The nanocellulose industry is predicted to grow at a CAGR of 18.5% over the forecast period, according to research by Future Market Insights. The industry's estimated value is expected to increase from US$ 492.96 Mn in 2023 to US$ 2,691.50 Mn by 2033.
The nanocellulose market is being propelled by the growing deployment of eco-friendly materials in lieu of single-use plastics and conventional cellulose materials, propelled by climate change and growing public concerns pertaining to the planet’s health.
Additionally, the market is being significantly influenced by the nanocellulose’s biodegradable nature and sustainable manufacturing process, which holds the potential to transform everyday life into a greener way of life.
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The latest research in the field of nanocellulose demonstrates that the material has immense potential to not only replace plastics but also to render Styrofoam insulation obsolete and make electric automobiles feasible.
The emerging concept of ‘active packaging’, which involves the integration of nanoparticles into polymers has been garnering significant attention lately. With the use of the ‘active packaging’ technique, the properties of packaging products can be upgraded, while solving the problem of recycling.
The food industry has been the initial application sector to utilize these new composite, bio-compatible packaging materials as the material promises excellent resistance to microbial contamination. The food industry is not just the early adopter of nanocellulose, but also a sizeable contributor to nanocellulose market, thus utilizing nanocellulose extensively.
Key Takeaways from the Nanocellulose Market
· Europe is projected to witness stellar growth performance over the projected term, thus the region is estimated to hold a dominant market position. Europe has been leading intensive research activities to explore the vast potential of nanocellulose materials in multitudinous fields to enlarge the scope of nanocellulose over the coming years.
· The market in the United States is estimated to come second to Europe. Ample utilization of nanocellulose in the building and construction sector, along with huge government funds allocated to upgrade public infrastructure is expected to galvanize market growth.
· Various growth avenues in emerging economies like India, fueled by active researchers in the country focused on developing futuristic products and established companies preoccupied with revolutionizing the food packaging industry, are anticipated to stoke upmarket development.
· Japan, one of the most significant markets in the APAC region, is witnessing appreciable commercialization of nanocellulose. Numerous nanocellulose-based products have been developed in recent years. Many more are yet to be developed and supplement market growth over the coming years.
· Growing concerns regarding sustainability are spurring the market in South Korea. Leading companies present in the country are actively developing and releasing eco-friendly products constituting nanocellulose.
· Pulp and paper board industry has been a major contributor to the growth of nanocellulose market. The growing application of nanocellulose to form lightweight and white paper is pushing the market upwards.
Key Players to Leverage on Growing Eco-Consciousness Worldwide
Key players in the market are focusing on partnering, releasing new products to extend product portfolio, acquisitions, and mergers, etc. to invigorate their stand in the market. To keep themselves relevant, several companies in the market are adopting sustainable, bio-compatible, and renewable materials like nanocellulose; thus, providing major industry players ample opportunities to leverage this emerging trend and catapult their market revenues over the forecast time frame.
The following companies provide nanocellulose in the market, as identified by FMI:
· Anomera
· CelluForce
· Melodea Ltd
· Sweetwater Energy
· GranBio
· Axcelon Biopolymers Corporation:
· Stora Enso
· Others
Nanocellulose Industry Segmentation by Category
By Product:
Micro fibrillated Cellulose and Nano fibrillated Cellulose
Cellulose Nanocrystals / Cellulose Nanofibers
Bacterial Cellulose
Others
By Application:
Pulp and Paper
Composites Manufacturing
Paints and Coatings
Electronics Sensors
Food and Beverage
Biomedical and Pharmaceuticals
Composites
Others