The global nanocellulose technology market depicts the existence of a highly competitive and fragmented vendor landscape, owing to the presence of innumerable players, says Transparency Market Research on the basis of a recently published report. Moreover, the competition is expected to get tougher with the entry of new players on a regular basis in the market. Daicel Finechem Ltd., Oji Holdings Corporation, Axcelon Biopolymers Corporation, Borregaard, UPM-Kymmene Corporation, American Process, Inc., BASF SE, Cellu Force Inc, Nippon Paper Industries Co., Ltd, Melodea Ltd, Stora Enso, Innventia AB, and Sappi Global, are key players operating in the global nanocellulose technology market.
Most businesses are participating in collaborative agreements with manufacturers, which is considered to be their primary strategy. Enhancing production capacity and expanding geographical presence too are prime schemes implemented by most companies working in the nanocellulose technology market. Several companies are focusing on achieving substantial product differentiation and carrying extensive research and developmental activities to develop high performance bacterial nanocellulose based products for biomedical and non-medical applications.
According to experts from Transparency Market Research, the global nanocellulose technology market is projected to witness outstanding growth at a meteoric CAGR of 30.7% during the forecast period from 2017 to 2025. The global nanocellulose technology market is concentrated in developed regions such as North America and Europe. Asia Pacific is also anticipated to have attractive growth potential in the nanocellulose technology market due to an increase in demand for biodegradable products from developed economies.
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Highly Nanocellulose Properties Boosts Its Demand in Various End User Industries
Widespread technological advancements occurring in the field of nanotechnology, especially in case of processing cellulose by expanding the horizons through which it can be utilized is primarily driving the global nanocellulose technology market. Rampant progress happening in personal care and pharmaceutical sectors along with rise in focus on biodegradable products too is propelling the market’s expansion.
As nanocellulose can be used in several end user industries such as composites, paper processing, foods and beverages, oil and gas, textiles, and paints and coatings, its witnesses a great demand all over the globe on a continuous basis. Moreover, the material is highly preferred owing to its properties such as high tensile strength, high degree of thermal stability, and low density, thus making the global nanocellulose technology market grow at a rampant pace. With numerous businesses acquiring advanced technologies, this market is anticipated to depict the presence of luxurious growth during the forthcoming years.
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High Costs Required for Nanotechnology Production Stunts Growth
However, businesses operating in this market need to pour mammoth amounts of capital to carry out crucial research and developmental activities. This can end up making the product highly expensive and out of the league of many potential consumers. Moreover, small-scale companies are expected to back out from investing in this market owing to high capital need. These are some of the most striking factors that are restraining the global nanocellulose technology market.
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Moreover, the global nanocellulose technology market is highly hampered owing to lack of raw materials required to manufacture the required cellulose materials in underdeveloped and certain developing economies. In some economies, very low profit margins exist in the production of nanocellulose. However, many businesses are expected to introduce several cost-regulated varieties of this material. This is expected to offset most of the restraints affecting the global nanocellulose technology market.
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