Albany, NY -- (SBWIRE) -- 02/12/2020 -- The global nanocrystalline cellulose market is likely to experience considerable growth over the period of assessment, from 2018 to 2016. This renewable nanomaterial has garnered substantial attention in recent times due to its exceptional properties. Physical and biological properties of nanocrystalline cellulose like biodegradability, surface chemistry, biocompatibility, and low toxicity make it a desirable material for substantial use in biomedical industry.
Oji Holdings Corporation, NIPPON PAPER INDUSTRIES CO.,LTD, American Process Inc, RISE Innventia AB, CelluForce, and Melodea Ltd are a few of the well known players in the global nanocrystalline cellulose market.
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Through utilization extensive research methods, Transparency Market Research (TMR) has come up with a comprehensive report on the global nanocrystalline cellulose market. Experts at TMR prophesize that the global nanocrystalline cellulose market would clock a staggering growth rate of 31% CAGR over the period of assessment, from 2018 to 2026.
Asia Pacific Driven by Expansion of Oil and Gas Industry to Support Growth of the Market
The global nanocrystalline cellulose market is classified into the principal regions of Latin America, Middle East and Africa, East Europe, Asia Pacific, West Europe, and North America. Such region-based segmentations are expected to offer deep insight of the global nanocrystalline cellulose market and how several factors influence growth of the market.
From the geographical standpoint, both Western Europe and North America are expected to command leading shares of the global nanocrystalline cellulose market over the forecast tenure. A rise in demand for lightweight composites from the automotive sector will augment the use of nanocrystalline cellulose in both Western Europe and North America. In the Asia Pacific region, South East Asian countries like Singapore, Malaysia, Indonesia together with China are estimated to drive the demand for nanocrystalline cellulose in the region. Expansion of the oil and gas exploration activities in the South China Sea will create more demand for nanocrystalline cellulose.
In addition, the market is likely to witness a rise in demand in the Middle East and Africa and Latin America owing to extensive use of nanocrystalline cellulose in the preparation of mud drilling. In addition, nanocrystalline cellulose is copiously used in the oil and gas industry of these regions.
Properties of Nanocrystalline Cellulose Make it a Substance of Choice in Many Industries
Renewable biomass is utilized in the making of nanocrystalline cellulose, which is a cost effective procedure. This material does not pose any threat to the environment as it comes with low toxicity. As such, it find abundant use as reinforcing agent in the making of industrial biocomposites. Many end user sector like paints and coatings, paper processing, pharmaceuticals, and composites manufacturing make use of nanocrystalline cellulose. In addition, textiles, construction, and oil and gas industries are also adopting the material for use in various applications, which supports growth of the global nanocrystalline cellulose market
Nanocrystalline cellulose has outstanding rheological, chemical, optical, and mechanical properties that have rendered the material fit for use in many applications across several industries, from oil drilling to paper processing. Furthermore, increased funding and support from various governments encourage progress of the global nanocrystalline cellulose market. In Europe and North America, several universities and government funded organizations run research programs on advanced substances, which benefits in the expansion of the market in years to come.
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In the oil and gas industry, nanocrystalline cellulose is a material of choice for drilling fluids. It is the ability of nanocrystalline cellulose to change the viscosity of drilling fluids, which leads to saving of time and money. The global nanocrystalline cellulose market is also likely to driven by demand arising from the biomedical sector. Antimicrobial therapy, tissue engineering, and implantations are some of new avenues of scope for nanocrystalline cellulose.
On the other hand, high cost of nanocrystalline cellulose is likely to impede growth of the market over the forecast period.