Industrial nitrocellulose is categorized as a hazardous substance and is thus exposed to a host of regulations related to explosive substances. Such a categorization leads to more precautionary measures and a higher related cost. However, growing industrialization is expected to create ample opportunities for industry expansion.
Further key findings from the report suggest:
The global nitrocellulose market demand was 189.2 kilo tons in 2015 and is expected to reach 312.5 kilo tons by 2024, growing at a CAGR of 5.7% from 2016 to 2024.
Demand in wood coatings industry is expected to account for over 20% of the total market in 2024. Nitrocellulose-based paints are preferred over conventional products owing to their superior characteristics. Such properties make these paints suitable for furniture coating applications.
Asia Pacific emerged as the leading regional market and accounted for over 50% of global demand in 2015. China is the largest consumer of nitrocellulose as a major raw material for its varied end-use industries. The growth of printing inks industry in China is expected to drive the regional market over the forecast period.
Key companies in the industry include Abu Zaabl Co. for Specialty Chemicals, Atomax Chemicals Co., Ltd, Dow Wolff Cellulosics GmbH, TNC Industrial Co., Ltd, Nitrochemie AG, Sichuan North Nitrocellulose Corporation and Hagedorn NC. Government restrictions in a certain region may interrupt the growth opportunities for the market players.
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