Global Nitrocellulose Market Scenario -
According to the reports published by Market Research Future Reports, the global nitrocellulose market is set to proliferate by approximately USD 950 million by 2030. Nitrocellulose is known as guncotton and is a highly inflammable compound. Generally, nitrocellulose is added to inks or used for coatings and imparts unique characteristics such as excellent adhesion, superior drying properties, and high solubility.
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Top Boosters and Impediments -
Soaring demand for durable and protective paints in upgradation of infrastructure and buildings can be a huge growth booster in the coming years. Surge in urbanization rate along with the escalating disposable income of the consumers also add to the market value. The rising focus on improving home decor as well as enhancing the aesthetic appeal of the commercial space in line with innovations in architectural structures and buildings have also been favorable. Growing preference for plastic emulsion paints with lower VOCs as well as odor could be a key opportunity for the companies in the Nitrocellulose Market.
Waterborne paints, out of all the formulations, witness strong demand in the Nitrocellulose Market, encouraged by regulatory bodies like the Environmental Protection Agency and National that aim to curb the emission of volatile organic compounds. High rates at which waterborne paints are sold should present significant opportunities to the market participants over the following years. Other factors fostering the market size can be frequent revisions in economic policies that aim to boost the lifespan of the existing buildings and other structures, which is quite likely to raise the market demand in the near future.
Nitrocellulose Market - Eminent Firms:
The key players of global nitrocellulose market are Atomax Chemicals Co., Ltd., Nitro Quimica, Hubei Xuefei Chemical, Hengshui Orient Chemical Co., Ltd., Nobel NC, IVM Chemicals, Synthesia, antong Tailida Chemical Co., Ltd., and Nitro Chemical Industry Co., Ltd.
On the flipside, fluctuating raw material prices are considered to restrict the market growth in the coming years. Strict government mandates restricting the use of sulfuric acid is likely to hinder the market growth. Moreover, ill effects of sulfuric acid on human health like irritation in the eyes and skin and skin sensitiveness are expected to vitiate the market growth in the coming years.
A naturally occurring, non-toxic mineral deposit, barite exhibits various properties which make it ideal for use in oil gas drilling, in the analysis of oxygen sulfur isotopic, as a filler in paint plastics, in automobile finishes for corrosion resistance, and several others ranging across several end-use industries. Increasing commercialization and urbanization, particularly in emerging markets, the automotive sector, among others is growing at a rapid pace and is expected to increase demand for barium amongst industries. Moreover, oil gas activities are growing rapidly due to the high demand for fuel.
The availability of various substitutes such as iron ore, hematite, and celestite are expected to hinder market growth due to their reduced prices and the fact that some of these can be synthetically produced. However, barite is still the most preferred material in oil gas applications which is expected to encourage market growth. Moreover, its applications in the absorption of x-rays and gamma rays make it useful in the medical sector as well as to make special containers to store radioactive materials which are likely to encourage market expansion.
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Segment Study of Nitrocellulose Market-
In the reports by MRFR, the global nitrocellulose market has been segmented based on the product, application, and region for the forecasted period 2016 to 2022.
Segmentation by product, the market is categorized as M grade cellulose, E grade cellulose, and others. In M grade cellulose, nitrocellulose is highly applied in consumer products such as thickener and emulsifier in lubricants in nutritional supplement capsules and others.
Based on application, the global nitrocellulose market is segmented into printing inks, automotive paints, wood coatings, leather finishes, nail varnishes, and others. Out of which, print inking inks is driven by technology advancement and eco-friendly inks and is the largest application industry of nitrocellulose market. While automotive paints are the second largest segment in Nitrocellulose, on the other hand, wood coating manufacturing process also highly utilize nitrocellulose, as it has the ability to coat multiple time and it is user-friendly. Due to these factors’ nitrocellulose is expected to witness significant growth in the forecasted period.
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Regional Analysis -
On a geographical note, Asia-Pacific region leads the nitrocellulose market in terms of both, volume and value, which is expected to proliferate significantly at a higher CAGR by 2022. In the Asia Pacific, China has been a significant revenue generating country owing to growing end-user industry and an increase in the consumption rate of chemicals by manufacturers. Also, substantial expansion scope in the automotive industry in India, South Korea Taiwan, and leather industries in Vietnam may enhance the market growth. Besides, a surge in personal care and cosmetic products demands from the middle-class population may also stimulate the global nitrocellulose market substantially.
Whereas, North America for second market share in this segment. North America led by the U.S. nitrocellulose market may also witness gains of market by the end of the forecast period. U.S. market, driven by wood coatings and printing ink applications segment along with increased spending on lifestyle products and growing e-commerce industry may boost regional market growth during the projected period.
Europe is now estimated to witness moderate growth on account of rising demand from the automotive sector. Furthermore, stringent regulations for the storage and usage of this product have led to increased innovation and development in this sector.
Reasons to buy -
- This report includes in-depth study analysis of Nitrocellulose market
- It covers market segmentation by type, by application and by end user.
- It helps in identifying region-wise major suppliers and understand consumption patterns.
- The report will provide useful and premium insights that will support in investments of Nitrocellulose and allied companies providing details on the fast-growing segments and regions.
- In addition, it will provide key findings that will help the companies to improve profitability by using supply chain strategies, cost effectiveness of various products mentioned in the report.
- The data used in the report is primarily based on primary interviews with the major producing companies and industry experts and supported by authentic industry data from secondary sources.
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