Composites Nanocellulose Market to Register Over 40.4% CAGR to 2024: GMI
SELBYVILLE, Del., Sept. 11, 2019 /PRNewswire/ — The Nanocellulose Market revenue is projected to witness considerable expansion over 2019 to 2024, substantially driven by rising environmental concerns regarding global carbon footprints, along with the continuous need for sustainable packaging materials. An increasing number of companies have been investing in developing and adopting smart materials for various applications, including packaging in the food and beverage segment to help improve the shelf life of the product and maintain the overall food quality.
According to a report by GMI, the global nanocellulose market is expected to cross USD $1 billion business by 2024. The imposition of strict quality and safety regulations by governing bodies has restricted the use of non-biodegradable packaging materials, especially in the food segment. This will immensely bolster nanocellulose industry outlook through the demand for sustainable and lightweight packaging material. Rising disposable incomes worldwide have surged the consumption of packaged food and drinks.
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Some of the Global and Regional Nanocellulose Market Growth Drivers:
1. Global drivers
1.1. Strong product demand across the packaging industry
1.2. Rising food and beverage industry across the globe
1.3. Rising demand for technologically advanced, sustainable products across various end-user industries
2. Regional drivers
2.1. Rapidly growing oil and gas industry in North America
2.2. Rising personal care industry in Asia-Pacific
Revenue from the food and beverage application segment is expected to account for USD $90 million of the total nanocellulose market share by 2024.
Rising awareness among consumers towards severe environmental issues is propelling industries to look into greener alternatives to conventional materials. With the advent of advanced technology, the packaging industry is coming up with smart and active packaging options that provide security, reliability, allow the design to integrate eye-catching visuals and deliver an enhanced unboxing experience. Consistent developments to improve the quality of packaging will offer significant opportunities for new product launches, advancing nanocellulose industry trends.
In terms of the regional landscape, North America has witnessed remarkable technological developments in next-generation, eco-friendly electronic devices that are based on renewable nanocellulose. Industry giants are directing rigorous efforts towards manufacturing products that comprise excellent flexibility, lightweight, entail low cost and provide high mechanical strength. Such initiatives will positively boost nanocellulose market outlook.
Browse key industry insights spread across 180 pages, with 263 market data tables and 30 figures and charts from the report, «Nanocellulose Market Share and Forecasts to 2024» in detail, along with the table of contents:
North America is projected to own a notable share of nearly 40% of the global nanocellulose market size by 2024.
Nanocellulose-based materials have great potential in the manufacturing of high-performance products and are broadly used in various sectors, such as pharmaceutical, medical and cosmetics. Current market trends and novel advancements in the cosmetic and personal care industry, paired with rising disposable income among the middle-class group will reinforce the nanocellulose market forecast over the coming years.
The long-term use of renewable materials for industrial and manufacturing applications could help in addressing the high costs involved, reduce carbon footprints and eradicate severe other issues industries usually face.
Rapid population growth and the subsequent growth in urbanization and industrialization are compelling industries to produce affordable and sustainable devices. For this reason, companies are investing considerable amounts in developing and offering efficient, reliable and inexpensive smart devices made from eco-friendly materials, which undeniably fuel the expansion of the nanocellulose market size.
Key players comprising the competitive landscape of the nanocellulose industry include global companies such as Nippon Paper Group Inc., FPInnovations, Innventia AB, J. Rettenmaire & Sohne GmBH (JRS), CelluForce Inc., Melodea Ltd., Asahi Kasei Corporation and Daicel FineChem Ltd., among others. With increased competition across the industry, several companies are undertaking R&D programs to measure the usability of nanocellulose materials in an innumerable range of applications.
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Browse Related Report:
1. Microcrystalline Cellulose (MCC) Market Size By Source (Wood, Non-wood), By End-user (Food And Beverages, Pharmaceutical, Personal Care, Paints & Coatings), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, U.K., France, Italy, Russia, China, India, Japan, Australia, South Korea, Indonesia, Malaysia, Thailand, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Qatar, Kuwait), Application Growth Potential, Price Trends, Competitive Market Share and Forecast, 2017-2024
2. Carboxymethyl Cellulose (CMC) Market Size By Purity (Above 95%, 80%-95%, Below 80%), By End-user (Food & Beverage, Pharmaceuticals, Personal Care, Oil & Gas, Pulp & Paper, Detergents & Laundry), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, U.K., France, Sweden, Italy, Finland, Netherlands, China, India, Japan, Australia, Thailand, Indonesia, Malaysia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia , UAE), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016-2024
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Nanocellulose Market Size to Exceed $1 Billion by 2024
Nanocellulose Market value is estimated to exceed USD $1 billion by 2024, according to a new research report by Global Market Insights, Inc.
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SOURCE Global Market Insights, Inc.