Nitrocellulose Market to See 6.5%CAGR Growth to 2023: Growth Factor & Trends
- Global Nitrocellulose Industry, 2017 Market Research Report’ is the latest market intelligence on growth drivers, industry and regional trends, competitive landscape scenario as well as upstream and downstream sectors.
Global nitrocellulose market is estimated to observe industry gains at around 7% by 2023. Increasing printing usage particularly in packaging and e-commerce industries will drive the product demand. Rapid urbanisation, industrialization along with rising population are driving factors for growth in printing ink demand. Nitrocellulose components are widely used in printing inks. Printing was one of the leading application and generated more than 50 kilotons volume in 2015.
Nitrocellulose Market size generated over 185 kilotons volume in 2015 and is estimated to exceed USD 940 million by 2023.
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Rising application scope in printing, leather, automotive and furniture industries due to its benefits associated with quality measures will stimulate global nitrocellulose market size growth. Excellent adhesive and high flexibility are the considerable properties supporting product innovations. Rise in demand from wood coatings, leather finishes, automotive paints, nail varnish and printing ink will fuel the industry growth.
Rising flexographic and gravure inks applications in packaging industry will enhance the nitrocellulose market demand. Flexographic and gravure inks generated more than USD 850 million revenue in 2015. Technical innovations lead to increasing applications in explosives and gunpowder owing to its considerable features. Automotive paints market size will exceed USD 170 million, with over 5% CAGR up to 2023. Increasing automobile industry expansion particularly China, India, Thailand and Indonesia accompanied by regulatory compliance through incentives and subsidies will drive the automotive application scope.
Leather manufacturing industries will enhance the overall nitrocellulose market growth with increasing nitrocellulose uses in finishing applications. Leather industry is estimated record over 35 kilotons up to 2023. Shift in preference for nitrocellulose paints is observed as they are easy to use & apply and well-suited with wide range of extracts. Its substantial properties including high adhesive, quick dry and aesthetic appeal will drive wood polishing in furniture industry. Increasing computer uses and growing digitization causing reduction in printing ink usage may hamper the industry growth. Stringent regulations by FDA and EU on transportation owing to its highly inflammable properties are major challenges as it increases the operational costs.
Rising e-commerce exposure and increasing consumer consciousness about online shopping aided the furniture applications, which in turn will support product penetration. North America, driven by the U.S. nitrocellulose market will observe gains at over 5% by 2023. U.S wood coating applications will value more than USD 28 million revenue up to 2023.
Global nitrocellulose market will witness notable gains with its improving performance parameters including glossy appeal, high adhesion, quick dry and flexibility. APAC nitrocellulose market is the major contributor and is estimated to grow at over 8% up to 2023. Increasing end-use industry expansion including leather, printing and automotive industry will drive the regional demand.
Europe, led by UK, Germany, and France, will witnesses sluggish gains due to strict government regulations. Germany automotive paints market size will generate above 3 kilotons, accounting for over 4% CAGR by 2023. In Germany, the automotive paints applications will register growth rate with 3% CAGR during estimated time frame.
Global nitrocellulose market share is highly fragmented with large presence of regional companies competing with MNCs. Dow Wolff, Tembec and Nitro Quimica are the notable industry participants. Increasing regional companies operating in unorganized sector has led MNCs to extend product portfolio and involve in partnership with local distributors to improve the geographical coverage. Atomax Chemicals, TNC Industrial, IVM Chemicals, EURENCO and Synthesia are the other companies.
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