Report Code: A10608 | Pages: 226 | Mar 2021 | 5728 Views | ||
Author(s) : Snehal M, Rutuja D , Eswara P | Tables: 152 | Charts: 47 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Nitrocellulose Market
Request Now !The global nitrocellulose market size 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 compound made from cellulose, nitric acid, or other heavy nitrate compounds. Nitrocellulose is referred to as guncotton when used as a low-command explosive or propellant. If cellulose is not completely nitrated, it can also be used as a plastic film, as well as in wooden coatings and ink printing. Over the next six years, the global demand for nitrocellulose is expected to develop due to a range of applications, including explosives, printing tins, wood coatings, and plastic films.
Manufacturers have been urged to revise their paints and coatings formulations to meet evolving regulatory requirements, which is expected to foster the nitrocellulose market development. Furthermore, changes in fashion trends and increase in customer spending on high-quality clothing fuel the demand for comfortable, multifunctional apparel, and footwear, which is expected to boost the growth of the nitrocellulose market. Furthermore, high gloss or matte finishes are needed for leather products to enhance their appearance and provide protection against heat and moisture, which benefits the cellulose nitrate industry.
Governments around the world, on the other hand, have released a slew of legislation and policies requiring importers to obtain an import license for the sale of this commodity to protect the public's interest and avoid any misuse of the material. Industrial nitrocellulose is categorized as a hazardous substance and is thus exposed to a number of regulations related to explosive substances. As a consequence of this classification, more precautionary steps are taken, and the resulting cost is higher. Furthermore, increase in industrialization is projected to open up a variety of new business opportunities.
The global nitrocellulose market is segmented into product, application, and region. By product, the market is divided into M grade cellulose, E grade cellulose, and others. On the basis of application, it is differentiated into printing inks, automotive paints, wood coatings, leather finishes, nail varnishes, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global nitrocellulose market include 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.
The M grade cellulose segment held a significant share in the nitrocellulose market in 2020. It is commonly used in consumer products as a thickener and emulsifier in lubricants, dietary supplement capsules, and other applications. The demand for emulsifier from the automotive and aerospace industries is on the rise. As a result, demand for M grade cellulose is expected to rise significantly during the forecast period, propelling the growth of the nitrocellulose market.
The wood coatings segment accounted for the largest share of the nitrocellulose market in 2019. Rapid development in the furniture sector and high demand are projected to complement the growth in the segment over the predicted years.
Due to increased automotive production in the region, the Asia-Pacific region held the largest share of the nitrocellulose market in 2020, up to 53.6%. Automotive paints based on nitrocellulose improve the aesthetic appearance while also protecting against cracks, UV rays, rust, oxidation, and acid rain.
Key Benefits For Stakeholders
Impact Of Covid-19 On The Global Nitrocellulose Market
Nitrocellulose Market Report Highlights
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Key Market Players | Synthesia a.s., North Sichuan Nitrocellulose Corporation, Nitro Quimica, TNC Industrial Co. Ltd., Nitrocellulose Group, GRN Cellulose Pvt. Ltd., Hagedorn NC, Nitrex Chemicals India Pvt. Ltd., Hengshui Orient Chemical Co., Ltd., EURENCO |
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The global nitrocellulose market is moving toward growth stabilization phase in its industry life cycle. The factors driving the growth of the nitrocellulose market are surge in demand from the printing inks, automotive paints, wood coatings, leather finishes, and nail varnishes. In 2020, the M grade cellulose segment accounted for a large portion of the nitrocellulose industry. The demand for emulsifiers from the automotive and aerospace industries is growing in M grade cellulose, which is expected to drive the nitrocellulose market growth during the forecast period. Wood coatings are utilized in various applications of residential, industrial and commercial industries such as windows, doors, flooring and cabinet furniture. Advancements in development of new coatings has promoted the use of alternatives to waterborne solutions so as to achieve high performance properties for architectural coatings. However, the Asia-Pacific nitrocellulose market is dominated by the region's surge in demand for nitrocellulose in the paint and coatings industries. The nitrocellulose market in Asia-Pacific is also being driven by increased urbanization and purchases.
A. Growing demand for bio-based and eco-friendly coatings from construction industry on account of rising concerns towards environmental degradation are major factors driving the market growth across globe
A. The market value of nitrocellulose in the forecast period is anticipated to be $1.2 Billion.
A. Major players in the market are EURENCO, GRN Cellulose Pvt. Ltd., Hagedorn NC, Hengshui Orient Chemical Co., Ltd., Nitrex Chemicals India Pvt. Ltd., Nitrocellulose Group, and Nitro Quimica among others.
A. Wood coatings industry is projected to increase the demand for nitrocellulose market
A. Asia-Pacific region accounted for the largest nitrocellulose market share
A. Rising demand from furniture industry and increasing printing inks application are expected to drive the global nitrocellulose market during the forecast period
A. Wood coatings expected to drive the adoption of nitrocellulose.
A. As the manufacturing units across the globe were shutdown due to the COVID-19 pandemic, the market has been impacted negatively.
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