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SOURCE Transparency Market Research
ALBANY, New York, March 8, 2018 /PRNewswire/ --
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.
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
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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
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.
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Cellulose Nano Fibrils (CNFs) to Dominate the Product Segment of Global Nanocellulose Technology Market
Nanocellulose technology market has been segmented on the basis of product, end user and region. On the basis of product type, nanocellulose products can be classified as CNF (Cellulose Nano Fibrils), CNC (Cellulose Nano Crystals) and BNC (Bacterial Nano Cellulose). With the strong demand from the paper processing and composites industries, cellulose nano fibrils accounted for more than fifty percent of the market share in 2016. Unique properties of cellulose nano fibrils such as high surface area, unique morphology, low density, and high mechanical strength are driving the demand for cellulose nano fibrils. Manufacturers such as Innventia AB, Stora Enso and SAPPI announced that they would be investing high on the cellulose nano fibrils. In 2016, Oji Holdings Corporation successfully developed a nanofiber product which is made from phosphorylated cellulose nanofiber which has high transparency and viscosity.
Paper processing Segment is to Dominate the End user segment of Nanocellulose Technology Market
In terms of end users, the global nanocellulose market can be classified as composites manufacturing, paper processing, food & beverage, paints & coatings, medical & pharmaceutical, personal care and others which includes oil & gas, textiles, and cement. Paper processing segment accounted for more than one fourth of the global nanocellulose technology market owing to the rise in demand for nanomaterial coated papers and films which find applications ranging up to advanced nano-electronics. The rise in demand among consumers for brighter, glossier and high quality paper is fuelling the expansion of the paper processing segment. In 2016, Nippon Paper Group invested a significant amount for enhancing the production volume by using the cellulose nano fibrils
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Developed Regions such as North America and Europe dominate the global Nanocellulose Technology market
In terms of region, North America lured most of the demand for nanocellulose products in 2016, accounting for over two fifth of the global nanocellulose technology market. This is attributable to the increasing government spending on nanocellulose, growing demand from paper processing and composites industries, presence of key manufacturers and focus towards sustainability. The Federal government supports the production of nanocellulose due to its reduced carbon footprint features. Growth in forest wood-based economy in Canada and states in the U.S, such as Minnesota, Michigan and Vermont provides easy accessibility to raw materials thereby boosting the nanocellulose technology market in North America. Ambient climatic conditions for pulpwood plantation, government funding and availability of high-end technology are the key factors contributing to the growth of nanocellulose technology market in the region. In Norway and Sweden, manufacturers are striving to produce bacterial nanocellulose which is in a nascent phase. Rise in awareness regarding the usage of environment-friendly products in the developing countries of Asia Pacific has contributed to the growth of the nanocellulose technology market in the region. In Latin America, the nanocellulose technology market is still in the early stage of development. In terms of consumption of nanocellulose materials, Middle East & Africa remains less significant due to the lack of awareness regarding biomaterials and their applications in the region. Across the region, demand for cellulose nano fibrils is high owing to the easy manufacturing process compared to the cellulose nano crystals and bacterial nano cellulose.
High Degree of Competition Exist Among the Established Players in the Global Nanotechnology Market
Key players profiled in the global nanocellulose technology market includes Borregaard, UPM-Kymmene Corporation, CelluForce, American Process Inc, Nippon Paper Industries, Co.Ltd, Axcelon Biopolymers Corporation, Innventia AB, Melodea Ltd, Oji Holdings Corporation, Stora Enso, Daicel Finechem Ltd and Sappi Global. Collaborative agreements between the manufacturers and production capacity expansion are the key market strategies opted by the nanocellulose manufacturers. Borregaard, a key player in the nanocellulose technology market, head quartered in Norway has made substantial progress in the nanocellulose business sector with the implementation of new energy strategy which reduces the emission of carbon dioxide. In 2017, Borregaard invested a portion of its capital amount for enhancing the production of specialty cellulose.
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Global Nanocellulose Technology Market, by product
Global Nanocellulose Technology Market, End-user
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