Grand View Research Reports on Nitrocellulose Market

Grand View Research’s new report, “Nitrocellulose Market Size, Share & Trends Analysis Report by Application (Printing Inks, Automotive Paints, Wood Coatings, Leather Finishes, Nail Varnishes), By Region, And Segment Forecasts, 2014 – 2024,” looks at the worldwide nitrocellulose market.
 
The global nitrocellulose market size was estimated at $649.1 million in 2016 and is expected to grow at a CAGR of 6.1% over the forecast period. The upsurge in consumption of nitrocellulose-based inks in coatings and paints industry across emerging economies, such as India, China, Vietnam, and Colombia, has a positive influence on the market growth.
 
Guncotton is produced when cellulose reacted with the nitrating acid and utilized as a propellant or low-order explosive. Nitric acid and sulfuric acid are presumed to witness high growth on account of their usage in the manufacture of fertilizers and other industrial applications.
 
The printing ink segment is driven by technological developments and the increasing consumption of eco-friendly based inks. Usage of these products in gravure printing and flexography would give high quality and durable color paint result.
 
Flexographic printing can be used in any material like plastics, metallic films, paper and other materials. Gravure printing is used for engraving images, onto cylindrical bases, mostly used in the rotary printing press. These inks are preferred over other substitutes owing to their superior properties such as quick drying, good adhesion, and easy application.
 
The government has issued stringent regulations with an aim to prevent any misuse of this substance and to safeguard the public interest. Brazil has banned imports of this product into the country to avert any misuse of the substance.
 
Wood coating emerged as the fastest growing segment owing to increasing residential construction activities. Cellulose nitrate-based wood coatings could be used with various other color applications such as sap stains, fillers, overall stains, and toners.
 
The wood coating is utilized in sliding doors and windows, decking of furniture, coloring and carpets, oil-based preservatives are used for industrial purposes. Robust furniture industry growth over the recent years and a positive demand trend are projected to complement the wood coatings application.
 
Nitrocellulose lacquer-based wood coating is the principal ingredients in musical instrument factories, as finishing agents in steel strings for guitars, mandolins, and banjos especially across the US.
 
Automotive paints are multi-layer coating which enhances the aesthetic appearance as well as gives protection against scratches, UV rays, corrosion, oxidation and acid rains. Essential ingredients used for manufacturing of automotive paints are thinners, pigments, and binders. Automotive paints have high solid content and low volatile organic compound. These factors are driving the consumption of cellulose nitrate in the automotive paint applications.
 
Pharmaceutical, sealants and artificial jewelry are some other major applications. Sealants are the material used as sealing agents to make them air light and water-resistant. The rapid growth of adhesives and sealants business over the past few years has positively influenced the growth. Besides this, high-performance guncotton is also utilized in disposable medical devices and mining activities.
 
Asia Pacific was the leading consumer and accounted for around 45% of the total revenue in 2015. Trade and use of cellulose nitrate in these countries are high owing to increasing demand from end-use industries such as printing inks, automotive paints, wood coating and leather tanning and finishes. Numerous manufacturers are also shifting their production bases to Asia Pacific region in order to reduce the cost of production.
 
China emerged as the most significant user of nitrocellulose as a raw material in 2015. The rapidly expanding printing inks industry across China is a major factor contributing to the demand. North America is expected to be the fastest regional segment, growing at a CAGR of 5.1% in terms of volume by 2024.