December 27, 2019
According to the research report titled ‘Nitrocellulose Market Size by Application (Automotive Paints, Printing Inks, Leather Finishes, Wood Coatings, Nail Varnish), Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global nitrocellulose market is expected to cross USD 1.2 billion by the year 2025.
Robust expansion of commercial and educational sector is the major factor driving the growth of nitrocellulose market. For the record, nitrocellulose is extensively used for manufacturing school furniture. Thus, growing millennial population, in tandem with favorable federal reforms encouraging education among the population are leading to increasing construction of school facilities which is fueling the need for furniture, hence aiding the expansion of the market.
Based on application spectrum, nitrocellulose market from automotive paint segment is expected to register decent growth during the forecast period. Easy availability of various types of vehicles is one of the factors leading to the growth of the automotive sector which in turn is fueling the growth of the segment. Nitrocellulose is used in automotive paint due its compatibility with refinish & repair formulations and high nitrogen content. Thus, surging need for custom automotive paints, coupled with shifting consumer preference towards nano paints is contributing to the popularity of the product across automotive sector.
Meanwhile, escalating consumer disposable income, in consort with growing demand for packaged goods & foods is leading to rising adoption of printing inks for packaging & labelling applications. Notably, nitrocellulose is used to produce high quality inks as it is smudge-free, heat resistant and has quick drying time. Rapid urbanization, flourishing e-commerce sector, and rising literacy rates across the globe has paved the way for growing need for high quality inks, which in turn is impelling the growth of the segment.
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Elaborating further on application scope, growing demand for high quality leather products is driving the leather finishes segment growth in nitrocellulose market. Nitrocellulose offers rub fastness, natural texture, and pleasant luster to leather products, and hence is used extensively for leather furnishing applications. Growing inclination towards leather wallets, bags, shoes, and jackets is aiding the expansion of nitrocellulose market from leather finishes application segment.
The prominent companies operating in nitrocellulose market are Fenchem Biotek, Nitrochemie AG, Nobel NC, Nitro Chemical Industry, EURENCO, IVM Chemicals, Hebei Sanmu Cellulose, Nantong Tailida Chemical Corp., Hubei Xuefei Chemicals, Nitres Chemicals, Hagedor GmbH, DuPont Specialty Solutions, and Nitro Quimica.
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