Nanocellulose Market Size

Nanocellulose Market Size

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.

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.