April 25, 2023 21:53 ET | Source: Market.Us Market.Us
New York, April 25, 2023 (GLOBE NEWSWIRE) -- The global nitrocellulose market size was valued to be worth USD 887.24 million in 2022. From 2023 to 2032, it is estimated to reach USD 1482 million growing at a CAGR of 5.4%. C100 Refined Cotton
This growth in product demand can be attributed to rising demand in printing inks, paints & coatings, as well as other end-use industries. The growing demand for automotive paints, together with increasing environmental awareness and better efficacy provided by hybrid and electric vehicles, is anticipated to drive market revenue growth over the forecast period. Nitrocellulose, also referred to as cellulose nitrate, is a combination of cellulose nitric esters and an explosive compound used in modern gunpowder. It is highly inflammable in nature.
Its superior adhesion properties and non-reactivity to paints have been driving revenue growth in this market. Due to the rising global demand for printing ink in the packaging industries, there has recently been an increase in printing ink applications, which should continue to fuel market expansion over the forecast period.
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Factors affecting the growth of the Nitrocellulose industry
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Factors such as the rising prevalence of chronic diseases, demand for telemedicine and remote patient monitoring solutions, and increased adoption of advanced technologies like AI and IoT in healthcare are all driving the growth of this market.
The COVID-19 pandemic has hastened the adoption of Nitrocellulose solutions, as healthcare providers strive to minimize in-person interactions and prioritize remote care. As a result, demand for telemedicine, remote patient monitoring, and digital health solutions has skyrocketed - expected to fuel growth in this space over the coming years.
Geographically, North America is currently the leading market for Nitrocellulose due to well-established healthcare infrastructure, supportive government initiatives, and widespread adoption of advanced technologies. However, Asia-Pacific is expected to experience the highest growth rate during this forecast period due to expanding demand for healthcare services, increased government investments in technology-related initiatives, and an expansive patient pool. Overall, the Nitrocellulose market is expected to experience rapid growth over the coming years due to technological advancements, shifting patient expectations, and a need for more efficient and cost-effective healthcare solutions.
By regional analysis, Asia Pacific dominates the market with a 48% market share. This can be attributed to an increase in product application scope within the paints and coatings sector. Countries like Thailand, India, and China are among the largest producers as well as exporters of this merchandise. Nitrocellulose has become increasingly important to these countries due to its use in printing inks, automotive paints, wood coating, leather tanning & finishes. With the growing tourism and construction industries and improved living standards in countries like the U.S. and Canada, wooden items are expected to see an uptick in demand within this region of North America. Canada is the fourth-largest manufacturer of wooden furniture worldwide, which is expected to fuel growth in the smart homes sector within this region and increase demand for nitrocellulose used in wood coating. Germany holds the top position in this sector. With this rapid expansion in the automotive paints industry, product demand for these coatings is expected to surge due to the presence of prominent automobile manufacturers in Poland. This bodes well for growth across all European regions.
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One potential opportunity in the nitrocellulose market is an increasing need for eco-friendly alternatives to traditional nitrocellulose products. As environmental regulations become stricter, companies have the incentive to develop and market sustainable nitrocellulose-based items like water-based coatings, adhesives, and inks. This provides companies with a unique chance to expand their product lines with sustainable materials like these.
Additionally, the growing need for high-performance coatings and inks in industries like automotive and aerospace presents an opportunity for the nitrocellulose market to expand further. Nitrocellulose's superior adhesion, durability, and resistance to chemicals and abrasion make it ideal for these uses; companies can focus on developing new nitrocellulose-based products tailored specifically to these industries' requirements and specifications.
Finally, the growing demand for explosives, particularly in the mining and construction industries, presents a potential growth path for the nitrocellulose market. Companies can focus on creating new and innovative explosives with nitrocellulose as an integral ingredient while adhering to safety and environmental regulations.
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Report Segmentation of the Nitrocellulose Market
By the product analysis, the M-grade segment dominates the market with a 48% market share. M-grade cellulose accounts for a substantial share of the global nitrocellulose market. It's used as a thickener in consumer goods and an emulsifier in oils, dietary supplement capsules, and other applications; aerospace and automotive industries particularly need these emulsifiers. Furthermore, market growth for this segment is forecasted to accelerate significantly during the forecast period. M-grade cellulose is mostly utilized as an emulsifier in personal care as well as cosmetics items; with probiotics and cosmetics markets experiencing exponential expansion over the forecast period, M grade cellulose market will also benefit greatly from expansion into this field.
By application analysis, printing ink dominates the market with a 28% market share. Technology advancement and increasing demand for eco-friendly printing inks can explain its high share. Printing ink markets are divided into customer and application-specific segments; major applications can be found in the packaging and logistics sectors. Inkjet printing, outdoor signage, and digital inks are in high demand. The government has been forced to raise industry standards due to growing environmental concerns. Nitrocellulose-based lamination inks for gravure and flexography printing offer vibrant color paint results with excellent quality. Their superior lamination strength, low odor, and minimal solvent retention have made them increasingly popular in the packaging industry. Wood coating products come in a variety of uses, depending on their intended purpose. Common applications include furniture decking, sliding doors, and windows, carpets & colors as well as industrial applications. Nitrocellulose lacquers are another type of wood coating commonly used today. Nitrocellulose lacquer is widely used in the production of steel strings for guitars and other musical instruments, particularly in the U.S. As a finishing agent, nitrocellulose lacquer simplifies repairs and touch-ups while offering full solvent evaporate and quick printing speed with modern machines, leading to an expected growth in demand for cellulose nitrate printing inks over time.
Recent Development of the Nitrocellulose Market
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Competition in the nitrocellulose market is heavily determined by product quality, the number of manufacturers & distributors, as well as their geographic locations. Top producers and companies operating globally are employing various corporate growth strategies such as mergers & acquisitions and increasing R&D activities to create innovative goods and solutions. Furthermore, some key industry participants and stakeholders are focused on expanding their manufacturing capacities. Notable names within this global nitrocellulose market include:
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