Nitrocellulose Market is expected to witness a notable surge over the coming years, driven by its extensive use in nail varnishes, cosmetics, furniture, flexographic & gravure inks, automotive paints, wood coatings, printing inks, and leather finishes. The product’s demand has been exponentially growing across the packaging, print media, and e-commerce sectors. Besides, the product possesses outstanding features which will boost nitrocellulose market trends. Flourishing cellulose fiber market, which is projected to surpass a revenue of USD 39 billion by 2024, will enlarge the business scope. According to Global Market Insights, Inc., “Nitrocellulose Industry value, which was estimated at USD 550 million in 2015, is expected to reach USD 940 million by 2023.”
Printing inks applications, which contributed over 25% towards the global nitrocellulose industry share in 2014, are predicted to make notable contributions toward the business space. Exceptional product features such as robust adhesiveness, low reactivity, and fast drying capability will favorably influence the revenue. Escalating product demand in wood polishing is predicted to uplift nitrocellulose market revenue in the furniture sector.
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Asia Pacific nitrocellulose market is projected to record a cumulative growth of more than 8% over the period of 2016-2023, driven by extensive product usage across automobile, leather manufacturing, and printing inks sectors. Thailand, Indonesia, Vietnam, and India are likely to be the major regional contributors. Nitrocellulose industry size across the leather manufacturing sector in India is forecast to expand at a cumulative rate of more than 6.5% over the coming timeline.
Europe nitrocellulose industry is foreseen to record substantial gains of more than 4.5% over the coming six years, subject to growing product demand across automotive paints sector. UK, France, and Germany are anticipated to drive the regional demand. Germany nitrocellulose market share in the automotive paints sector is expected to grow at a rate of 3% over 2016-2023. France and Germany together are projected to contribute over USD 85 million towards the regional revenue by 2023.
Central & South America nitrocellulose market is expected to grow at a cumulative rate of more than 6% over the next few years. Immense growth witnessed across the motor vehicle sector along with the rapid industrialization in the region is expected to contribute substantially toward the regional revenue. Brazil is projected to exhibit massive gains over the coming years.
The automotive industry is experiencing a gradual shift from regular paints to nitrocellulose based paints, owing to the fact that they are convenient to apply and are available in a wide range of choices. Automotive paints accounted for over 20% of the overall nitrocellulose market share in 2015, and are anticipated to grow at a rate of 5% over 2016-2023. Driven by the rapidly developing automobile sector in countries such as India, China, Indonesia, and Thailand, nitrocellulose industry share from automotive paints applications will exceed USD 170 million by 2023.
Subject to the growing automotive, printing, and leather industries in India and China, Asia Pacific nitrocellulose market will observe gains of more than 8% over 2016-2023, with India being one of the major contributors. Subject to the expanding automotive sector and the extensive usage of leather accessories such as belts, seta covers, and footwear, India nitrocellulose industry is expected to register an annual growth rate of 6.5% over 2016-2023. In addition, the governments of most of the APAC nations offer financial incentives and subsidies, which will spur the regional nitrocellulose industry.
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Nitrocellulose market size in the automotive paints sector, worth USD 170 million in 2016, is predicted to record a CAGR of more than 5% during the period from 2016 to 2023. Thriving automotive sector in Asia Pacific coupled with the subsidies provided by the government to promote the sales of automobiles will further push the revenue. Nitrocellulose industry share in the wood coatings sector is expected to grow at a rate of more than 5.2% over the coming timeframe. The ability of the product to easily rub and polish coated material is expected to boost the industry size.
Taking into consideration the regional trends, North America nitrocellulose industry is predicted to register notable gains of more than 5% over the coming six years. The growth can be ascribed to the highly prospering printing inks and wood coatings sectors across the region. Nitrocellulose market size across the wood coatings sector in the U.S. is estimated to surpass USD 28 million by 2023.
Global nitrocellulose market will witness the participation of numerous small and big players. Prominent companies include ones being Baoding Baofeng, Nitro Quimica, The Dow Chemicals, Hebei Beixin, Eurenco, SNPE, Sichuan Nitro Cell Co. Ltd., Nitro Chemicals Industries, and TNC Industrial Co. A majority of the key participants have their presence centered in China, which will lead to the subsequent growth of APAC nitrocellulose industry. In addition, the small and medium-sized manufacturers are also striving to consolidate their position in the highly-fragmented nitrocellulose industry by making use of innovative technologies to enhance the features of the product and expand its application domain.
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