Sellbyville, DE -- (SBWire) -- 11/30/2018 --Nitrocellulose market may surpass USD 900 million by 2023 according to this new research report. Positive application scope in leather finishes, nail varnishes, printing ink, automotive paints and wood coatings owing to its properties such as high flexibility and adhesiveness, may drive nitrocellulose market. Growth in online shopping along with increased expenditure on lifestyle products may enhance sale of furniture, thereby boosting product demand.
Additional costs are beared by nail paint manufactures on account for close controlling and monitoring levels of moisture and acidity in nail varnishes, which may hamper the market growth. Transportation regulations such as UN 2556 and UN 2555 along with stringent regulations by FDA and EU such as 67/54/EEC owing to its highly inflammable properties, leads to growth in cost of operations, which may affect price trend of global nitrocellulose market during the projected period.
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Printing inks application segment may exceed USD 257.6 million by 2023. Growth in printing usage in e-commerce and packaging industries should product demand. Use of nitrocellulose components in printing inks along with rapid industrialization and urbanization may boost product demand. Flexographic and gravure printing inks are widely used in the packaging industry as it has good adhesion & fast drying capacity and provides gloss to many substrates.
Wood coatings application may register growth of over 5.5% by the end of the forecast timeframe. Increase in demand from furniture industry may drive nitrocellulose based wood coatings market. The coatings may be used with other applications like toners, wiping stains and glazes. It also enables easy polishing and rubbing of the coated material. Nitrocellulose is used as wood coating as it is relatively inexpensive and provides a good protective layer to the furniture.
Asia Pacific, driven by India, China and Japan nitrocellulose market may surpass USD 540 million by 2023. Strong expansion scope in end-use such as automotive industry in India, South Korea & Taiwan and leather tanneries in Vietnam may enhance industrial growth. Increase in demand for personal care and cosmetic products from middle class population, may stimulate market.
North America, led by the U.S. nitrocellulose market may witness gains of over 5.4% by the end of the forecast period. U.S. market may be driven by wood coatings and printing ink applications segment along with increased spending on lifestyle products and growing e-commerce industry may boost regional growth during the projected period.
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Global nitrocellulose market share is fragmented with key players including The Dow Chemical Company, TNC Industrial Co., Baoding Baofeng, Sichuan Nitro Cell Co., SNPE, Nitro Chemical Industries, Hagedorn, Atomax Chemicals Co., Nitrex Chemicals India Pvt. Ltd. and EURENCO.
Major industry participants are focused on R&D to bringing in innovations to make the manufacturing process cleaner and environment friendly. Nitric acid, wood pulp, sulfuric acid and cotton linters are the key raw materials for manufacturing of nitrocellulose. Industries are trying to improve their production efficiency to meet global demand.
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Nitrocellulose Market to Surpass US$940mn by 2023 : The Dow Chemical Company, EURENCO, Nitro Quimica, Synthesia, A.s., Tembec and 12 Other Companies Profile
Asia Pacific, driven by India, China and Japan nitrocellulose market may surpass USD 540 million by 2023.