According to the report published by Allied Market Research, the ****** 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 ****** 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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- 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 ****** 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 ****** 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 ****** 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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