Nitrocellulose Market Is Anticipated To Expand At A Substantial Growth Rate Of 6.1% From 2016 To 2024: Grand View Research, Inc.
March 14, 2018 --
As per the findings of a research study published by Grand View Research, Inc.; the global nitrocellulose market is predicted to expand at a substantial growth rate of 6.1% during the forecast period i.e., from 2016 to 2024. The market was valued at 649.1 million in 2016 and is anticipated to reach a valuation of USD 1.05 billion by 2024. The demand for nitrocellulose was 189.2 kilo tons in 2015 and is likely to reach 312.5 kilo tons by 2024 growing at a CAGR of 5.7% during the forecast years.
Rise in demand for nitrocellulose-based inks from the paints and coatings industries in Colombia, China, and India is one of the key factors driving the market growth. Non-reactivity to other paints and better adhesion of nitrocellulose are predicted to further boost the demand over the coming years. In addition, when nitrocellulose is mixed with coatings or inks, it brings out some special properties such as high solubility and excellent drying. This is also predicted to fuel the demand during the forecast period.
Full Research Report On Nitrocellulose Market Analysis: https://www.grandviewresearch.com/industry-analysis/nitrocellulose-market
The nitrocellulose market is categorized as per application and region. On the basis of application, the market is segregated as nail varnishes, automotive paints, printing inks, leather finishes, wood coatings, and pharmaceuticals, sealants, and artificial jewelry among others. Wood coating was the fastest-growing application segment due to increased number of residential construction activities. Printing ink may witness rapid expansion on account of various technological advances. The nail varnishes segment is also predicted to have a substantial development as a result of rapidly expanding cosmetics industry across the globe along with product and technological innovations.
Fast-paced growth of the sealants and adhesives sector over the past few years has boosted the market for nitrocellulose in this application segment. The pharmaceuticals segment is also likely to have high growth in forthcoming years due to rising usage of nitrocellulose in disposable medical devices. It is also widely used in artificial jewelry due to its properties, such as clear and glossy look. This is said to boost the demand from the artificial jewelry segment in near future. On the basis of geographies, the market is divided into North America, Europe, Middle East and Africa (MEA), Asia Pacific, and Latin America.
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Asia Pacific was the dominant region and accounted for 45% of the global market share in terms of revenue in 2015. Developing countries such as Thailand, India, China, and Japan are the biggest importers and manufacturers of the cellulosic material in this region. Increased demand from the end use sectors such as automotive paints, printing inks, and wood coatings is also projected to spur the regional growth. A lot of international manufacturing companies are also moving their production units to this region on account of lower costs of labor, as well as raw materials. This is also likely to contribute toward the development of the Asia Pacific nitrocellulose market.
China, in particular, was the biggest market due to high consumption of nitrocellulose as a raw material. It is expected to expand further on account of rapidly growing printing inks market, a major end use sector for nitrocellulose, in China. In 2015, the Europe region followed Asia Pacific in terms of revenue share and occupied around 20.8% of the overall volume in the same year. However, it may lose its share to other major markets including Latin America and Asia Pacific. The North America region is anticipated to be the fastest-growing region in terms of volume. The market is anticipated to register a CAGR of around 5.1% during the forecast period. Huge investments in wood coatings and automotive paints can bode well for the regional market.
Some of the prominent companies operating in the global nitrocellulose market include Nitro Chemical Industry Co., Ltd.; Hengshui Orient Chemical Co., Ltd.; Abu Zaabal Co. for Specialty Chemicals; Nantong Tailida Chemical Co., Ltd.; and Atomax Chemicals Co., Ltd. Most of these players focus on R&D activities and market strategies such as new product launches and mergers and acquisitions for business development.
Access Full Press Release Of This Report By Grand View Research: https://www.grandviewresearch.com/press-release/global-nitrocellulose-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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