The global nanocellulosemarket size is anticipated to showcase potential growth owing to theincreasing concerns regarding the sustainability from the packaging industry,
observes Fortune Business Insights™ Nanocellulose has applications in various industries including cement andcomposites, textile, and paper and packaging. The market stood at USD291.53 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.
Highlights of the Report:
While making the report, we segmented the market onthe 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 DriveGrowth
Rising concerns regarding the impact of material usedby 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 cellulosein 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
Based on the application, the paper and packaging isestimated 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.
