Nanocellulose Market
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Nanocellulose Market size valued at USD 340 million in 2022 and is poised to record over 23.5% CAGR between 2023 and 2032. Strong product demand across the packaging sector will accelerate industry growth.
Strong demand for sustainable packaging solutions will drive the use of nanocellulose in the coming years. It is an effective alternative to conventional packaging materials and is widely used to reinforce plastic materials that are utilized with hygiene and absorbent products. The material possesses about eight times the strength of steel and is touted to be stiffer than Kevlar. Apart from this, nanocellulose holds several other advantages like biodegradability, sustainability, transparency, flexibility, anti-microbial nature, and excellent mechanical & barrier properties.
The expanding oil and gas sector of North America should push the application scope of nanocellulose. Strong energy needs from the transportation and power sector have elevated oilfield drilling activities across the region. Nanocelluose is widely used for supporting drilling and cementing applications across oilfields. Strategic alliances between O&G companies could boost the nanocellulose market development across North America.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Nanocellulose Market size in 2022: | USD 344 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 23.9 |
| 2023 Value Projection: | USD 3.38 Billion |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 416 |
| Tables, Charts & Figures: | 634 |
| Segments Covered: | Product, Application |
| Growth Drivers: |
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| Pitfalls Challenges: |
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High product costs compared to other material alternatives may impede market expansion. Packaging materials that are made using nanocellulose are priced much higher compared to polymer-based packaging solutions. Energy-intensive production processes and low consumer awareness regarding nanocellulose could impact product use across diverse applications. However, the exploration of new manufacturing processes and the demand for sustainable packaging solutions could present lucrative growth opportunities in subsequent years.
Nanocellulose market from the nanofibrillated cellulose segment exceeded USD 200 million in 2022. Nanofibrillated cellulose (NFC) has gained application across numerous industries such as oil & gas, food & beverages, aerospace, automotive, and personal care in recent years. The bio-based nanomaterial possesses exceptional properties including superior strength, rigidity, and transparency.
The usage of materials in nanocomposites has been aided by their excellent reinforcing capability. In situ polymerization, melt mixing, solvent casting, and electrospinning are a few of the key processes used to create NFC-based nanocomposites. Among of the distinctive characteristics that will encourage product acceptance across many commercial sectors are high specific surface area, relative simplicity of preparation, high yield, low weight, high strength, stiffness, and biodegradability.
Nanocellulose market from the food & beverages application is expected to observe gains at nearly 24% till 2032. The material is used in the fiid & beverage sector as a flavor carrier, non-caloric food thickener, and suspension stabilizer. It is useful for producing fillings, crushes, chips, soups, gravies, wafers, puddings, etc. Nanocellulose also displays water vapor, oxygen, and gas/oil barrier properties that are useful for food packaging. The rheological behavior of the nanocellulose gel will augment product use in food & beverage sector.
The growing food & beverage sector in growing nations will be key contributers to the nanocellulose market. For instance, according to the India Brand Equity Foundation, the Indian F&B industry is anticipated to surpass USD 530 billion by 2026 and will showcase a CAGR of over 11% during this period. Initiatives by the local government, such as Make in India has further promoted investments in the sector. These trends are certain to make a positive impact on the nanocellulose industry, rendering an optimistic future outlook.
North America nanocellulose market is projected to register around 23.5% CAGR up to to 2032. Nanocellulose is gaining significance in the building and construction sector. The material can improve the strength & environmental benefits of a host of products. Strong government investments targeted toward the modernization of public infrastructure should favor regional industry growth. Furthermore, consistent advancements in food & beverage, oil & gas, and paints & coatings, among others will elevate the application scope of nanocellulose in North America.
The leading companies operating in the global nanocellulose market include:
Approval of new manufacturing techniques by government organizations will enable these firms to expand their product portfolio.The growing number of participants in the industry will promote product development and is likely to attract a growing number of consumers in the coming years.
The COVID-19 pandemic had a negative impact on the global nanocellulose business. Manufacturing activities were halted during the outbreak due to supply chain disruptions and labor shortages. Food and beverage companies saw a similar effect due to lower sales as a result of decreased customer traffic in retail outlets and disturbed supply networks.
By Product
By Application
The above information is provided on a regional and country basis for the following:
Nanocellulose share from the food & beverages application is expected to record over 24% CAGR between 2023 to 2032 due to the material
The global market size for nanocellulose is estimated to record over 23.5% CAGR between 2023 to 2032 due to strong demand for sustainable packaging solutions.
Nanocellulose industry share from the nanofibrillated cellulose segment was USD 200 million in 2022 as the material possesses exceptional properties like superior strength, rigidity, and transparency.
North America nanocellulose market is projected to register over 23.5% CAGR between 2032 to 2032 driven by new government investments targeted toward the modernization of public infrastructure.