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BANGALORE, India , Feb. 18, 2022 /PRNewswire/ -- The Global Nanocellulose Market is Segmented by Type (NanoCrystalline Cellulose (NCC), Nanofibrillated Cellulose (NFC), Bacterial Cellulose), by Application (Composites Materials, Hygiene And Absorbent Products, Paper And Board, Food Products): Opportunity Analysis and Industry Forecast, 2023–2028. It is published in Valuates Reports under the Chemicals Industry Category.
Due to the COVID-19 pandemic, the global Nanocellulose market size is estimated to be worth USD 225.7 Million in 2022 and is forecast to be a readjusted size of USD 452.6 Million by 2028 with a CAGR of 12.3% during the review period.
Major Factors Driving the Growth of Nanocellulose Market:
The growing R&D initiatives, funding by government authorities and private sector agencies on nanocellulose will create a huge scope for the growth of the nanocellulose market in the coming years. Furthermore, the widespread application of nanocellulose in composite materials followed by the healthcare and packaging industry will surge the growth of the market in the coming years. On the other hand, the potential applications in many end-user industries will propel market growth during the forecast period.
Moreover, the covid 19 pandemic has accelerated the demand for nanocellulose in making PPE kits, masks, gowns for the medical industry. This is expected to bolster the nanocellulose market during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE NANOCELLULOSE MARKET
The popularity of green, renewable and sustainable materials has gained traction due to increased environmental consciousness. The necessity to produce high value products with low environmental impact has driven researchers and academicians to focus on nanocellulose as a promising alternative to reduce dependency on fast depleting fossil fuels. Nanocellulose is a renewable resource found in abundant quantities from the biosphere. It is found in plants, bacteria and algae etc. Thus private and government authorities are pumping huge funds for the research and development of the compound thereby driving the growth of the nanocellulose market in the coming years.
Nanocellulose is being used as a composite material in paints and coatings, cement, automotive, construction industry. It is also being used in the healthcare industry for wound dressing and as a packaging material in food products for preventing spoilage and extending shelf life. Thus huge demand from healthcare, packaging and composite material use will propel the growth of the nanocellulose market during the forecast period. Furthermore, nanocellulose has excellent mechanical properties, good biocompatibility etc which creates potential applications in the pharmaceutical, cosmetics, electronics, industrial additives, biomedical engineering etc. The new and emerging applications will propel the market growth in the future.
In addition to it, covid 19 pandemic has accelerated the usage of nanocellulose for making PPE kits, masks, gowns in the medical industry which will bolster the nanocellulose market growth during the forecast period.
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Based on region, North America is the leading production region, accounting for about 40% of the world, followed by Europe at about 35%.
Based on type, Nanofibrillated cellulose is expected to dominate the market with a share of 50%. This is due to widespread application in automotive, construction, paints and coatings, food and beverage sector etc.
Based on application, the composite materials will dominate during the forecast period as composite material applications are growing in the automotive, construction industry.
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- In 2020, the global Microbial and Bacterial Cellulose market size was USD 390 Million and it is expected to reach USD 928.6 Million by the end of 2027, with a CAGR of 13.3% during 2021-2027.
- Due to the COVID-19 pandemic, the global Bacterial Nanocellulose market size is estimated to be worth USD 209.7 Million in 2022 and is forecast to a readjusted size of USD 269.9 Million by 2028 with a CAGR of 4.3% during the review period.
- Global and Japan NanoCrystalline Cellulose (NCC) Market Insights, Forecast to 2027
- Global and United States Nanofibrillated Cellulose (NFC) Market Insights, Forecast to 2027
- Global and China Plant -based Nanocellulose Market Insights, Forecast to 2027
- Global Nanomaterials Sales Market Report 2021
- Global Nanotechnology and Nanomaterials Market Insights, Forecast to 2028
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