High tensile strength, high thermal stability, and low density help the naturally occurring material called nanocrystalline cellulose, which is isolated from wood and various plants, in seeing an upward facing demand curve over the next few years. Its application in composites manufacturing, biomedical, and paper processing is contributing towards a stellar growth curve.
As per Transparency Market Research, global nanocrystalline cellulose market will record an impressive compound annual growth rate (CAGR) of 31% from 2018 to 2026. And, it further states that the paper processing industry will account for a major share in the market – 27.7% – creating enviable opportunities in the market landscape. This will also add to the market worth over the stated period.
It is worth noting here that due to low toxicity, it is better for the environment than its alternatives and is thus being used in industrial bio-composites as a reinforcing agent. It is also equally worth noting here that the construction market is set to witness an 85% growth in volumes by 2030. As nanocrystalline cellulose is used in paints and coatings, it will see a sharp upward facing curve over the forecast period.
Additionally, these are used in preparing drug loaded tablets, particularly for oral administration via controlled drug delivery route. And demand for certain drugs and drug development is growing rapidly due to increase in incidence of chronic illnesses, and an ongoing pandemic. This is driving demand for nanocrystalline cellulose.
North America to Dominate the Regional Charts of Global Nanocrystalline Cellulose Market:
Regions that will remain at the forefront of growth in the global nanocrystalline market over the coming few years are Europe and North America. The regions are marked by increase in demand from pharmaceuticals and aerospace. Besides, in North America, United States of America will emerge as the largest consumer of nanocrystallline cellulose; it is the largest market for biopharmaceuticals. Research and development in the region is quite commendable. It will also be a part of the group that includes India and China – that will hold 57% of the growth of construction market by the year 2030. It is significant to note here that Canada would also be a significant contributor, particularly owing to a robust cosmetics industry.
Europe, on the other hand will reap benefits of expanding pulp and paper industry and increasing research and development activities. Investments are pouring in from the government as well as the private sector. The Asia Pacific (APAC) region will chart a notable CAGR over the next few years owing to rapid industrialization and nations doing well on the economic front. A number of growth opportunities would arise in this region.
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Decoding Vendor Landscape of Global Nanocrystalline Cellulose Market:
Research and development in the field has grown substantially over the past few years. This is propelling growth in the market. It is pertinent to note here that advancement in nanotechnology itself is driving the market on an upward growth trajectory. Some of the players that are contributing to this impressive growth projected for the market are Borregaard, UPM, CelluForce, American Process Inc, NIPPON PAPER INDUSTRIES CO., LTD, RISE Innventia AB, Melodea Ltd, Oji Holdings Corporation, and Stora Enso, among others.
To stay ahead of the curve, top players are opting for a number of growth strategies, both organic and inorganic. While product improvement via innovation holds a prominent place in the overall scheme, key alliances also pave way for a consolidated market position. Thus, one might note mergers and acquisitions, and innovative products in the market landscape every now and then. It is quite pertinent to note here that technological advancement is also significant to ensure growth in the market.
