The growing technological advancements in the food packaging industry and rising government and private funding for research in developed nations are expected to drive the growth of the global nanocellulose market. Nanocellulose market was valued at USD XX Mn in 2018 and is expected to reach USD XX Mn by 2026, growing at a CAGR of 20.5% during the forecast period.
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Nanocellulose is a term referring to nano-structured cellulose. It is a light solid substance attained from plant matter which comprises nanosized cellulose fibrils and can also be prepared from any cellulosic source material. Nanocellulose is a pseudo-plastic and holds the property of specific sorts of gels or fluids that are usually thick in normal conditions. Nanocellulose has vast growth potential in various applications such as packaging, food, pharmaceuticals, composites, and personal care. The demand for nanocellulose is increasing owing to the rising demand for sustainable products with improved material science and growing awareness about the potential use of nanocellulose. The growing usage of nanocellulose in the production of advanced material is one of the major factors to drive the growth of the global nanocellulose market.
Apart from these, the benefits offered by nanocellulose such as biodegradability, carbon-neutrality, low toxicity, and versatility is major driving factors for the market. The use of nanocellulose offers a petroleum-based alternative for a range of industries including packaging and automotive and an eco-friendly solution. Nanocellulose is required in several industries, owing to its structural, thermal and mechanical properties. Further, the escalating prices of crude oil and the increasing demand for biodegradable material are going to drive the demand for nanocellulose during the forecast period.
Additionally, companies are also expanding their production capacity to meet the increasing demand for sustainable products. For instance, in February 2019, CelluForce has announced to restart the operations at its Cellulose NanoCrystals (CNC) plant with a production capacity of 300 tonnes per year to meet the growing demand for Cellulose NanoCrystals and serve as a blueprint for the design of future CelluForce plants.
However, legislative requirements regarding the use of nanocellulose materials are expected to impede the growth of the global nanocellulose market.