Nitrocellulose Market size reported over $940 million by 2023: Global Market Insights, Inc.
Nitrocellulose Market size was 188.5 kilo tons in 2015, as per the latest research report by Global Market Insights, Inc. Strong application scope in printing inks, wood coatings and automotive paints may drive nitrocellulose market size growth. Key properties, better adhesion and non-reactivity to other paints, should complement the overall demand.
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Global nitrocellulose market size may register USD 943.0 million by 2023. Growth in printing applications ranging from print media to packaing is attributed for such a robust growth. Increasing industrialization, urbanization and rising population are few factors attributed to such a brisk growth in printing ink demand. Flexographic and gravure inks used in packaging industry utilize nitrocellulose as key ingredient.
Painting applications dominated the overall consumption with 50.5 kilo tons in 2015. Nitrcellulose market study predicts printing applications for robust industry gains at 6.3% by 2023. Though digitization and growing computer use may somewhat restrain industry growth, printing inks applications are still expected to be used across multiple industries.
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Leather finishing applications may observe significant gains and register over 35 kilo tons by 2023. Nitrocellulose-based paints are preferred as they dry quickly, are easy to apply, compatible with a wide range of additives, leave no residue upon drying, have a good glossy finish, and good adhesion properties. These properties make it suitable for furniture coating applications.
Automotive paint application may surpass USD 170 million in revenue by 2023 with over 5.5% CAGR by 2023. Automobile production growth coupled with favorable incentive policies by regional governments in China, Thailand, Indonesia and India may favor product demand for automotive applications.
Companies present across the value chain signify low level of complete integration. Companies which are backward integrated have an added competitive advantage over other industry participants as they are able to deliver cost effective products and have a better grasp over their downstream business.
Distributors and suppliers play an important role in the value chain and form an important link between the manufacturers and end-use industries. The manufacturers are much dependent upon distributors & suppliers for marketing products.
This substance is considered as a flammable solid and thus is governed by transportation and packaging regulations. Stringent regulations by FDA and EU which govern food contact applications for paints used in packing may impact overall industry profitability and affect nitrocellulose market price trend.
Key insights from the report include:
- Global nitrocellulose market size may foresee industry gains at 5.8%% and register 296.4 kilo tons by 2023.
- APAC, with growth in China and India nitrocellulose market size, dominated the overall regional industry with over 95 kilo tons in 2015.
- China printing ink applications should witness robust growth rates in revenue terms and register over USD 105 million by 2023.
- North America, dominated by the U.S. industrial applications, may witness below average gains at over 5.2% CAGR. Wood applications in the U.S. should register over USD 28 million with 5.3% CAGR.
- Europe, led by Germany, UK and France, may witness sluggish gains owing to stringent government regulations. Germany automotive paints applications may register over 3 kilo tons by 2023 with 4.8% CAGR.
- MEA, led by Saudi Arabia, UAE and Qatar, occupied an small chunk of the market and registered close to USD 25 million in 2015.
- Global nitrocellulose market share is occupied by companies present in unorganized segment and tend to compete multinationals on price basis. Notable industry participants include Tembec, Dow Wolff and Nitro Quimica.
Other key participants include Atomax Chemicals, IVM Chemicals, TNC Industrial, EURENCO and Synthesia.