Global Nanocellulose Market to Reach $726.5 Million by 2024

A natural biomaterial extracted from plant cell wall, nanoceullulose is derived generally from disintegration of natural polymers or produced through bacterial action. Nanocellulose features numerous characteristics, with high strength, high surface area and superior stiffness among the most vital attributes. In addition, nanocellulose benefits from its low toxicity, biodegradability, and low weight. Amid the COVID-19 crisis, the global market for Nanocellulose is projected to reach US$726.5 Million by 2024, registering a compounded annual growth rate (CAGR) of 18.3% over the analysis period. United States represents the largest regional market for Nanocellulose, accounting for an estimated 35.8% share of the global total. The market, estimated at US$111.5 Million in 2019 is projected to reach US$307.5 Million by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 21.8% over the analysis period.

Growth in the global market is set to be driven by the constantly rising demand for sustainable products. The increasing awareness about the advantages and potential uses of nanocellulose, rising concerns over environmental degradation and growing demand for sustainable products are fueling demand for nanocellulose. The shortage of non-renewable or petroleum-based resources is also driving focus onto bio-based products and renewable materials such as nanocellulose. The global nanocellulose market is also favored by increasing support from governments and other organizations, especially in countries such as the US, Canada, Finland, Japan and Sweden, due to its renewable nature and its ability to reduce carbon footprint. Growing interest in using nanocellulose as an alternative to petroleum in the manufacture of synthetic polymers and chemicals has further added to the material`s popularity. Efforts are also underway to use nanocellulose in novel applications such as scaffolds in tissue engineering, artificial skin and cartilage, wound healing as well as vessel substitutes, to name a few. Demand for nanocellulose is led by North America and Europe primarily owing to interest in composites & packaging, personal care, food & beverages, paper and paperboard, coatings, and biomedicine. Canada is also one of the pioneers in the nanocellulose industry. The nation is credited as one of the earliest to set up a cellulose nanocrystals demonstration unit at the Domtar Windsor mill and has also set up a CNF plant on commercial scale.

The market for Cellulose Nanocrystalline is forecast to grow the fastest over the analysis period. Cellulose Nanocrystalline, also known as CNC, are obtained from acid hydrolysis of cotton, wood, or other cellulose-rich sources, and used in cosmetics, medical devices as well as composites. The ability of CNCs to organize into a chiral nematic (cholesteric) liquid crystal phase with a helical arrangement has garnered considerable interest and research effort in the material. The potential market has led to several research efforts among the producers of CNC.