Nanocellulose Market - By Product (Nanofibrillated Cellulose, Nanocrystalline Cellulose, Bacterial), By Application (Composites, Paper Processing, Food & Beverages, Paints & Coatings, Oil & Gas, Personal Care), By Region & Global Forecast, 2023 - 2032

Nanocellulose Market - By Product (Nanofibrillated Cellulose, Nanocrystalline Cellulose, Bacterial), By Application (Composites, Paper Processing, Food & Beverages, Paints & Coatings, Oil & Gas, Personal Care), By Region & Global Forecast, 2023 - 2032

The global nanocellulose market is slated to foresee substantial growth through 2032 owing to the expanding food & beverage industry worldwide.

Nanocellulose has been boasting of potential uses across diverse application areas given its anti-microbial properties and non-toxicity. Driven by these attributes, different companies are now investing into the nanocellulose business to introduce new products in the market.

For instance, in July 2020, Sappi Limited, the South African paper mill company, introduced a hand sanitizer, Valida natural cellulose. The latest product innovation helped the firm increase its product portfolio.

The nanocellulose market has been bifurcated in terms of product, application, and region.

Based on the product, the bacterial segment captured a business share of over $10 million in 2022 and is expected to expand at a CAGR of 25% over 2023-2032. The growth in bacterial nanocellulose can be credited to the fact that it is one of the safest and most biocompatible materials.

With respect to application, the paints & coatings segment is poised to grow at a rate of over 24% through 2032. Nanocellulose improves drying time, scratch and wear resistance, and offers increased durability. The use of cellulose nanoparticles as additives to enhance the characteristics of paints and coatings like varnishes and urethanes is one market opportunity that is set to bolster the market growth over the forecast period.

Meanwhile, the oil & gas segment generated a remuneration of over $10.5 million in 2022 and is speculated to grow a CAGR of 24% over the foreseeable time. The use of nanofluids as flooding agents subject to their environmentally friendly attributes will further increase the market size for nanocellulose in the oil & gas sector.

On the other hand, the personal care segment recorded a valuation of $18 million in 2022. The segment would further proliferate at a growth rate of over 24% over the review timeline driven by the use of nanocellulose aerogels in infant diapers, tampons, sanitary towels, and incontinence pads.

From the regional perspective, the Latin America nanocellulose industry is estimated to showcase over 24% growth rate through 2023 credited to the favorable government programs to modernize the infrastructure. The growth of the LATAM nanocellulose industry will also be aided by rising disposable income and public awareness of nanocellulose.

The Middle East & Africa nanocellulose market, likewise, is speculated to depict a growth rate of over 25% over the projected timeframe attributed to the expansion in the petrochemical sector. The rising demand for products such as plastics, packaging materials, composites, etc. from various industrial businesses in African countries is also likely to fuel MEA nanocellulose market dynamics.