Albany, NY -- (SBWIRE) -- 10/01/2018 -- The global nanocellulose technology market was valued around US$ 50 Mn in 2016 is anticipated to register a stable CAGR of over 30 % during forecast period of 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled "Nanocellulose Technology Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025". Growth of the global nanocellulose technology market is driven by the extensive support and funding by the governments along with the rising demand from various end user industries such as composite manufacturing, paper processing, packaging and medical. The nanocellulose technology market concentrates in the North America region and it possesses market share of two fifth of the global nanocellulose technology market on the backdrop of increase in investments in nanocellulose projects , favorable government regulations and development in the composites and paper processing segments.
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Extensive support & Funding by the various governments and superior structural properties are projected to drive the market growth
The demand for nanocellulose products market is primarily driven by the extensive support and government funding, especially in the developed regions such as North America and Europe. The rise in number of collaborative research projects made by the government, government supported organizations and educational institutes justify the same. Superior structural properties of nanocellulose as compared to its counterparts such as cellulose acetate and cellulose ether are expected to increase the demand for nanocellulose. Use of nanocellulose materials as the reinforcing agent in polymer nanocomposites is also propelling the demand for nanocellulose products
Potential applications in the oil recovery, pharmaceutical and biomedical segments are anticipated to offer key market opportunities
The potential applications of nanocellulose which are considered the key opportunities of nanocellulose technology market includes applications in the biomedical, pharmaceutical, textiles, oil recovery and constructions. Partnerships among the forest products industry and other manufacturing industries are likely to produce green nanocellulose based products which are environmentally sustainable to a large consumer market with competitive cost and performance. Tissue engineering, implantation, wound healing and antimicrobial therapy are acting as the key opportunities for the application of nanocellulose in biomedical sector. The use of nanocellulose based liquids as the fractional fluids is anticipated to be a potential application in the oil & gas industry.
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Economic barrier in the form of high capital cost is likely to hinder the market penetration power of nanocellulose technology market
Economic barrier in the form of high capital cost is likely to hinder the market penetration power of nanocellulose products. Prices of nanocellulose products are higher than that of the substitute products and this may shift the buyer's preference from nanocellulose. Bacterial nanocellulose which is a highly studied nanocellulose products, in these days have high cost owing to the need for advanced growth media and associated manufacturing costs.