Portland, OR, March 15, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cellulose nanocrystals market was estimated at $55.7 million in 2021 and is expected to hit $315.8 million by 2031, registering a CAGR of 19% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $55.7 Million |
| Market Size in 2031 | $315.8 Million |
| CAGR | 19.0% |
| No. of Pages in Report | 403 |
| Segments Covered | Source Type, Application, and Region |
| Drivers | Rising population |
| Advancements in technology | |
| The emergence of the cosmetics and skin care industries | |
| Well-established pharmaceutical industry | |
| Opportunities | Formulation of various skincare and personal care products including liquid foundation, creams, makeup removal products, and others |
| Cellulose nanocrystals successfully address issues with post-makeup skin cleansing | |
| Restraints | Dearth of technical expertise and high production cost of cellulose nanocrystals |
| Accessibility of specific alternatives to cellulose nanocrystals such as carboxymethyl cellulose, kappa-carrageenan, and others |
Covid-19 Scenario:
- The cellulose nanocrystals market experienced a modestly negative impact during the COVID-19 pandemic, as consumers prioritized purchasing personal hygiene products, medications, and face masks on e-commerce platforms. However, the market remained stable overall.
- One area where there was an increase in demand for cellulose nanocrystals was in the production of biodegradable, renewable, and non-toxic membranes for aerosol filtration, providing an environmental solution to the pandemic. Furthermore, as COVID-19 cases declined in the fourth quarter of 2020, there was a rise in demand for personal care, hygiene, and consumer goods, which also contributed to the market's stability.
- The health benefits of cellulose nanocrystals have also led to increased consumption of nutritional syrup, vitamin D tablets, and capsules during the pandemic. Many of these products utilize cellulose nanocrystals in their production, which has expanded the market for these materials.
The report offers a detailed segmentation of the global cellulose nanocrystals market based on source type, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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By source type, the wood segment held the largest share in 2021, garnering around two-fifths of the global cellulose nanocrystals market revenue and is projected to maintain its dominance by 2031. The same segment would also cite the fastest CAGR of 19.4% throughout the forecast period. The other segments assessed through the report take in straw, cotton, and others.
By application, the biomedical segment contributed to more than one-third of the global cellulose nanocrystals market revenue and is projected to maintain its dominance by 2031. The same segment would also display the fastest CAGR of 19.5% throughout the forecast period. The pulp and paper, food and beverages, cosmetics and others segments are also discussed in the report.
By region, Europe held the major share in 2021, garnering around two-fifths of the global cellulose nanocrystals market revenue and is projected to maintain its dominance by 2031. However, the Asia-Pacific region would also showcase the fastest CAGR of 19.4% throughout the forecast period. The other provinces studied through the report include North America, and LAMEA.
The key market players analyzed in the global cellulose nanocrystals market report include Blue Goose Refineries, Sappi, innotech alberta, Melodea Ltd, CelluForce, Nanocrystacell, CelluComp, Anomera, Inc., GranBio, and Kruger Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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