Global nitrocellulose market is expected to reach USD 884.8 million by 2022, according to a new report by Grand View Research, Inc. Growth of paints and coatings industry on account of increasing construction spending, particularly in Asia Pacific, is expected to drive the global market. As nitrocellulose also finds application in leather coatings and furniture, trade development has also contributed towards market development. However, nitrocellulose has been facing a stiff competition in automotive coatings from its substitute products including acrylic enamel, acrylic lacquer and two-pack paint.
Printing inks was the leading application segment and accounted for over 26.7% of total nitrocellulose industry volume in 2014. Superior properties such as quick drying ability, good adhesion to the material and low reactivity to additives is expected to remain a key driving factor for this segment over the forecast period, with CAGR expected to be 6.2% from 2015 to 2022. Growing acceptance of flexographic printing across myriad end-use industries coupled with growing furniture and packaging industry is also likely to assist the global market growth.
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Further key findings from the study suggest:
- Global nitrocellulose market size was 179.3 kilo tons in 2014 and is expected to grow at a CAGR of 5.7% from 2015 to 2022.
- Asia Pacific was the leading regional market with demand share estimated at 51.6% in 2014. Growth of key end-use industries on account of increasing construction spending particularly in China, India and Indonesia is expected to drive the regional market. Asia Pacific is also expected to witness the highest growth of 6.3% from 2015 to 2022.
- Middle East & Africa is also expected to witness significant growth over the forecast period. Increasing construction activities in South Africa and Saudi Arabia is expected to drive the regional market.
- The industry is highly fragmented with large number of local manufacturers operating in an unorganized sector of the market. Dow Wolff and SNPC are the most prominent business players in the industry. Presence of large number of participants makes the industry highly competitive. Other companies operating in the global nitrocellulose market include Atomax Chemicals Co., Ltd., Nitro Quimica, Hengshui Orient Chemical Co., Ltd., Nobel NC, Synthesia, IVM Chemicals, Hagedorn, Tembec Inc., TNC Industrial Co., Ltd., Nitrochemie AG and EURENCO.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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