The ready availability of cellulose, the base material used in the production of nanocellulose, is expected to drive the growth of the nanocellulose market. The increasing awareness regarding the need to reduce the carbon footprint of the environment is likely to raise the demand for the use of nanocellulose in several end-use applications across the world. The rapid growth of food, paper, paint and coating, oil and gas, healthcare and cosmetic industries is projected to provide an impetus to the growth of the market.
The global nanocellulose market is expected to grow at a CAGR of 25% during the forecast period.
The global nanocellulose market is segmented by product, application, and geography.
On the basis of the product, the market is segmented into nanofibrillated cellulose, nanocomposite cellulose, nanocrystalline cellulose, and others. The nanofibrillated cellulose is expected to grow at the fastest rate during the forecast period owing to the ability of nanocellulose material to demonstrate improved mechanical properties such as high tensile strength, modulus, toughness, and impact strength combined with a high aspect ratio when in fiber form. Additionally, the fiber orientation enables nanofibrillated cellulose to exhibit good barrier properties and better chemical surface modification than other types of cellulose. This is expected to boost the growth of nanofibrillated cellulose during the assessment period.
On the basis of the application, the market is segmented into composites, paper processing, food, paints, cosmetics, and others. The composites segment is expected to witness remarkable growth during the forecast period owing to the exceptionally strong mechanical properties of nanocellulose, which are required mainly in automotive and aerospace applications. Besides, thermoplastics reinforced with nanocellulose are expected to find promising applications in several end-use industries such as consumer goods, industrial equipment and healthcare, among others. This is likely to further promote the growth of the market.
North America is expected to lead the global nanocellulose market owing to the rigorous research activities being carried out in the region. Europe is projected to witness considerable growth in the market owing to the encouraging efforts by the government to promote the use of biodegradable materials in the region. Latin America and the Middle East & Africa (LAMEA) are expected to witness satisfactory growth in the nanocellulose market owing to the increasing oil and gas activities in the region. Asia Pacific is likely to witness steady growth in the market due to the lack of technical support in the region.
Some of the key players in the market are DAICEL FINECHEM LTD. (Tokyo), AmericanProcess Inc. (U.S.), Nippon Paper Industries Co., Ltd (Japan), UPM (Finland), CelluForce (Canada), Asahi Kasei Corporation (Japan), RISE INNVENTIA AB (Stockholm), BASF AG (Germany), and Oji Holdings Corporation (Japan).