Albany, NY -- (SBWire) -- 11/08/2017 --Transparency Market Research has published a new report titled "Nanocellulose Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023." According to the report, the global nanocellulose market was valued at US$54.9 mn in 2014 and is anticipated to reach US$699.6 mn in 2023, expanding at a CAGR of 33.8% between 2015 and 2023.
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Extensive support and funding from governments and organizations is primarily driving the nanocellulose market. Countries such as the U.S., Canada, Japan, Sweden, and Finland have been increasingly supporting the development of nanocellulose. Nanocellulose has the ability to lower carbon footprint, as it is a product of renewable sources. Despite its significant potential, factors such as scaling up issues, high energy consumption, lack of consumer awareness, and lack of product standardization and quality are expected to hamper market growth in the next few years. Nanocellulose is likely to provide numerous opportunities in flexible electronic displays, pharmaceutical formulations, and non-woven products and tissues.
In terms of volume, North America is projected to exhibit the fastest growth rate in the nanocellulose market during the forecast period. Technological advancements and governmental support have been the key factors driving the nanocellulose market in the region. Europe accounted for the second-largest share of the global nanocellulose market in 2014. Market penetration in regions such as Asia Pacific, Latin America, and Middle East & Africa is low as compared to North America and Europe due to lack of product awareness and technological issues. However, this scenario is likely to change in the near future.
Key manufacturers of nanocellulose include CelluForce Inc., American Process Inc., Innventia AB, UPM-Kymmene Oyj, STORA ENSO, DAICEL FINECHEM LTD., and Nippon Paper Industries Co., Ltd.
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