Theglobal nanocellulosemarket size is anticipated to showcase potential growth owing to theincreasing concerns regarding the sustainability from the packaging industry,
observes FortuneBusiness Insights™ in its report, titled, “Nanocellulose Market Size, Share &COVID-19 Impact Analysis, By Type (Microfibrillated Cellulose, Cellulose
Nanofibrils, Cellulose Nanocrystals, Bacterial Cellulose, and Others),
Application (Cement & Composite Materials, Textiles & Nonwovens, Paper
& Packaging, Food Products, Cosmetics & Toiletries, Filter Materials,
and Others), and Regional Forecast, 2020-2027.” Nanocellulosehas applications in various industries including cement and composites,
textile, and paper and packaging. The market stood at USD 291.53 million in
2019 and is projected to reach USD 1,053.09 million by 2027 at a CAGR of 19.9%
in the forecast period.
Source:
Highlights of the Report:
Whilemaking the report, we segmented the market on the basis of product, type,
consumption, distribution channel, and region. Based on the segmentation, we
made a list of companies and conducted a detailed analysis of their financial
positions, product portfolios, and growth strategies. Our next step included
the study of core competencies of key players and their market share to
anticipate the degree of competition. The bottom-up procedure was conducted to
arrive at the overall size of the market.
Drivers & Restraints-
Increasing Applications in Packaging Industry to Drive Growth
Risingconcerns regarding the impact of material used by the packaging industry on the
environment are estimated to drive nanocellulose market growth. For instance,
according to the U.S. Environmental Protection Agency, packaging material
accounts for around 28.1% of the total municipal solid waste in the U.S. and
the material used in packaging includes plastic, which is non-degradable. In
addition, the extensive utilization of nano cellulose in the textile industry
is projected to further strengthen its demand. However, the high cost of
production associated with the product is expected to limit the growth of
nanocellulose.
Segment-
Paper and Packaging to Be the Fastest-growing Segment
Basedon the application, the paper and packaging is estimated to be the
fastest-growing segment with a market share of 23.0% in 2019. Increasing the
utilization of cellulose nanocrystals in both paper and plastic-based packaging
is driving the segment growth. Additionally, the segment held a share of 22.4%
in Germany.
Regional Insights-
High Availability of Wood in Eastern Europe to Help the RegionDominate
Europeis projected to dominate the global market with a value of USD 108.77 million
in 2019. Its dominance is attributed to the high concentration of manufacturers
in the region owing to the rising availability of wood in the Eastern Europe.
In addition, the region is a manufacturing hub of automobiles, textiles, and
cosmetics, which is estimated to further drive the growth of nanocellulose.
Themarket in Asia Pacific is not far behind as it is set to exhibit substantial
growth in the forecast timeline with a value of USD 43.16 million in 2019. The
presence of end-use industries, such as food, cement, textiles, and paper in
China, South Korea, and India is anticipated to propel the demand for
nanocellulose, driving its growth in the region.
