Nanocellulose market forecast to grow at over 33%pa

Friday 20 Nov 2015

 
Nanocellulose market forecast to grow at over 33%pa over 2015-2023 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.

Extensive financial and technical support from government and research organizations has been the key factor driving the nanocellulose market in the recent past. Countries in North America and Europe have been supporting the development of nanocellulose. Nanocellulose has the ability to lower carbon footprint, as it is obtained from renewable sources. This is expected to boost the usage of nanocellulose.

Nanocellulose is primarily employed in composites, paints & coatings, oil & gas, paper processing, food & beverages, and personal care products. Superior structural strength of nanocellulose has been another key factor for the growth of nanocellulose in recent past. Nanocellulose offers higher mechanical strength vis-à-vis carbon fibre, Kevlar, and aramid fibers. Its superior strength is expected to propel the usage of nanocellulose in composites. However, technical and economic issues such as high production costs, plant scaling up, and lack of product standardization and quality are likely to hamper market growth during the forecast period.

Composites has been dominating the nanocellulose market since the past few years primarily due to high tensile strength and biocompatibility of cellulose nanofibers. Composites accounted for over 35% of the market share in 2014. Nanocellulose has the potential to replace glass and carbon fiber composites in the fields of transportation, wind, consumer goods, sport, and biomedical. Paper processing held the second-largest market share in 2014. Nanocellulose is expected to enhance the performance of paper, paperboard, and related products.

North America and Europe were the largest markets for nanocellulose, cumulatively accounting for over 60% share in 2014. Countries in these regions have been supportive of the growth of nanocellulose. This trend is anticipated to continue in the next few years however, technical issues and lack of consumer awareness in the region are expected to hamper market growth.




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