Global Nitrocellulose Market, By Product (M Grade Nitrocellulose, E Grade Nitrocellulose, A Grade Nitrocellulose and Others), Application (Printing Inks, Automotive Paints, Wood Coatings, Leather Finishes, Nail Varnishes and Others), End Use Industry (Building and Construction, Textile, Automobile, Aerospace, Personal Care and Cosmetics, Marines, and Others) - Industry Trends and Forecast to 2031.
Nitrocellulose Market Analysis and Size
The nitrocellulose market is witnessing significant advancements, driven by innovations in its use across various industries such as coatings, inks, and propellants. Latest technologies in production and application methods enhance efficiency and safety. The market's growth is propelled by increasing demand in automotive and defense sectors, with eco-friendly formulations gaining traction for sustainability.
The global nitrocellulose market size was valued at USD 817.10 million in 2023 and is projected to reach USD 1,073.48 million by 2031, with a CAGR of 3.47% during the forecast period 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product (M Grade Nitrocellulose, E Grade Nitrocellulose, A Grade Nitrocellulose and Others), Application (Printing Inks, Automotive Paints, Wood Coatings, Leather Finishes, Nail Varnishes and Others), End Use Industry (Building and Construction, Textile, Automobile, Aerospace, Personal Care and Cosmetics, Marines, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Hubei Xufei Chemical Co. Ltd. (China), RYAM (U.S.), Jiangsu Tailida New Materials Co. Ltd (China), T.N.C. INDUSTRIAL CO. LTD. (Taiwan), Sichuan Nitrocell Corporation (China), Nitrex Chemicals India Ltd. (India), Synthesia, a.s. (Czech Republic), Rheinmetall AG (Germany), IVM Chemicals srl (Italy), Atomaxchem (South Korea), Qualcomm Technologies, Inc. (U.S.), and The Nitrocellulose Group (Thailand)
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Market Opportunities
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Market Definition
Nitrocellulose, also known as cellulose nitrate, is a highly flammable compound formed by nitrating cellulose through exposure to nitric acid. It's used in various applications such as propellants, explosives, lacquers, and film production. Nitrocellulose is valued for its quick-drying properties in lacquers and varnishes and is a key ingredient in smokeless gunpowder.
Nitrocellulose Market Dynamics
Drivers
- Growing Demand in Automotive Industry
The growing demand in the automotive industry significantly drives the nitrocellulose market. Nitrocellulose is essential in automotive paints and coatings, providing enhanced durability and superior finish. For instance, as global vehicle production and sales rise, the need for high-quality coatings escalates. Major automotive manufacturers, such as Toyota and General Motors, increasingly rely on nitrocellulose-based products to ensure their vehicles' longevity and aesthetic appeal, thereby fueling market growth.
- Rising Popularity of Furniture and Wood Coatings
Rising popularity of furniture and wood coatings fuels the nitrocellulose market, as it is crucial for high-gloss finishes and quick-drying applications. For instance, the booming demand for modern, stylish furniture in urban areas increases the use of nitrocellulose-based coatings. These coatings enhance durability and aesthetics, meeting consumer preferences and driving market growth. Consequently, the expanding furniture industry significantly boosts nitrocellulose demand.
Opportunities
- Expansion of Printing Industry
The expansion of the printing industry significantly drives the nitrocellulose market. As a crucial component in printing inks, especially for flexographic and gravure printing, nitrocellulose is essential for high-quality outputs. For instance, the booming packaging sector, which relies on vibrant and durable prints for product labels and packaging materials, boosts demand. Additionally, the resurgence of publishing, with an emphasis on glossy magazines and high-end prints, further fuels market growth.
- Advancement in Technology
Technological advancements in the production and application of nitrocellulose have significantly enhanced its versatility and efficiency. For instance, modern manufacturing techniques have improved the quality and consistency of nitrocellulose, making it more suitable for high-performance coatings and inks. Additionally, innovations in bio-based nitrocellulose cater to the growing demand for sustainable products. These advancements drive market growth by meeting the evolving needs of various industries, such as automotive and packaging.
Restraints/Challenges
- Raw Material Availability and Cost
Fluctuations in cellulose and nitric acid availability and prices significantly hinder the nitrocellulose market. These raw materials are essential for production, and their uncertain supply chains can lead to unstable production costs and market conditions. Manufacturers face challenges in maintaining consistent pricing and profitability amidst these fluctuations, impacting overall market stability and operational planning.
- Flammability and Safety Concerns
Nitrocellulose's high flammability presents substantial safety risks during production, storage, and transport, requiring rigorous safety regulations and handling protocols. These measures significantly escalate operational costs, acting as a hindrance to market growth. Safety concerns associated with nitrocellulose necessitate extensive investments in safety infrastructure and compliance, which can deter potential users and increase liability for manufacturers.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In December 2023, At the Taipei Building Show, DuPont, alongside Coryor Surface Treatment Company Ltd. and Nippon Paint Taiwan, unveiled innovative printed Tedlar PVF solutions and PVF coating offerings. These advancements mark a significant step in enhancing building material options, showcasing their commitment to cutting-edge technology in construction
- In October 2023, Rayonier Advanced Materials Inc. has enlisted Houlihan Lokey as financial advisors to explore selling its paperboard and high-yield pulp assets located at the Temiscaming site. This strategic move aims to optimize their portfolio and capitalize on market opportunities in the pulp and paper industry
- In September 2021, Hubei Xingfa Chemicals Group Co., Ltd. finalized the acquisition of an additional 18.785% stake in Hubei Taisheng Chemical Co., Ltd. from ABC Financial Asset Investment Co., Ltd. for approximately CNY 510 million. The transaction, funded internally, strengthens their position in the chemical sector, leveraging strategic investments for future growth
Nitrocellulose Market Scope
The market is segmented on the basis of product, end use industry, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- M Grade Nitrocellulose
- E Grade Nitrocellulose
- A Grade Nitrocellulose
- Others
Application
- Printing Inks
- Automotive Paints
- Wood Coatings
- Leather Finishes
- Nail Varnishes
- Others
End Use Industry
Nitrocellulose Market Regional Analysis/Insights
The market is analysed and market size insights and trends are provided by product, end use industry, and application as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific is expected to dominate the nitrocellulose market, driven by significant gains projected during the forecast period. The region anticipates the highest compound annual growth rate (CAGR), fueled by increased applications in the nitrocellulose paint and coatings sector.
North America is expected to show growth in the nitrocellulose market. Rising urbanization and personal disposable income are indirect growth determinants. Increased demand from the leather industry will create lucrative opportunities for market expansion.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Nitrocellulose Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
- Hubei Xufei Chemical Co., Ltd. (China)
- RYAM (U.S.)
- Jiangsu Tailida New Materials Co.,Ltd (China)
- T.N.C. INDUSTRIAL CO., LTD. (Taiwan)
- Sichuan Nitrocell Corporation (China)
- Nitrex Chemicals India Ltd. (India)
- Synthesia, a.s. (Czech Republic)
- Rheinmetall AG (Germany)
- IVM Chemicals srl (Italy)
- Atomaxchem (South Korea)
- Qualcomm Technologies, Inc. (U.S.)
- The Nitrocellulose Group (Thailand)
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