CHICAGO, Aug. 6, 2024 /PRNewswire/ -- The report "Nanocellulose Market by Type (MFC & NFC, CNC/NCC), Raw Material (Wood, Non-wood), Application (Paper & Pulp, Composites, Paints & Coatings, Biomedical & Pharmaceuticals, Electronics & Sensors), and Region - Global Forecast to 2032", is projected to grow from USD 0.6 billion in 2024 to USD 3.4 billion by 2032, at a CAGR of 23.7% from 2024 to 2032. The major factors driving the nanocellulose market include increasing demand for sustainable products due to improvements in material science and rising private and government support for nanocellulose R&D in advanced nations.
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218 - Tables
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By type, the MFC and NFC segments accounted for the highest share of the nanocellulose market from 2024 to 2032.
The MFC and NFC segment, by type, market accounted for the highest share. MFC and NFC have numerous applications in various industries, including paper and packaging, composites, medicines, and food. Due to their adaptability, they are in high demand in multiple industries. These nanocelluloses have exceptional mechanical qualities, such as high stiffness and strength, making them ideal for reinforcing composites. Furthermore, state-of-the-art technologies in production make the large production of MFC and NFC easier, cheaper, and more convenient for industrial purposes. Improved processes at higher levels in the value chain have made it possible to produce MFC and NFC at a lower price, making these interesting alternatives for many applications. Knowing that both MFC and NFC are renewable, and biodegradable coincides with the rising global focus on sustainability and eco-friendliness. Their biodegradability decreases negative environmental impact, making them preferred to non-biodegradable materials, particularly in the packaging business.
The wood segment accounted for the highest share of the nanocellulose market by raw material from 2024 to 2032.
The wood segment accounted for the highest share of the market by raw material. Wood has the largest market share in the nanocellulose market because of its availability, sustainability, and affordability. It provides an environmentally friendly source of cellulose, which is required to produce nanocellulose. Furthermore, wood-derived nanocellulose has good mechanical qualities and flexibility, making it ideal for various applications. The developed wood processing infrastructure strengthens its market dominance. The production of wood-based nanocellulose benefits from a reduction of production cost due to high availability and established processing methods resulting in economies of scale. Low cost of using wood as a raw material allows competitively pricing the nanocellulose products, and hence stimulates market adoption. Wood is encouraged to be applied in nanocellulose production by many governments through subsidies concerning the use of renewable sources. Stricter regulations for the use of non-biodegradable and synthetic materials could be a trigger towards the shift to sustainable alternatives like wood-based nanocellulose.
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By application, the paper and pulp segment held the highest share of the nanocellulose market from 2024 to 2032.
The paper and pulp application has the largest share of the nanocellulose market due to the material's properties, which increase paper strength, improve printability, and minimize the requirement for chemical additives.
Nanocellulose has improved mechanical qualities, making paper products stronger and lighter. Furthermore, its renewable and biodegradable nature is consistent with the industry's environmental objectives. There is a rising consumer preference for eco-friendly and sustainable packaging solutions, raising demand for paper products enhanced with nanocellulose. Paper products with nanocellulose remain recyclable, of importance in markets where the emphasis is on recycling. Increasing regulations against non-biodegradable materials and plastic packaging drive the paper and pulp industry to seek sustainable alternatives like nanocellulose. Industry standards regarding the use of nanocellulose in paper products have been put in place, thus enabling wider adoption and acceptance in the market.
During the forecast period, Europe will lead the global nanocellulose market.
Europe held the largest share of the nanocellulose market due to its robust industrial base and strong emphasis on sustainable materials. The region has a significant demand for nanocellulose in various applications, including packaging, composites, and healthcare, driven by strict environmental restrictions. Furthermore, substantial R&D investments, combined with the presence of key market participants, have strengthened Europe's dominant position. The emphasis on green technologies and renewable resources helps to drive regional market growth. The region has many key nanocellulose producers, such as FiberLean Technologies (UK), Borregard (Norway), Stora Enso (Finland), Rise Innventia (Sweden), and UPM (Finland).
Key Players
The major players in the nanocellulose market include Fiberlean Technologies (UK), Borregaard (Norway), Nippon Paper Industries (Japan), Celluforce Inc. (Canada), Kruger Inc. (Canada), Stora Enso (Finland), RISE Innventia (Sweden), American Process Inc. (US), FPInnovations (Canada), and UPM (Finland).
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