According to SPER Market Research, the Nitrocellulose Market is estimated to reach USD 1.30 billion by 2032 with a CAGR of 5.13%. Nitrocellulose is a highly flammable compound composed of cellulose, nitric acid, or other heavy nitrate compounds. It is commonly known as guncotton when used as a low-level explosive or propellant. When cellulose is not entirely nitrated, it can be utilized for a variety of applications, such as plastic films, wooden coatings, and ink printing. The global demand for nitrocellulose is expected to grow in the next six years due to its numerous applications, including explosives, wood coatings, printing tins, and plastic films.
To meet changing regulatory requirements, manufacturers are being encouraged to alter their paint and coating formulations, which is expected to drive the growth of the nitrocellulose market. Additionally, the rise in customer spending on high-quality clothing and footwear, which are comfortable and multifunctional, as well as changes in fashion trends, are expected to boost demand for nitrocellulose. Furthermore, the cellulose nitrate industry benefits from the need for high gloss or matte finishes for leather products to enhance their appearance and provide protection against heat and moisture.
Nitrocellulose Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 5.13%
- Forecast Market Size (2032): 1.30 billion
To protect public safety and avoid misuse of the material, governments around the world have enacted a range of laws and regulations requiring importers to obtain an import license for the sale of nitrocellulose. Industrial nitrocellulose is classified as a hazardous substance, and thus, is subject to regulations related to explosive substances, necessitating more precautionary measures and increased costs. Additionally, the expansion of industrialization is expected to create various new business opportunities.
Despite a few challenges, the market is expected to grow in the upcoming years, primarily due to the increased demand for nitrocellulose from the manufacturing sector, which is anticipated to expand further due to global industrialization. Furthermore, changes in fashion trends and rising customer spending on high-quality clothing and footwear are expected to drive demand for nitrocellulose, which is used in multifunctional apparel and leather products.
Impact of COVID-19 on the Nitrocellulose Market
The market demand for nitrocellulose from various end-use industries, including automotive paints, printing inks, and wood coatings, was significantly impacted by the COVID-19 pandemic. The nationwide lockdowns and closure of manufacturing units caused a substantial decline in demand. The automotive sector was severely affected by the pandemic, resulting in the disruptive halt of automobile production. This, in turn, further contributed to the decline in the sector, leading to a reduction in demand for nitrocellulose used in automotive paints.
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Nitrocellulose Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
- Printing Inks
- Automotive Paints
- Wood Coatings
- Leather Finishes
- Nail Varnishes
- Middle East & Africa
- North America
- Latin America
During the forecast period, Europe is expected to grow due to an increase in demand for automotive paints to meet the needs of various automobile MNCs in the region that are developing new hybrid and electric vehicles. Also, the European area is the main consumer of hybrid and electric automobiles.
Nitrocellulose Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Hubei Xufei Chemical Co. Ltd. IVM Chemicals, Jiangsu Tailida Group, Nitrex Chemicals India Pvt. Ltd., Nitro Chemical Industry Co. Ltd., Nobel NC, Sichuan North Nitrocellulose Corp. (SNC), Synthesia A.S., T.N.C. Industrial Co. Ltd.
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