Nitrocellulose Market to Reach a Market Size of $1,071.9 Million by 2025 - KBV Research
NEW DELHI, Dec. 2, 2019 /PRNewswire/ -- According to a new report, Global Nitrocellulose Market, published by KBV research, the Global Nitrocellulose Market size is expected to reach $1,071.9 million by 2025, rising at a market growth of 6.08% CAGR during the forecast period. The demand for luxury furniture in the domestic and commercial segment has been unprecedented. Substantial growth in the per capita income is the prime reason behind the unprecedented growth in the luxury furniture market. The rapidly growing urban population is adding to the demand for luxury furniture thereby fuelling the wooden coating application of Nitrocellulose.
The Asia Pacific market dominated the Global Nitrocellulose Market by Region in 2018, and would continue to be a dominant market till 2025; thereby, achieving a market value of $505.7 Million by 2025, growing at a CAGR of 6.8 % during the forecast period. The Europe market is expected to witness a CAGR of 5.6% during (2019 - 2025). Additionally, The North America market is expected to witness a CAGR of 4.6% during (2019 - 2025).
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The Printing Inks market captured the largest market share in Global Nitrocellulose Market by Applications in 2018, and is predicted to achieve a market value of $270.4 Million by 2025, rising at a CAGR of 5.3 % during the forecast period. Printing ink market segment is majorly influenced by advancements in technology and rising demand of eco-friendly inks owing to the environmental concerns worldwide. The usage of Nitrocellulose in printing inks provides capability to dry fast, gloss and enhanced adhesive properties to a number of substrates. Wide variety of flexographic and gravure inks for the application in packaging industry utilize nitrocellulose. The Wood Coatings market is anticipated to experience a growth rate of 5.8% CAGR during (2019 - 2025). The Leather Finishes market is poised to attain a market size of $135.7 Million by 2025.
As the major strategies the market participants are focusing on widening their product portfolio, enhancing the production capacity with expansion into low cost regions especially in Asia Pacific geographies. Also, the companies are going for partnerships and collaborations with regional players to expand the geographical reach. For instance, in 2016, Nippon Paint India announced its partnership with IVM Chemicals based in Italy for promotion of its wood coating product portfolio based on Japanese technology. According to the agreement, brands such as Milesi, Ilva and Croma Lacke from IVM Chemicals were to be marketed by Nippon in Indian wood coatings market.
The report highlights the adoption of Nitrocellulose, globally. Based on Application, the market is segmented into Printing Inks, Wood Coatings, Automotive Paints, Leather Finishes, Nail Varnishes and Other Applications. The report also covers geographical segmentation of Nitrocellulose market. The geographies included in the report are North America, Europe, Asia Pacific and LAMEA.
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The major market players expanding their reach in the Global Nitrocellulose market are The Dow Chemical Company, Eastman Chemical Company, Nippon Paints Holdings Co. Ltd., PPG Industries, Inc., Arkema S.A., Akzo Nobel N.V, RPM International, Inc., Sherwin Williams Company, Ashland Global Holdings. Inc., BASF SE.
Scope of the Study
Market Segmentation:
By Application
- Printing Inks
- Wood Coatings
- Automotive Paints
- Leather Finishes
- Nail Varnishes and
- Other Applications
By Geographies
- North America
- USA
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA (Latina America, Middle East and Africa)
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Companies Profiled:
- The Dow Chemical Company
- Eastman Chemical Company
- Nippon Paints Holdings Co. Ltd.
- PPG Industries, Inc.
- Arkema S.A.
- Akzo Nobel N.V
- RPM International, Inc.
- Sherwin Williams Company
- Ashland Global Holdings. Inc.
- BASF SE
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