According to the latest market study available by Transparency Market Research, Albany, N.Y., USA, the global nanocellulose market will expand at a CAGR of 33.80% from 2015 to 2023. As a result, the market’s valuation will be US$699.6 million by 2023, increasing from US$54.9 million in 2014.The report, titled "Nanocellulose Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015-2023", is available for sale on the company website.

 

The report states that financial funding and technical support from governments and research organizations for the utilization of nanocellulose have been the major factors driving the nanocellulose market over the past few years.The utilization of nanocellulose is advocated due to its ability to curb the overall carbon footprint, as it is derived from renewable sources. This will boost the development of the nanocellulose market in the coming years. Nanocellulose exhibits superior structural strength, which has been a significant reason for the growth of the nanocellulose market over the past few years. Other than this, the high mechanical strength of combinations of aramid fibers, carbon fibers, and Kevlar with nanocellulose will boost the utilization of nanocellulose in composites.

 

However, economic and technical considerations such as high production costs, factory scaling limitations, and lack of standardization of product quality will hamper the growth of this market. The report segments the global nanocellulose market on the basis of product type, end use, and geography. By product, nanofibrillated cellulose emerged the largest product segment in 2014, accounting for more than 50% of the global market. The use of nanofibrillated cellulose lies in several end-use industries such as paper processing, paints and coatings, composites, pharmaceutical, and oil and gas

 

Nanocrystalline cellulose stood as the second largest product segment in the same year. The product segment is used in food and beverages, packaging films, biocomposites, paints and coatings, and textiles. Additionally, nanocrystalline cellulose has the ability to lessen damage that happens due to wear and tear, thereby making the product segment suitable for packaging applications.

 

Among all, bacterial nanocellulose held the lowest share in the global nanocellulose market. However, the product segment will be the fastest growing product segment in the forecast period. As bacterial nanocellulose is a biocompatible material, it promotes chondrocyte proliferation and surface adhesion for biological processes. Thus, the product segment is suitable for biomedical, biotech devices, filter membranes, and the food sector.

 

During the past few years, it is the composites end-use segment that has been dominating the nanocellulose market. The high tensile strength and biocompatibility of cellulose nanofibers led composites to account more than 35% of the global market in 2014. Due to these physical properties, nanocellulose has the capacity to replace glass and carbon fiber composites in the wind energy, sport, transportation, consumer goods, and biomedical sectors. In 2014, paper processing was registered to hold the second largest market share. The utility of nanocellulose for paper processing lies in the enhanced performance of paperboard, paper, and related products.

More information about this report is available online.