Global Nitrocellulose Market Size is Estimated to Reach USD 1.39 billion by 2030, Growing at a CAGR of 5.5%: Straits Research

The global market for nitrocellulose is expected to grow due to increased demand from various end-uses such as explosives, printing inks, wood coatings, and plastic films.

New York, United States, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Nitrocellulose is a mixture of cellulose's nitric esters, a highly flammable molecule. Nitrocellulose is an indispensable component of smokeless gunpowder and some lacquers and paints. Nitrocellulose is derived from refined cellulose and can be employed in either cotton linters or wood pulp. The properties of nitrocellulose vary depending on the cellulose supply, acid concentration, reaction temperature, reaction time, and acid-to-cellulose ratio. The actual usage of nitrocellulose in printing inks, wood lacquers, and auto refinish paints is a prominent driver driving the expansion of the global nitrocellulose market. Nitrocellulose is used in explosives, rocket propellants, flash paper, and smokeless gunpowder due to its highly flammable and non-toxic properties. In cosmetics, nitrocellulose is also utilized in nail varnishes, pharmaceutical sterility tests, and aircraft dope. The recent manufacture of tiny nitrocellulose-based interferometry biochips for in-situ label-free detection of matrix metalloproteinase 9 (MMP9) associated with dry eye disease is expected to generate new opportunities for market participants. Nitrocellulose Solution For Printing Inks

Global Nitrocellulose Market Size is Estimated to Reach USD 1.39 billion by 2030, Growing at a CAGR of 5.5%: Straits Research

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Numerous Nitrocellulose Applications and Improvement in the E-Commerce platform Drives the Global Market

According to Straits Research, "The global nitrocellulose market size was valued at USD 0.86 billion in 2021. It is expected to reach USD 1.39 billion by 2030, growing at a CAGR of 5.5% during the forecast period (2022–2030)." In the building and construction industry, nitrocellulose-based coatings for wood are commonly used. These coatings are utilized for sliding doors and windows, furniture decking, and other applications. As a result of the rapid expansion of the building and construction industry and rising living standards, there has been a rise in the demand for furniture, which is expected to fuel the growth of the nitrocellulose market. Nitrocellulose is routinely used in standard nail lacquer compositions because it sticks so well to natural nails. Also, the adhesive properties are unparalleled. Nitrocellulose-based nail coatings are semi-occlusive, which protects the nail while allowing it to breathe correctly.

The publishing, textile, and packaging sectors utilize printing inks to enable current printing equipment to operate more efficiently and produce higher-quality output. According to the International Trade Administration (ITA), Malaysia's competitive economy and established infrastructure for digital technologies make it an attractive market for e-commerce in Southeast Asia. Implementing programs by Malaysia's National E-Commerce Strategic Roadmap is advantageous for the nation's e-commerce business (NeSR). According to figures published by the Ecommerce Foundation, the E-GDP in Japan increased to 1.59% in the same year that 74% of the online population shopped online. Labels, plastic bags, and invoices are frequently used for packaging, necessitating the employment of printing inks for product labeling.

Rising Electric Vehicles Production and Sale Creates Tremendous Opportunities

Nitrocellulose-based automobile paints enhance the vehicle's aesthetic appeal and protect against scratches, ultraviolet rays, corrosion, oxidation, and acid rain. The Clean Energy Ministerial launched an initiative dubbed EV30@30 to promote the usage of electric vehicles worldwide, which resulted in a rise in the current number of electric cars. It is projected that this tendency will continue as more and more people transition to electric vehicles in the coming years. This time frame encloses the beginning of the industry's existence. It is projected that the rapidly developing automation industry will affect the growth potential of the nitrocellulose market in the region.

Asia-Pacific is predicted to have the highest CAGR for the nitrocellulose market during the forecast period. The nitrocellulose market in Asia-Pacific has expanded significantly, particularly in China, India, and Southeast Asia. Increasing demand from end-use sectors, such as printing inks, vehicle paints, wood coatings, and leather tanning and finishing, has contributed to increased trade and utilization of cellulose nitrate in these countries. Several manufacturers are relocating their operations to this region to cut costs. These businesses profit from lower labor costs and cheaper raw materials.

Europe nitrocellulose market is examined in the United Kingdom, Germany, Spain, Italy, France, and the rest of Europe. The rapid expansion of the automobile industry in Europe has boosted the demand for high-quality auto paints to protect automobiles from oxidation and corrosion and improve their appearance. The consumption of vehicle paint and the presence of major automakers in the region may contribute to this increase in demand. The North American nitrocellulose market is analyzed in the United States, Canada, and Mexico. Due to the expansion of the furniture industry and the increased demand for wood coatings, it is anticipated that the need for nitrocellulose in North America will increase significantly. The spectacular rise of the luxury furniture industry is primarily attributable to increases in per capita income.

Based on product, the global nitrocellulose market is divided into M-grade cellulose and E-grade cellulose. The M-grade cellulose is the major contributor and is expected to grow at a CAGR of 5.7 % during the forecast period.

Based on application, the global nitrocellulose market is classified into Printing inks, Automotive paints, Wood Coatings, Leather Finishes, and Nail Varnishes. The wood coatings segment is the most significant and is projected to reach USD 563.77 million during the forecast period.

The global nitrocellulosemarket is primarily classified into three regions, namely North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the major shareholder of the worldwide nitrocellulose market and is expected to grow at a CAGR of 5.6% during the forecast period.

The global nitrocellulose market’s major key players are EURENCO, GRN Cellulose Pvt. Ltd., Hagedorn Nc, Hengshui Orient Chemical Co., Ltd., and Nitrex Chemicals India Pvt. Ltd, Nitrocellulose Group, Nitro Quimica, North Sichuan Nitrocellulose Corporation, Synthesia A.S, and TNC Industrial Co. Ltd.

In December 2022, a signature of a partnership agreement between the French nouvelle-AQUITAINE region and EURENCO.

In January 2022, EURENCO launched the first phase of the modernization plan of its SORGUES site.

In April 2022, the nitrocellulose group announced further worldwide prices increase on all industrial nitrocellulose grades.

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Global Nitrocellulose Market Size is Estimated to Reach USD 1.39 billion by 2030, Growing at a CAGR of 5.5%: Straits Research

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