U.S. Nitrocellulose Market to witness remarkable gains over 2016-2023, high demand for wood coatings from the furniture industry to drive the regional growth
Germany Nitrocellulose Market Size, by Application, (kilo tons), 2012-2023
This compound is used in the antigen-antibody binding process for diagnostic tests such as CRP, pregnancy, radon tests, and U-albumin tests and as a carrier of medications (when dissolved in organic solvents), subject to which it finds extensive usage in the medical sector. This will rapidly propel the global nitrocellulose industry. The product, being an integral constituent of nail varnish and wood coatings, is extensively used for manufacturing furniture. The growing e-commerce sector and the subsequently increasing online sales of furniture will fuel nitrocellulose market over the years to come.
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In 2015, U.S. nitrocellulose industry share from wood coatings was more than six kilo tons and is slated to grow at a CAGR of more than 5.2% over 2016-2023. This growth can be attributed to the heavy demand from the furniture sector in the U.S. These coatings can be combined with toners and glazers to be used in a wider spectrum of applications, which will propel U.S. nitrocellulose market from wood coatings applications, set to hit a revenue of USD 28 million by 2013. They also enable easy finesse of the finished furniture, in terms of polishing and rubbing the coated material, thereby expanding their end-use domain utilization and fueling the market size.
U.S. nitrocellulose industry is also anticipated to be driven by the heavy demand for the product for printing inks. Printing inks dominated the application landscape of nitrocellulose market by contributing to more than 25% of the overall revenue in 2015, with a volume of 50 kilo tons. This growth can be attributed to the heavy industrialization and urbanization across the globe. These inks possess strong adhesive characteristics, limited additive reactions, and can dry faster, subject to which they are widely used in the packaging and e-commerce sectors. This in turn, will propel U.S. nitrocellulose industry from printing inks, given that the country is experiencing a rapid surge in its e-commerce and packaging industries.
Primarily led by the U.S., North America nitrocellulose market is expected to grow at a rate of 5% over 2016-2023. The rising e-commerce industry and the changing trends of the consumers toward online furniture shopping will fuel the regional nitrocellulose industry.
Owing to its numerous benefits, nitrocellulose finds applications in leather finishes, and is used extensively in global leather industry to protect leather products from heat and moisture. Subject to the properties of high adhesion and flexibility, nitrocellulose based leather finishes are massively used to coat numerous leather materials such as belts and shoes, thereby propelling nitrocellulose market from leather finishes, set to record a volume of more than 35 kilo tons by 2023. The rapid growth of leather manufacturing firms in Thailand, Vietnam, and other APAC countries will further drive the regional product demand.
Nitrocellulose protects nails and allows them to breathe, subject to which nitrocellulose induced nail paints and polishes are in heavy demand. Pertaining to government regulations regarding safety issues, nitrocellulose market from nail varnishes will experience a moderate growth over 2016-2023.
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.
Subject to the growing automotive, printing, and leather industries in India and China, Asia Pacific nitrocellulose market will observe gains of more than 8% over 2016-2023, with India being one of the major contributors. Subject to the expanding automotive sector and the extensive usage of leather accessories such as belts, seta covers, and footwear, India nitrocellulose industry is expected to register an annual growth rate of 6.5% over 2016-2023. In addition, the governments of most of the APAC nations offer financial incentives and subsidies, which will spur the regional nitrocellulose market.
Brazil has been witnessing heavy gains in the manufacturing and automobile sectors over the last few years – it is expected that the country will expand rapidly in terms of the production and sale of trailers and commercial motor vehicles. Pertaining to this factor, Brazil nitrocellulose industry is set to witness a fairly moderate CAGR of over 2016-2023, as the product will be heavily utilized for automotive paints and leather varnishes. Brazil is expected to dominate Central & South America nitrocellulose market, which is slated to witness a CAGR of 6% over 2016-2023.
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 industry 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.
Europe nitrocellulose market, mainly led by Germany, UK, and France, is expected to record a CAGR of 4.5% over 2016-2023. Nitrocellulose market revenue from Germany and France together is anticipated to be more than USD 85 million by 2023.
Global nitrocellulose market will witness the participation of numerous small and big players. Prominent companies include ones being Baoding Baofeng, Nitro Quimica, The Dow Chemicals, Hebei Beixin, Eurenco, SNPE, Sichuan Nitro Cell Co. Ltd., Nitro Chemicals Industries, and TNC Industrial Co. A majority of the key participants have their presence centered in China, which will lead to the subsequent growth of APAC nitrocellulose industry. In addition, the small and medium-sized manufacturers are also striving to consolidate their position in the highly-fragmented nitrocellulose market by making use of innovative technologies to enhance the features of the product and expand its application domain.
Author Name :Saipriya Iyer