Market overview:
The volume of the nanofiber industry is estimated to be 296 million USD in 2019 and 1100 million USD by 2020, growing at a CAGR of 19.9%.
A substance made up of cellulose fibers that are smaller than a nanometer called nanocellulose is formed from plant materials. It is a thin pseudo-plastic substance with unique liquids or gel that are substantial under typical circumstances. Although any cellulosic source material can be used to create it, wood is often the feedstock. It is a widely sought-after material in the semiconductor industry for use in solar cells, generators, touch sensors, mobile phones, computers, and other consumer products since it is durable, recyclable, light, affordable, flexible, refractive, and inexpensive.
Additionally, nanocellulose is gaining superb properties like excellent dimensional stability, thermal stability, and high water-binding capacity, which opens the door for its use in a variety of industries like varnish and coatings, paper and board, individual services, oil and gas, polymer materials and wrapping, among others. In addition, nanocellulose has the following additional features that make it an excellent option for a variety of reinforcing application forms: rapid viscous restoration, severe shear weakening, enhanced dispersal, and particulate stability.
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Due to the closure of production businesses, numerous commercial areas, and day-to-day operating operations, the COVID-19 epidemic is severely impacting the middle-class populace, both medically and emotionally as well as economically. The Nanocellulose Industry is also badly impacted by this epidemic, which has a significant influence on several industries. The epidemic presented the manufacturers with several difficulties, and they had to adjust to the shifting characteristics of the market.
Additionally, the oil and gas business has been significantly impacted by this epidemic since most nations have implemented lockdowns and transit limitations. This results in a decrease in output or the stoppage of manufacturers, which restrains the expansion of the nanocellulose industry. The other significant end-use sectors, including paints & varnishes, textile composite, and are similarly found to be in decline.
The industry is developing as a result of rising product sales and manufacturing, rising living conditions, and increased car sales. It is projected that the demand for nanocellulose would experience considerable expansion as a result of rising crude oil output and the booming oil & gas sector. During the review period, rising disposable income and increased urbanization are anticipated to boost consumption in developing European nations.
Additionally, it is anticipated that the growth of the nanocellulose market would be aided by the rise of the cosmetics industry, the paintings and varnishes sector, and the desire for biodegradable polymers in both emerging and developed nations.
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Market segmentation:
This market is segmented into two groups that are based on the type and based on application.
Based on type this is again divided into Nanofibrillar cellulose, Bacterial cellulose, and nanocrystalline cellulose. Based on the application this is divided into the composites & packaging, paints & coatings, personal care, paper& board, and oil& gas.
Regional classification:
Latin America, North America, Europe, Asia-Pacific, and the Middle East & Africa are the regions of the world where the nanocellulose industry is geographically segmented.
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Industry news:
The key player in this market is Daicel Finchem Ltd (Japan), Sappi Ltd (South Africa), UPM (Finland), and Celluforce (US).
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