Verified Market Research recently published a report, “Nanocellulose marketBy Type (Nanocrystalline Cellulose, Cellulose Nanofiber, and Microfibrillate), By Application (Pulp & Paper, Biomedical & Pharmaceutical, Packaging), and By Geography. According to verified market research, the global nanocellulose market size was estimated to be $ 278.5 million in 2020 and should reach $ 1,262.5 million by 2028, with a CAGR of 20.94% from 2021 to 2028.
Global Nanocellulose Market Overview
Nanocellulose is widely used in the pulp and paper industry as an additive to produce light and white paper, thus driving the growth of the market. It is used in healthcare applications including biomedicines, personal care products, and cosmetics for its non-toxic properties. Nanocellulose has excellent adsorption capacities and therefore acts as a suitable ingredient to produce dressings and sanitary napkins. The growing research activity on nanocellulose has further fueled the market.
Nanocellulose has the potential to replace many petrochemicals and has been cost effective compared to other high performance nanoscale materials. It offers superior properties such as ease of removal, biodegradability, transparency, flexibility, high mechanical strength and barrier properties, etc. The rise of the food industry as well as the improvement of health problems will be a major factor contributing to the market share of nanocellulose in the years to come.
Although cellulose exists in abundance in nature, the production of these nanomaterials requires large machinery and technical knowledge, resulting in increased production load and high production costs may hamper the growth of the market.
Key developments in Nanocellulose market
- In February 2019, CellForce said it had modernized the CNC factory by Montreal, which will operate at a production capacity of 300 tonnes / year.
- In September 2020, CellForce declared the signing of an agreement with multinationals operating in the cosmetics sector to supply all CNCs for the next 10 years. The company also felt that there would be a need for a new factory to meet the demand for this agreement. MNC has obtained worldwide exclusivity for the marketing of CNC-based cosmetics and is likely to launch new products gradually during the period of the agreement.
The main players in the market are CelluForce Inc, Kruger Inc, Sappi Ltd, Innventia AB, Nippon Paper Group Inc, Borgward and GranBio Technologies.
Verified market research segmented the global nanocellulose market on the basis of type, application, and geography.
- Nanocellulose Market, By Type
- Nanocrystalline cellulose
- Cellulose nanofibers
- Microfibrillated cellulose
- Nanocellulose Market, By Application
- Pulp and paper
- Biomedical & Pharmaceutical
- Nanocellulose Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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