LOS ANGELES, May 23, 2019 (GLOBE NEWSWIRE) -- The Global Nitrocellulose Market is estimated to grow at CAGR above 6% over the forecast time frame 2019-2026 and reach the market value around USD 1.2 billion by 2026.
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The main component of smokeless gunpowder is nitrocellulose. In addition, in northern blots and southern blots in nuclear biology, nitrocellulose is used for the immobilisation of nucleic acids. Because of its non-specific affinity to amino acids, nitrocellulose is also used for immobilization of protein into western blots. In addition, nitrocellulose is widely used for diagnostic testing such as U-Albumin testing, pregnancy testing and CRP. Nitrocellulose is also known as collodion when dissolved in ether or other organic solvents. This solution is used as a medicines carrier and a wound dressing. Nitrocellulose is also used in nail polish and hair colouring. Lacquer and paint with nitrocellulose are also used in guitar manufacturing. In order to protect the aircraft's material, nitro-cellulose lacquer is also used as an aircraft dope. In all these diverse applications, the growing demand for nitrocellulose is expected to drive the global nitrocellulose market over the coming years.
Growth Factors
The global market is expected to drive a broad range of applications in a number of end-use industries. In engraving and flexographic printing applications nitrocellulose based inks are used. Printing ink applications have increased in the recent past and are expected to have a positive impact on the growth of the market. The overall demand is expected to complement physical properties such as better adhesiveness and non-reactivity to other paints.
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In addition to inks or coatings, nitrocellulose gives specific features like superior drying characteristics and high solubility. Governments around the world have made several regulations and imposed different mandatory policies on imports of this product for import licenses for public interest and to prevent the substance from being misused and safeguarding. Industrial nitrocellulose is classified as a dangerous substance and is therefore subject to various explosive substance regulations. Such a classification leads to increased precautions and associated costs. Continued industrialisation, however, should create ample expansion opportunities.
Key Findings
In 2018, the world market for nitrocellulose was around USD 700 million, and CAGR is forecast to exceed 6% between 2019 and 2026.
Over 24 per cent of the total share of the 2018 wood coatings accounted for. Because their characteristics are suitable for furniture coating, nitrocellulose-based paints are preferred to conventional products.
The largest and most rapidly growing application over the projected years will, however, be printing inks.
Asia Pacific became the leading regional market with more than 45% of worldwide demand in 2018.
In view of the rapid growth of the country's printing inks industry, China is APAC's largest consumer of products.
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Key Players & Strategies
Atomax Chemicals Co. is one of the major business members. Others include Nitro Quimica, TNC Industrial Co. Ltd, Bergerac N.C., Abu Zaabal Co. Hagedorn NC, Nitrex Chemicals India Pvt., Dow Wolff Cellulosics Gmb HG, Ltd. These businesses are investing more in R&D to create sustainable feedstock effective goods. Furthermore, companies strive to reach a competitive advantage on certain variables, such as scale savings, innovations, prices and operating costs.
The sector is subject to numerous laws that govern its production procedures and the use of apps in different end-use sectors. Several bodies have established numerous directives on the processes of transport, production and disposal. The companies focus on extending their portfolio to respond to growing demand and to compete with current multinational companies. Nitrex Chemicals India Pvt, for instance, in March 2004. In order to grow their brand portfolio, India cellulose nitrate company Ltd. has bought the Imperial Chemical Industries (ICI).
Key competitors focus on cooperation and licensing agreements for the exchange of technical knowledge linked to therapeutic haemoglobinopathy. For example, in January 2014, the global cooperation agreement for therapeutic development of hemoglobinopathy was announced by Bioverativ and Sangamo Therapeutics, Inc.
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