Nanocellulose Market Size, By Product (Nanocrystalline Cellulose, Nanofibrillated Cellulose), By Application (Paper Processing, Food & Beverages, Personal Care, Composites, Paints & Coatings, Oil & Gas), Regional Outlook, Industry Analysis Report, Growth

Nanocellulose Market Size, By Product (Nanocrystalline Cellulose, Nanofibrillated Cellulose), By Application (Paper Processing, Food & Beverages, Personal Care, Composites, Paints & Coatings, Oil & Gas), Regional Outlook, Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022-2030

The nanocellulose market is expected to gain a significant growth impetus by 2030 due to rapidly growing personal care industry across the globe. In addition, the rising consumption of food and beverages, along with increasing product demand in the oil & gas industry, is likely to fuel market growth over the forecast period.

Recently, the industry witnessed a halt in business operations due to a decline in demand amid strict lockdowns and the slow growth of enterprises. However, the resumption of business outlets and developments in country infrastructure aided the industry to attain a positive outlook after the COVID-19 pandemic. Additionally, government investments to reduce the carbon footprint has also fueled the market growth.

Moreover, market players have been engaging in strategic partnerships and product development to garner a stronger stance in the market. For instance, in March 2022, Nippon Paper Industries Co., Ltd., a Japanese paper manufacturing company, announced that its new product range of patent-coated boards had obtained the Eco Rail Mark certification.

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

With respect to product, the nanocellulose industry has been categorized into nanofibrillated, nanocrystalline, and bacterial. The nanocrystalline segment is primed to grow at a CAGR of roughly 27.1% through the review period. These crystalline mixtures have several unique optical, chemical, and electrical characteristics, and their size, shape, and charge lead to unique behavior in solutions, making them suitable for varied end-user commodities.

In terms of application, the nanocellulose market has been classified into oil & gas, paper processing, composites, food & beverages, paints & coatings, personal care, and others. Among these, the food & beverages segment is slated to witness sizable growth at above 28.1% CAGR to be valued at over $258,202.1 thousand by 2030. This growth is impelled by the increasing utilization of packaged food & beverages and surging dependence on processed food.

Meanwhile, the paints & coatings segment is anticipated to progress at a CAGR of around 27.6% to surpass a valuation of $262,221.7 thousand by the end of the analysis period as a result of prominent construction projects in developing nations and increased government investments, which are fueling nanocellulose demand in the production of paints and coatings.

On the regional front, the LATAM nanocellulose market is estimated to grow at a CAGR of more than 28.7% through the projected timeframe. The shifting lifestyle and rising disposable income of consumers have propelled the growth of the construction industry in the region, in line with mounting demand for oil & gas from the automotive industry, which is likely to support market growth.