Albany, NY -- (SBWire) -- 03/12/2018 --The global nanocellulose market is anticipated to witness various growth opportunities over the coming years. According to a recently published report by Transparency Market research (TMR), the vendor landscape is highly competitive and a varied, due to the multitude of applications of the product. Nanocellulose is primarily employed in composites, paints and coatings, oil and gas, paper processing, food and beverages, and personal care products. Oil and gas is likely to be the fastest growing end-user for nanocellulose in the near future. Some prominent players in the global nanocellulose market are AICEL FINECHEM LTD., American Process Inc., Nippon Paper Industries Co., Ltd, UPM-Kymmene Oyj and CelluForce Inc.
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According to the report published by TMR, the global market for nanocellulose, which stood at US$54.19 mn in 2014, is predicted to reach an estimated value of US$699.6 mn by 2023 end. This massive increase in figure is mainly on account of a phenomenal CAGR of 33.8% over the forecast period (2015 to 2023).
Nanofibrillated Cellulose to Emerge Largest Market Segment Based on End Use
On the basis of the product, nanofibrillated cellulose was the largest segment in 2014, holding over 50% share of the overall nanocellulose market, followed by nanocrystalline cellulose. Nanofibrillated cellulose is used in a number of end-use industries such as oil & gas, composites, pharmaceuticals, paper processing, and paints & coatings.
Based on geography, North America and Europe were the dominant regional markets for nanocellulose, together holding over 60% share in the year 2014. The countries in these regions have been hugely responsible for the growth of nanocellulose, on account of high demand of end use products such as food and beverages, paper processing, and personal care. This trend is expected to continue in the forthcoming years.
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Environmental Sustainability Concerns to Provide Rich Growth Opportunity
Growing concerns over ecological balance benefits the global nanocellulose market inferable from the product's green innovation and eco-accommodating nature. As indicated by a study conducted by the Global Greenhouse Gas Emissions, about 18.5% of pollution is because of industrial procedures, 10.5% because of fossil fuel processing. The rising awareness regarding maintenance of ecological balance will fuel the market in the following years.
Nanocellulose Market Covering Latest Trends & Recent Developments : 2023