Study On Nitrocellulose Market By 2027: Wood Coatings Segment Is Projected To Maintain Its Leadership Status
Research Reports
Feb 01, 2022
Nitrocellulose Market report provides an in-depth study of the market dynamics such as drivers, restraints, opportunities, and the current market scenario. The Bentonite market report also focuses on the subjective aspect of the industry. Furthermore, the study takes in the key findings, in regard to market overview and investment opportunities. According to the report, the global nitrocellulose market was over $0.8 billion in 2019, and is projected to garner $1.2 billion by 2027, growing at a CAGR of 5.5% from 2020 to 2027.
Based on region, Asia-Pacific held the largest market share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominance in terms of revenue by 2027. Moreover, this region is expected to portray the fastest CAGR of 5.6% during the forecast period. The report also analyzes regions including North America, Europe, and LAMEA.
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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.
Wide scope of applications of nitrocellulose and increase in number of e-commerce platforms propel the growth of the global nitrocellulose market. However, fatal effects of nitrocellulose on health restrain the market growth. Contrarily, increase in popularity of electric vehicles offers new opportunities in the next few years.
By Application
- Printing inks
- Automotive paints
- Wood coatings
- Leather finishes
- Nail Varnishes
- Others
By application, the wood coatings segment held the highest share in 2019, accounting for around two-fifths of the global nitrocellulose market and is estimated to maintain its lead position during the forecast period. This is attributed to the ability of nitrocellulose to be applied in multiple coatings and its user-friendly nature. However, the nail varnishes segment is expected to witness the largest CAGR of 5.8% from 2020 to 2027, owing to surge in concerns regarding overall nail health and awareness toward the usage of non-toxic and natural additives in nail care solutions.
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By product, the M grade cellulose segment accounted for the highest market share in 2019, holding nearly two-thirds of the global nitrocellulose market in 2019, and is estimated to maintain its leadership status during the forecast period. In addition, this segment is expected to register the largest CAGR of 5.6% from 2020 to 2027. This is due to its high utilization in consumer products as thickener and emulsifier in lubricants, nutritional supplement capsules, and others. The research also discusses the segments including E grade cellulose and others.
Leading Market Players
- 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.
- TNC Industrial Co. Ltd.
Covid-19 Scenario:
- Nitrocellulose finds its application in printing inks, wood coatings, automotive paints, leather finishes, nail varnishes, and others. Owing to national lockdown in many countries, these application sectors were experiencing hindrances in daily operations. So, the demand for nitrocellulose decreased considerably.
- Daily operations in the automotive sector were restricted during the lockdown. So, the demand for nitrocellulose decreased during the time. However, the demand bounced back gradually as day-to-day operations began in full swing.
- However, the preference for online shopping increased in emerging countries and there has been huge demand for printing inks for labeling the delivery packages. With an increase in demand for printing inks from e-commerce platforms, the need for nitrocellulose also surged.
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