The Asia Pacific nano cellulose market is anticipated to register a CAGR of 19.62%, during the forecast years of 2021 to 2028. The region’s key market growth propellers include the growing number of cellulose nanomaterials’ (CN) production activities, the augmenting cosmetics industry, and the rising flexible packaging market.
The Asia Pacific nano cellulose market growth is evaluated by studying Japan, China, Australia & New Zealand, South Korea, Thailand, and the rest of the Asia Pacific. Thailand’s economic growth has created a steady increase in the consumption and production of flexible packaging products. The demand for suitable packaging materials used to pack various objects is also rising. As a result, the country’s flexible packaging market observes robust growth, and significantly contributes to Thailand’s economy.
Conversely, the Australian automobile sector has contracted its production, over recent years. The decline is mainly attributed to the closing of car manufacturing sites across numerous regions, due to a lack of demand and excessive production. For instance, top brands, such as, Ford, Holden, and Toyota, shut down their assembling and manufacturing locations, thereby impacting the production growth. However, Australia’s cosmetics sector witnessed moderate growth in 2018, with sun-care, skincare, and color cosmetics as the most popular products. Furthermore, the aging populace in Australia, in addition to consumers spending more time outside, in the sun, mainly drives the demand for cosmetics. Hence, these factors are associated with the nano cellulose market growth, over the forecast period.
Some of the prominent enterprises operating in the market include Nippon Paper Industries Co Ltd, Daicel Finechem Ltd, Oji Holdings Corporation, Fiberlean Technologies, etc.
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