-- Nitrocellulose Market is expected to be valued at USD 940 million by 2023, growing at a CAGR of 6.5%. Nitrocellulose market is anticipated to gain profitable traction over the next few years, pertaining to the compound’s extensive applications in printing inks, nail varnish, wood coatings, automotive paints, and leather finishes. Also, referred to as cellulose nitrate or more commonly, flash paper, nitrocellulose is an extremely flammable compound formed by the process of cellulose nitration. It is a major component of nail polish, smokeless gunpowder, wound dressings, salicylic acid carrier, and the famous magician’s bright, ash-less flash paper.
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Global nitrocellulose market share is highly fragmented with large presence of regional companies competing with mncs. Dow Wolff, Tembec and Nitro Quimica are the notable industry participants. Increasing regional companies operating in unorganized sector has led mncs to extend product portfolio and involve in partnership with local distributors to improve the geographical coverage. Atomax Chemicals, TNC Industrial, IVM Chemicals, EURENCO and Synthesia are the other companies.
The automotive industry is experiencing a gradual shift from regular paints to nitrocellulose based paints, owing to the fact that they are convenient to apply and are available in a wide range of choices. Automotive paints accounted for over 20% of the overall nitrocellulose market share in 2015, and are anticipated to grow at a rate of 5% over 2016-2023. Driven by the rapidly developing automobile sector in countries such as India, China, Indonesia, and Thailand, nitrocellulose industry share from automotive paints applications will exceed USD 170 million by 2023.
Speaking of the surging growth of the automotive sector, the pioneer of myriad automobiles, and one of the leading regions of global automobile production, Germany, cannot be left behind. Germany nitrocellulose market from automotive paints will record a CAGR of 3% over 2016-2023, and is anticipated to contribute to more than 4% to the overall revenue by 2023, with a target volume of 3 kilo tons.
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Nitrocellulose Market in Europe, led by UK, Germany, and France, will witnesses sluggish gains due to strict government regulations. Germany automotive paints market size will generate above 3 kilotons, accounting for over 4% CAGR by 2023. In Germany, the automotive paints applications will register growth rate with 3% CAGR during estimated time frame.
Global nitrocellulose market will witness notable gains with its improving performance parameters including glossy appeal, high adhesion, quick dry and flexibility. APAC nitrocellulose market is the major contributor and is estimated to grow at over 8% up to 2023. Increasing end-use industry expansion including leather, printing and automotive industry will drive the regional demand.
Glimpse of Table of Content (ToC)
Chapter 4 Nitrocellulose Application Insights
4.1 Global nitrocellulose market share by application, 2015 & 2023
4.2 Printing inks
4.2.1 Nitrocellulose market estimates & forecasts, 2012 – 2023
4.2.2 Nitrocellulose market estimates & forecasts, by region, 2012 – 2023
4.3 Automotive paints
4.3.1 Market estimates & forecast, 2012 – 2023
4.3.2 Market estimates & forecast by region, 2012 – 2023
4.4 Wood coatings
4.4.1 Market estimates & forecast, 2012 – 2023
4.4.2 Market estimates & forecast, by region, 2012 – 2023
4.5 Leather finishes
4.5.1 Market estimates & forecast, 2012 – 2023
4.5.2 Market estimates & forecast by region, 2012 – 2023
4.6 Nail varnish
4.6.1 Market estimates & forecast, 2012 – 2023
4.6.2 Market estimates & forecast by region, 2012 – 2023
4.7 Others
4.7.1 Market estimates & forecast, 2012 – 2023
4.7.2 Market estimates & forecast by region, 2012 – 2023
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