments, Gloves), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

https://www.gminsights.com/industry-analysis/leather-chemicals-market

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