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Nitrocellulose Market Size, Share, Trend | Growth Forecast, 2027
Allied Market Research has released an in-depth report on the nitrocellulose market, categorizing it into various segments on the basis of product type and application. The report indicates that the market, valued at $0.8 billion in 2019, is projected to grow to $1.2 billion by 2027, exhibiting a CAGR of 5.5% from 2020 to 2027.
The study provides a comprehensive analysis of key market segments, dynamics, competitive landscape, and prominent players in the sector. It offers industry size estimates and forecasts by assessing the global landscape across all the segments. Furthermore, the report includes a geographical analysis of these segments, with each section examined at the regional level to offer a thorough understanding of the market.
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Market dynamics
The industry has witnessed prominent growth due to a wide range of applications of nitrocellulose in various fields. Its strongadhesion, greater durability, and fast-drying propertieshave made it ideal for automotive paints and coatings. The expansion of automotive industry across developing economies, such as India and China, has increased the demand for high-performance coatings. Moreover, increase in demand for nitrocellulose-based inks among food packaging, publication, and textiles has created wider growth opportunities for the sector. On the other hand, this versatile compound is more eco-friendly than synthetic alternatives. This has increased its use as an environmentally friendly alternative for ink formulations in regions such as North America and Europe, where sustainability has become a key concern.
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Sectoral snapshots
In January 2024, CSG industrial group, a multinational corporation, announced its acquisition of the nitrocellulose business of IFF, a leader in food, beverage, health, and biosciences. With this acquisition, CGS plans to take over the production of nitrocellulose for industrial purposes, serving its customers mainly in coatings and printing inks.
Similarly, in October 2024, MSM Group joined hands with U.S.-based IFF to acquire its nitrocellulose plant and Walsrode Industrial Park in Germany. With this acquisition, the corporations aim to produce energetic nitrocellulose for a wide range of defense applications. According to Jan Marinov, the CEO of MSM Defense Division, this initiative is expected to strengthen the ammunition industry, aligning with the EU and NATO security.
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Regional insights
The study also sheds light into the performance of the industry across various regions to help businesses in the sector understand its evolving landscape. According to the regional analysis, Asia-Pacific held the dominant share in 2020 and is expected to maintain a constant growth over the estimated timeframe. This is due to the rapid expansion of automotive and construction industries across the region, which has increased the demand for nitrocellulose-based paints and coatings for automotive applications. Moreover, the rise in demand for high-performance inks in the food and packaging industries in the area has fueled the regional growth of the market.
Key Questions Covered in the Report
What are the main growth drivers of the nitrocellulose market?
Which are the top companies operating in the industry?
Which region is expected to have the fastest growth rate in the sector?
What are the upcoming trends in the landscape?
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Competitive analysis
The report conducts a detailed analysis of the leading companies in the sector to assess their industry share, positioning, and competitive capabilities within the industry. This evaluation of key players is covered in the study to offer stakeholders a comprehensive understanding of their roles and contributions to the market.
Major players listed in the study include:
Hagedorn NC
Nitrex Chemicals India Pvt. Ltd.
Synthesia a.s.,
Hengshui Orient Chemical Co., Ltd.
EURENCO
North Sichuan Nitrocellulose Corporation
GRN Cellulose Pvt. Ltd.,
Nitro Quimica
TNC Industrial Co. Ltd.
Nitrocellulose Group
Summing up, the AMR report offers valuable insights into the various segments of the the industry, enabling companies to make informed investment decisions. The latest findings presented in the study assist businesses in developing effective growth strategies to expand their operations on a global scale.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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