CHICAGO, Aug. 6, 2024
/PRNewswire/ -- The report "Nanocellulose
Market by Type (MFC & NFC, CNC/NCC), Raw Material
(Wood, Non-wood), Application (Paper & Pulp, Composites, Paints
& Coatings, Biomedical & Pharmaceuticals, Electronics &
Sensors), and Region - Global Forecast to 2032", is projected
to grow from USD 0.6 billion in 2024
to USD 3.4 billion by 2032, at a CAGR
of 23.7% from 2024 to 2032. The major factors driving the
nanocellulose market include increasing demand for sustainable
products due to improvements in material science and rising private
and government support for nanocellulose R&D in advanced
nations.
Browse in-depth TOC on "Nanocellulose Market"
218 – Tables
63 – Figures
220 –
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By type, the MFC and NFC segments accounted for the highest
share of the nanocellulose market from 2024 to 2032.
The MFC and NFC segment, by type, market accounted for the
highest share. MFC and NFC have numerous applications in various
industries, including paper and packaging, composites, medicines,
and food. Due to their adaptability, they are in high demand in
multiple industries. These nanocelluloses have exceptional
mechanical qualities, such as high stiffness and strength, making
them ideal for reinforcing composites. Furthermore,
state-of-the-art technologies in production make the large
production of MFC and NFC easier, cheaper, and more convenient for
industrial purposes. Improved processes at higher levels in the
value chain have made it possible to produce MFC and NFC at a lower
price, making these interesting alternatives for many applications.
Knowing that both MFC and NFC are renewable, and biodegradable
coincides with the rising global focus on sustainability and
eco-friendliness. Their biodegradability decreases negative
environmental impact, making them preferred to non-biodegradable
materials, particularly in the packaging business.
The wood segment accounted for the highest share of the
nanocellulose market by raw material from 2024 to 2032.
The wood segment accounted for the highest share of the market
by raw material. Wood has the largest market share in the
nanocellulose market because of its availability, sustainability,
and affordability. It provides an environmentally friendly source
of cellulose, which is required to produce nanocellulose.
Furthermore, wood-derived nanocellulose has good mechanical
qualities and flexibility, making it ideal for various
applications. The developed wood processing infrastructure
strengthens its market dominance. The production of wood-based
nanocellulose benefits from a reduction of production cost due to
high availability and established processing methods resulting in
economies of scale. Low cost of using wood as a raw material allows
competitively pricing the nanocellulose products, and hence
stimulates market adoption. Wood is encouraged to be applied in
nanocellulose production by many governments through subsidies
concerning the use of renewable sources. Stricter regulations for
the use of non-biodegradable and synthetic materials could be a
trigger towards the shift to sustainable alternatives like
wood-based nanocellulose.
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By application, the paper and pulp segment held the highest
share of the nanocellulose market from 2024 to 2032.
The paper and pulp application has the largest share of the
nanocellulose market due to the material's properties, which
increase paper strength, improve printability, and minimize the
requirement for chemical additives.
Nanocellulose has improved mechanical qualities, making paper
products stronger and lighter. Furthermore, its renewable and
biodegradable nature is consistent with the industry's
environmental objectives. There is a rising consumer preference for
eco-friendly and sustainable packaging solutions, raising demand
for paper products enhanced with nanocellulose. Paper products with
nanocellulose remain recyclable, of importance in markets where the
emphasis is on recycling. Increasing regulations against
non-biodegradable materials and plastic packaging drive the paper
and pulp industry to seek sustainable alternatives like
nanocellulose. Industry standards regarding the use of
nanocellulose in paper products have been put in place, thus
enabling wider adoption and acceptance in the market.
During the forecast period, Europe will lead the global nanocellulose
market.
Europe held the largest share
of the nanocellulose market due to its robust industrial base and
strong emphasis on sustainable materials. The region has a
significant demand for nanocellulose in various applications,
including packaging, composites, and healthcare, driven by strict
environmental restrictions. Furthermore, substantial R&D
investments, combined with the presence of key market participants,
have strengthened Europe's
dominant position. The emphasis on green technologies and renewable
resources helps to drive regional market growth. The region has
many key nanocellulose producers, such as FiberLean Technologies
(UK), Borregard (Norway), Stora
Enso (Finland), Rise Innventia
(Sweden), and UPM (Finland).
Key Players
The major players in the nanocellulose market include Fiberlean
Technologies (UK), Borregaard (Norway), Nippon Paper Industries (Japan), Celluforce Inc. (Canada), Kruger Inc. (Canada), Stora Enso (Finland), RISE Innventia (Sweden), American Process Inc. (US),
FPInnovations (Canada), and UPM
(Finland).
Browse Adjacent Market: Fibers & Composites
Market Research Reports & Consulting
Related Reports:
Microcrystalline Cellulose (MCC) Market -
Global Forecast to 2024
Nanocomposites Market - Global Forecast to
2024
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