The global nitrocellulose market size is expected to reach USD 1.09 billion by 2025 registering a CAGR of 6.2%, according to a new report by Grand View Research, Inc. Wide scope of application across numerous end-use industries is expected to drive the global market. Nitrocellulose-based printing inks are used in gravure and flexography printing applications. There has been a rise in printing ink applications in the recent past and is expected to have a positive impact on the market growth. Physical properties, such as better adhesion and non-reactivity to other paints, of the product are expected to compliment the overall demand.
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Nitrocellulose, when added to inks or coatings, imparts special characteristics, such as superior drying properties and high solubility. Governments across the globe have issued several regulations and imposed various mandatory policies for importers to obtain import license for the trade of this product with an aim to safeguard public interest and prevent any misuse of the substance. Industrial nitrocellulose is categorized as a hazardous substance and is thus exposed to a host of regulations related to explosive substances. Such a categorization leads to more precautionary measures and a higher related cost. However, growing industrialization is expected to create ample opportunities for industry expansion.
Further Key findings from the study suggest:
- The global nitrocellulose market was valued at USD 720.12 million in 2018 and is expected to witness a CAGR of 6.2% from 2019 to 2025
- Wood coatings accounted for 24.58% of the total share in 2018. Nitrocellulose-based paints are preferred over conventional products due to their characteristics that are suitable for furniture coating
- However, printing inks is projected to be the largest and fastest-growing application over the forecast years
- Asia Pacific emerged as the leading regional market and accounted for over 47.58% of global demand in 2018
- China is the largest product consumer in APAC on account of rapid growth of the printing inks industry in the country
- Key companies in the industry include Abu Zaabal Co. for Specialty Chemicals, Atomax Chemicals Co., Ltd., Dow Wolff Cellulosics GmbH, TNC Industrial Co., Ltd., Nitrochemie AG, Sichuan North Nitrocellulose Corporation, and Hagedorn NC
- Government restrictions in certain regions may interrupt the growth opportunities for these market participants