Global Nanocellulose Market, By Type (MFC & NFC, CNC/NCC, Others (BNC, TC, ANC, and CNY)), By Application (Pulp & Paper, Composites, Biomedical & Pharmaceuticals, Electronics Sensors, Others (cosmetics, oil & gas, and food)), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The nanocellulose market size was valued at US$ 290.3 Mn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.1% from 2020 to 2028.
Nanocellulose can be rendered as a material derived from wood fibers, and are favored for their supreme strength at par with a featherweight material known as Kevlar. Nanocellulose, in contrast with Kevlar, are entirely renewable, and is ideal for developing body armour, which is strong and lightweight. Apart from this, they find application in making excellently pliable screens.
In addition to that, the substance can make embellished dressings for bruises and wounds, owing to its absolutely permeable as well as highly porous nature. Owing to which, nanocellulose witnesses high demand across the global markets, thus the global nanocellulose market is projected to grow substantially in the years to come.
In addition to that, nanocellulose has surfaced as a tough, flexible, economical and renewable substance for numerous applications in the forthcoming years. Thus, the global nanocellulose market is expected to rise rapidly in the near future.
By the same token, many stringent regulations enforced by regulatory authorities and governments have outlawed non-biodegradable packaging substances specifically for the food and beverage industry, which is further driving the demand of nanocellulose across the global markets. Therefore, the global nanocellulose market is estimated to witness massive breakthroughs in the forthcoming years.
However, the surge in need for particular machinery and instruments for the eradication and procurement of the materials, elevated product costs, absence of regulations and standardization and inadequacy of consumer awareness are some of the leading factors that is likely to hold back the growth of the global nanocellulose market over the forecast period.
Nevertheless, the increasing technological advancements and rising modernization in the production methods is yet estimated to further create lucrative and new opportunities for the global nanocellulose market in the coming years.
MMC Study identifies some of the key participating players in the nanocellulose market globally are Fiberlean technologies, Borregard, Nippon Paper Industries, Celluforce INC, Kruger INC, Stora Enso, Rise Innventia, American Process Inc., FPInnovations, UPM-Kymmene Oyj, Melodea, Cellucomp, Blue Goose Refineries, Oji Holdings Corporation, VTT, and Sappi, among others.
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