Nanocellulose Market to Reach $1,053.09 Million by 2027; Increasing Applications in Packaging Industry to Augment Growth

The global nanocellulose market size is projected to reach USD 1053.09 million by 2027 owing to the increasing implementation of the material in the packaging industry, says Fortune Business Insights™ in its report, titled, “Nanocellulose Market Size, Share & COVID-19 Impact Analysis, By Type (Microfibrillated Cellulose, Cellulose Nanofibrils, Cellulose Nanocrystals, Bacterial Cellulose, and Others), Application (Cement & Composite Materials, Textiles & Nonwovens, Paper & Packaging, Food Products, Cosmetics & Toiletries, Filter Materials, and Others), and Regional Forecast, 2020-2027.” As per the report findings, the market value stood at USD 291.53 million in 2019 and is estimated to register a CAGR of 19.9% from 2020 to 2027.

Norske Skog Develops a New Variant of CEBINA

In December 2020, Norske Skog developed a new variant of CEBINA, a cellulose nanofibril product, by replacing the suspension liquid with a polymer instead of water. This enabled the use of CEBINA in epoxy floor coverings and adhesives. Using this material, Norske developed an epoxy coating for floor demonstrations in collaboration with Re-Turn, Gjøco AS, and Solberg Gulv & Industribelegg. The process of producing CEBINA comprises breaking down of the fiber into simple portions i.e. cellulose nanofibrils. The material forms a network of micro-length and nano-width thread.

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https://www.fortunebusinessinsights.com/nanocellulose-market-104565

Increasing Amount of Plastic Waste to Drive Growth

The increasing production of plastic has become a concerning matter for the environment. The material’s non-degradable nature makes the issue adverse. According to National Geographic, annually, a total of 8 million tons of plastic waste gets into oceans from coasts. Owing to such factors, the packaging industry is switching to other alternatives, such as nanocellulose, for packaging material. This is increasing the demand for the material on a global scale. The surging utilization in the packaging industry is driving the nanocellulose market growth.

In addition, the rising research and development activities to identify new applications of nanocellulose are projected to further strengthen its demand. However, factors, such as the high cost of production, are estimated to hinder the growth in the future.

Collaboration with Suppliers to Aid Prominent Players Enhance Productivity

Key players operating in the global market are focusing on collaboration with various suppliers in order to enhance their productivity. For instance, in February 2020, GranBio Technologies, a subsidiary of GranBio, signed a supply partnership with Birla Carbon, an Indian company, for the supply of biomass-based nanocellulose for the replacement of carbon black, an oil by-product used in the tire & rubber industry.

An Industry Development:

• In September 2020, Celluforce signed an agreement with a multinational company operating in the cosmetics sector for the exclusive supply of CNC for next 10 years. In addition, the company estimated that it will require a new, larger plant in the near future in order to meet the demand from this agreement. The MNC has been given a global exclusivity for the commercialization of CNC-based cosmetics products and is set to introduce new products over the period of contract.

A List of Key Manufacturers Operating in the Market:

• Fiberlean Technologies (UK)
•  Kruger, Inc. (Canada)
• Borregard (Norway)
• Nippon Paper Group (Japan)
• Celluforce (Canada)
•  Stora Enso (Finland)
• Norske Skog ASA (Norway)
• The University of Maine (U.S.)
• Research Institutes of Sweden (RISE) (Sweden)
• GranBio (Brazil)
• CelluComp (UK)
• Other Key Players

Further Report Findings:

• Based on the application, the paper and packaging is the fastest-growing segment with a market share of 23.0% in 2019. The segment growth is primarily driven by the intensive utilization of cellulose nanocrystals in both paper and plastic-based packaging. In addition, the segment accounted for a total share of 22.4% in the Germany nanocellulose market.
• Based on the type, the microfibrillated cellulose (MFC) segment is set to lead during the forecast timeline. The dominance of this segment is driven by the increasing applications of MFC in the manufacturing of nanocomposites, bio-based medical products, wood adhesives, super-capacitors, batteries, continuous fibers for textiles, and other products.
• Based on the region, Asia Pacific is set to hold the leading market share. The market value stood at USD 43.16 million in 2019. The dominance is attributed to the high demand from several end-use industries from China, India, and South Korea.

Table of Segmentation