Nitrocellulose Market, Industry Segments, Growth, Trends, Demand, Outlook by 2023

Market Research Future published a Half Cooked Research Report on “Global Nitrocellulose Market Research Report – Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Nitrocellulose Market – Overview

Nitrocellulose or cellulose nitrate is one of the prominent film former known for the coatings, ink, film, and adhesive sector. Nitrocellulose market is estimated to witness strong growth due to its significant usage in automotive as well as printing ink application. Among application, printing ink accounted for the largest market share in 2016 and is estimated to retain its dominance over the forecast period on account of technological advancement. Furthermore, increasing use of nitrocellulose based ink in flexography and gravure painting due to its high quality and durable color paint is predicted to fuel the demand for nitrocellulose market. Moreover, it find wide application usage in nail varnishes which is ultimately utilized in cosmetic industry. Increasing per capita disposable income in developed and developing region along with increasing use of cosmetic item is estimated to drive the market growth. Furthermore, increasing vehicle manufacturing combined with demand for safety features is attributed to the growth of automotive market, which in turn is estimated to drive the demand for Nitrocellulose. In addition, leather materials are commonly coated with nitrocellulose induced leather finishes which protect it from heat and moisture and enhance durability. Additionally, the global leather industry is decreasing on account of changing consumer preference for cheaper leather alternatives. Increasing usage in sealants and adhesives along with rising building & construction activities is predicted to fuel the demand for nitrocellulose market over the estimated period.

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Geographically, Asia Pacific emerged as the largest market for Nitrocellulose followed by North America and Europe in 2016. The Asia Pacific region dominated the global nitrocellulose market share in 2016 and is predicted to witness highest CAGR owing to continuous growth of automotive and furniture industries specifically in China, India, Japan, Taiwan, Vietnam, Thailand, Malaysia, and South Korea. Additionally, the growth of nitrocellulose is largely driven by their utilization in leather tanneries and automotive industries. The furniture industry across the globe has witnessed a tremendous growth in the past few years, and is predicted to carry same trend over the assessment period which in turn is expected to propel the growth of the market over the estimated period. Furthermore, growing investment by major operating companies and shifting of nitrocellulose manufacturing units as well as end use industries growth in this region is expected to propel the nitrocellulose regional market growth. North American market is expected to witness steady growth due to increasing demand for aesthetic design furniture in commercial as well as in residential spaces, which in turn is estimated to drive the consumption of nitrocellulose in the upcoming years. Europe is estimated to witness moderate growth on account of rising demand from automotive sector. Furthermore, strict regulations regarding the storage and usage of this product has led to increase the innovation and development in this sector. Middle East & African market is expected to register strong growth on account of increasing construction and leather finishing industries present in Qatar, Turkey, the United Arab Emirates, and Saudi Arabia. Market in Latin American countries such as Brazil and Argentina is predicted to register healthy growth on account of rising demand for cosmetics items.

Key Players:

Atomax Chemicals Co., Ltd., Nitro Quimica, Hubei Xuefei Chemical, Hengshui Orient Chemical Co., Ltd., Nobel NC, IVM Chemicals, Synthesia, antong Tailida Chemical Co., Ltd., Nitro Chemical Industry Co., Ltd. among others are some of the prominent players at the forefront of competition in the Global Nitrocellulose Market and are profiled in MRFR Analysis.

Industry/ Innovation/ Related News:

September 2017- ChemSpec Ltd., established an agreement with Dow Chemical Company in order to act as a distribution partner for its various products such as Walsroder Nitrocellulose and Walsroder NC-Chip products across the U.S. With this agreement, Dow Chemical Company will expand its distribution network. Moreover, ChemSpec’s responsibility as Dow’s distributor is to expand the distribution channel for small to medium sized manufacturing companies by holding stock for the large user and small scale user.

Competitive Landscape

The Nitrocellulose report analyses the degree of competition among the major players as well as industry growth and market scenario. The global Nitrocellulose market comprises of numerous players operating in the market which include large scale and medium size manufacturers. The prominent market players operating in the global Nitrocellulose industry is focusing towards growth association specifically by Asia Pacific as medium scale and small scale producers are from this region specifically from China, South Korea, India, Malaysia, and Japan. Furthermore, the company is focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their production capacity of Nitrocellulose to meet the growing demand for Nitrocellulose.

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