The global nitrocellulose industry generated $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. Allied Market Research published a report,
titled, "Nitrocellulose Market by Product (M Grade cellulose, E Grade
Cellulose, and Others) and Application (Printing Inks, Automotive Paints, Wood
Coatings, Leather Finishes, Nail Varnishes, and Others): Global Opportunity
Analysis and Industry Forecast, 2020–2027."
Prime determinants of growth
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.
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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
·
Many countries imposed lockdown throughout the
nation, due to which, the application sectors such as printing inks, automotive
paints, wood coatings, nail varnishes, leather finishes, and underwent stoppage
of daily operations for limited period. The resulted in decline in demand for
nitrocellulose.
·
Day-to-day operations in the automotive industry
restrained during the lockdown. This resulted in decreased demand for
nitrocellulose. However, the demand recovered steadily as operations began in
full capacity.
·
Consumers preferred online shopping in emerging
countries and the demand for printing inks for labeling of delivery packages
increased considerably. So, the requirement of nitrocellulose surged with rise
in demand for printing inks from the e-commerce sector.
The M grade cellulose segment to maintain its leadership status during
the forecast period
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.
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The wood coatings segment to maintain its lead position during the
forecast period
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.
Asia-Pacific, followed by Europe and North America, to
offer lucrative opportunities
By region, Asia-Pacific,
followed by Europe and North America, contributed to the highest
market share in 2019, holding more than half of the global nitrocellulose
market, and is projected to continue its dominant share in terms of revenue by
2027. In addition, this region is projected to witness the highest CAGR of 5.6% during the
forecast period. This is due to rise in demand for bio-based and eco-friendly
coatings from the construction industry with increase in concerns regarding
environmental degradation.
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