Financial Reports & Markets
Market research predicts 34 per cent growth for nanocellulose market
By Cindy Macdonald
The renewable attributes of nanocellulose will promote its increased adoption, concludes a new report from Transparency Market Research.
According to Transparency’s nancellulose market report, the global nanocellulose market was valued at US$54.9 million in 2014 and is anticipated to reach US$699.6 million in 2023, expanding at a CAGR of 33.8% between 2015 and 2023.
Extensive financial and technical support from government and research organizations has been the key factor driving the nanocellulose market in the recent past, says Transparency. Countries in North America and Europe have been supporting the development of nanocellulose. Nanocellulose has the ability to lower carbon footprint, as it is obtained from renewable sources. This is expected to boost the use of nanocellulose, says the report.
The superior structural strength of nanocellulose has been another key factor for the growth of nanocellulose in the recent past. Nanocellulose offers higher mechanical strength vis-à-vis carbon fiber, Kevlar, and aramid fibers. Its superior strength is expected to propel the usage of nanocellulose in composites, according to the report. However, technical and economic issues such as high production costs, plant scaling up, and lack of product standardization and quality are likely to hamper market growth during the forecast period.
Nanocellulose is primarily employed in composites, paints and coatings, oil and gas, paper processing, food and beverages, and personal care products.
Nanofibrillated cellulose was the largest product segment, accounting for more than 50 per cent share of the global nanocellulose market in 2014. Nanofibrillated cellulose is used in various end-user industries such as composites, paper processing, pharmaceutical, paints and coatings, and oil and gas. Nanocrystalline cellulose held the second-largest share of the global nanocellulose market in 2014. Nanocrystalline cellulose is used in biocomposites, food and beverages, paints and coatings, packaging films, and textiles. The report notes that nanocrystalline cellulose has the ability to reduce damages caused due to humidity and wear and tear, thus, is suitable for packaging applications.
Bacterial nanocellulose constituted the lowest share of the nanocellulose market among all product types. However, it is projected to be the fastest growing product segment during the forecast period. Bacterial nanocellulose is a biocompatible material that promotes chondrocyte proliferation and adhesion. It offers potential in the fields of biomedical, filter membranes, biotech devices, and food.
The report states that nanocellulose has the potential to replace glass and carbon fiber composites in the fields of transportation, wind, consumer goods, sport, and biomedical. Paper processing held the second-largest market share in 2014. Nanocellulose is expected to enhance the performance of paper, paperboard, and related products. Oil and gas is likely to be the fastest growing end-user for nanocellulose in the near future. Nanocellulose is used as rheological modifier in drilling fluids. Other end-users such as biomedical, electronics, textiles, and pharmaceutical are also projected to provide lucrative growth opportunities for nanocellulose during the forecast period.
North America and Europe were the largest markets for nanocellulose, cumulatively accounting for over 60% share in 2014. Countries in these regions have been supportive of the growth of nanocellulose. This trend is anticipated to continue in the next few years. Market share of Asia Pacific is likely to expand in next decade; however, technical issues and lack of consumer awareness in the region are expected to hamper market growth. Other regions are anticipated to exhibit stable growth for nanocellulose during the forecast period.
The report provides a comprehensive view of the nanocellulose market in terms of volume and revenue. It includes current demand analysis and forecast for product segments and end-users in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Transparency Market Research is a global market intelligence company providing business information reports and services.
Browse the full report, “Nanocellulose (Nanofibrillated Cellulose, Nanocrystalline Cellulose, Bacterial Nanocellulose) Market for Composites, Paper Processing, Food & Beverages, Paints & Coatings, Oil & Gas, Personal Care, and Other End-users – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023” here.