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Nitrocellulose, also called cellulose nitrate, is a pulp-like substance formed by exposing cellulose to a nitrating agent, particularly nitric acid. It is a flammable compound which is used in gunpowder, paints, and lacquers. Nitrocellulose is also used in plastic films, wood coatings, and inks due to the properties it imparts such as durability, adhesion, high solubility, and faster drying. The demand for nitrocellulose is expected to grow due to its several applications ranging from explosives to plastic films, therefore growing the nitrocellulose market.
The key market driver for the global nitrocellulose market is the rising demand for automotive paints. Growing environmental concerns and better efficiency provided by the hybrid and electric vehicles has led to its increased demand, hence the rise in demand for automotive paints.
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Key market restraint for the global nitrocellulose market is the highly explosive nature of nitrocellulose. Dry nitrocellulose is known to be highly flammable and gets ignited with a spark or friction. Careless handling of nitrocellulose can lead to loss of several lives and have major disastrous results. The above reason is expected to act as a market restraint for the nitrocellulose market.
By application, the market is segmented into automotive paints, printing inks, wood coatings, leather finishes, nail varnish, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Some of the notable companies in global nitrocellulose market are Nitro Quimica, Dupont Specialty Solutions, Hagedorn AG, Nitro Cellulose Group, EURENCO, Nitro Chemical Industry Ltd., Synthesia a.s., Nitrex Chemicals India Ltd., Nitrochemie AG, TNC Industrial Co. Ltd., North Sichuan Nitrocellulose Corporation, and other key players.
Key Market Driver -
Rising demand for automotive paints
Key Market Restraint -
Highly explosive nature of nitrocellulose
The global nitrocellulose market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific occupies the major share of the global nitrocellulose market. The rising construction activities in developing countries is growing the demand for wood coatings. Additionally, high demand for nitrocellulose for leather finishing is also growing the nitrocellulose market. In Europe, the demand for nitrocellulose is increasing due to growing consumption of automotive paints due to the presence of major automobile manufacturers. North America has witnessed high demand for nitrocellulose due to growth in furniture industry for coating wood. In Latin America and the Middle East & Africa, the growth in the nitrocellulose market is primarily because of high demand for inks.
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