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Nanocellulose Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

ReportLinker
·5-min read
ReportLinker
ReportLinker

The global nanocellulose market is estimated to be valued at USD 756. 80 million in 2022, and is expected to register a CAGR of 21. 56% during the forecast period of 2022-2027. The market was negatively affected due to COVID-19.

New York, May 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nanocellulose Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06272895/?utm_source=GNW
Manufacturing activities were halted due to supply chain disruptions and labor shortages or as a protective measure to stop the spread of the virus, thereby negatively affecting the market.

Key Highlights
The superior properties of nanocellulose and increasing adoption of flexible packaging aids are likely to drive the growth of the nanocellulosemarket.
On the flipside, a dearth of consumer awareness and economic barriers are expected to hinder the growth of the market.
The product’s demand was decreased in several end-use sectors, especially in the paper processing industry. Nonetheless, conditions are improving in 2022, which will restore the industry’s development trajectory, further benefiting the market during the forecast period.
Increasing innovation activities and R&D investments and capacity expansion by manufacturers to capitalize on the wide applicability are expected to unveil new opportunities for the market studied.

Key Market Trends

Composites Segment to Dominate the Market

The composites segment accounted for the largest application of nanocellulose in 2021. This is owing to the increased demand for packaging materials and biodegradable plastics, which has resulted in increased government support and investment for the development of such materials.
The demand for nanocellulose has lately increased from the composites applications, owing to its excellent reinforcement properties in polymers. Nanocellulose is used as a component in polymeric nanocomposites. Cellulose-based nanocomposites are renewable since they are made up of small plant material fibers and have outstanding mechanical properties.
Nanocellulose composites have heavily replaced plastics due to their bio-degradable and non-toxic nature. Due to the reduced size of the dispersed phase and its good dispersion in the polymer matrix, these materials exhibit markedly improved properties when compared to the pure polymers or their traditional composites.
According to EV Volumes, the global EV sales reached 6.75 million units in 2021, registering a growth of 108% compared to 32.4 million sales in 2020. Of the 6.75 million EVs sold in 2021, 3.4 million EVs were sold in 2021 to mainland China, 2.3 million EVs were sold in Europe, and 0.7 million were in the United States. Moreover, the share of EVs (BEV & PHEV) in global light vehicle sales was 8.3 % compared to 4.2 % in 2020.
Furthermore, the development of electric vehicles is expected to continue to gain momentum in the future, especially in North America, Europe and Asia, owing to government programs that are promoting the move away from fossil fuels.
The demand for nanocellulose is expected to witness a massive increase in the coming years from the composites applications. Therefore, considering the aforementioned factors, the demand for nanocellulose in the segment studied is expected to grow substantially during the forecast period.

North America to Dominate the Market

North America dominated the market with a share of over 40% in 2021, and it is expected to continue its dominance during the forecast period. The massive forecasted size is mostly accredited to technological developments in this region.
Increased infrastructure projects, as well as the renovation of the commercial buildings in North America, will drive regional nanocellulose market growth for composite applications. This is mostly owing to huge government spending on public infrastructure upgrades.
Growing industries like food & beverage, oil & gas, paints & coatings, etc. in the region will further complement noanocellulose business growth by 2027. For instance, as per the data released by The International Energy Agency (IEA), by 2024, the United States will be exporting more oil than Russia and will account for 85% of the rise in world oil production shortly.
In United States, there is a growing need for nanocellulose for the production of high-strength cement and building composites. Furthermore, the increase in health concerns among the United States population is leading to the huge demand for the CNF and MFC for the production of functional food products.
Rising demand from aerospace and pharmaceuticals is boosting the market demand. For instance, according to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 9,421 in 2040 from 7,628 in 2019, owing to the growth in air cargo. Additionally, the US mainliner carrier fleet is expected to grow at a rate of 44 aircraft per year as the existing fleet is getting older.
The United States is the largest market for biopharmaceuticals, accounting for around one-third of the global market. The country is the world leader in biopharmaceutical R&D. As it has the world’s most supportive domestic environments for the development and commercialization of pharmaceuticals with negligible market barriers, the production of pharmaceuticals in the country is expected to increase during the forecast period.
Additionally, scientists from the Nanyang Technological University, Singapore (NTU Singapore) and Harvard University (the United States) announced the discovery of the fat-blocking effects offered by nanocellulose fibers. This invention may open up vast opportunities for the growth in demand for nanocellulose fibers for healthcare and cosmetic applications.
DeLeon Cosmetics was founded to develop cosmetic products from natural ingredients, exerting anti-aging properties. All the products manufactured by the company are produced in the United States at its Tallahassee, Florida facility.
With such growth from various end-user industries, the North American nanocellulose market is expected to grow rapidly during the forecast period, majorly spurred by the United States.

Competitive Landscape

The nanocellulose market is consolidated. Key players in the nanocellulose market include CelluForce, GranBio, and Melodea Ltd, Oji Holdings Corporation, and Borregaard among others.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06272895/?utm_source=GNW

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