According to the report published by Allied Market Research, the global nitrocellulose market garnered $0.8 billion in 2019, and is expected to generate $1.2 billion by 2027, witnessing a CAGR of 5.5% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
Wide application scope of nitrocellulose and rise
in e-commerce platforms drive the growth of the global nitrocellulose market.
However, health hazards related to nitrocellulose hinder the market growth. On
the other hand, surge in prominence of electric vehicles presents new
opportunities in the coming years.
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Covid-19 Scenario:
- Nitrocellulose finds its application in printing
inks, wood coatings, automotive paints, leather finishes, nail varnishes,
and others. Owing to national lockdown in many countries, these
application sectors were experiencing hindrances in daily operations. So,
the demand for nitrocellulose decreased considerably.
- Daily operations in the automotive sector were
restricted during the lockdown. So, the demand for nitrocellulose
decreased during the time. However, the demand bounced back gradually as
day-to-day operations began in full swing.
- However, the preference for online shopping
increased in emerging countries and there has been huge demand for
printing inks for labeling the delivery packages. With an increase in
demand for printing inks from e-commerce platforms, the need for
nitrocellulose also surged.
The report offers detailed segmentation of the
global nitrocellulose market based on product, application, and region.
Based on product, the M grade cellulose contributed
to the largest market share in 2019, contributing to nearly two-thirds of the
total share in 2019, and is projected to maintain its lead position during the
forecast period. Moreover, this segment is projected to maintain the highest
CAGR of 5.6% from 2020 to 2027. The research also analyzes the segments
including E grade cellulose and others.
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Based on application, the wood coatings segment accounted
for the highest share in 2019, holding around two-fifths of the global
nitrocellulose market and is projected to maintain its leadership status during
the forecast period. However, the nail varnishes segment is expected to witness
the largest CAGR of 5.8% from 2020 to 2027.
Based on region, Asia-Pacific held the largest
market share in 2019, accounting for more than half of the total share, and is
estimated to maintain its dominance in terms of revenue by 2027. Moreover, this
region is expected to portray the fastest CAGR of
5.6% during the forecast period. The report also analyzes regions including
North America, Europe, and LAMEA.
Leading players of the global nitrocellulose market
discussed in the research include EURENCO, Hagedorn NC, GRN Cellulose Pvt.
Ltd., Nitrex Chemicals India Pvt. Ltd., Hengshui Orient Chemical Co., Ltd.,
Nitro Quimica, Nitrocellulose Group, Synthesia a.s., North Sichuan
Nitrocellulose Corporation, and TNC Industrial Co. Ltd.
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