PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490288
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490288
Cellulose Nanocrystals Market size was valued at USD 60.38 million in 2023, expanding at a CAGR of 36.21% from 2024 to 2032.
Cellulose nanocrystals, obtained from cellulose, the most prevalent natural polymer, are remarkable nanomaterials. These nanomaterials are in great demand for their mechanical, optical, chemical, and rheological properties. Cellulose nanocrystals, derived from cellulose fibers, are eco-friendly and renewable, making them sustainable. Due to their varied characteristics, cellulose nanocrystals have a wide range of uses, positioning them as a material with great potential. The market for CNCs is projected to witness substantial growth as there is an increasing requirement for sustainable and high-performance materials across various industries.
Cellulose Nanocrystals Market- Market Dynamics
Increasing use of Nanomaterials in various industries is expected to drive the growth of the Cellulose Nanocrystals market
The increasing utilization of nanomaterials in various industries like biochemical, electronics, packaging, construction, etc. is expected to greatly enhance the cellulose nanocrystals (CNCs) market. For instance, CNCs serve as carriers for drug delivery because of their biocompatibility, large surface area, and functionalization capabilities. They facilitate precise and targeted release of therapeutic substances, enhancing drug effectiveness and minimizing side effects. Wound dressings based on CNCs support healing, regulate moisture and possess antimicrobial properties. Patients underwent dressing changes under anesthesia an average of 2.4 times, with no cases of wound-related infections. A significant 82% of patients were exclusively treated with nitrocellulose-based wound dressings, and reepithelialization was observed after ten days, as indicated by research findings. Moreover, advancements in manufacturing techniques and progress in functionalization methods could present growth opportunities for the market. Nevertheless, the high production costs may impede market expansion.
Cellulose Nanocrystals Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 36.21% over the forecast period (2024-2032)
Based on Form segmentation, Powder was predicted to show maximum market share in the year 2023
Based on Source segmentation, Wood-Based was the leading type in 2023
Based on Application segmentation, Biomedical was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Cellulose Nanocrystals Market is segmented based on Form, Source, Application, and Region.
The market is categorized into two segments by form, namely Powder and Liquid, with the Powder segment holding the majority share. The cellulose nanocrystals market, which includes CNC powder, is expected to experience significant growth due to its distinctive properties and rising demand across diverse industries.
The market is categorized into five segments according to their source: Wood-Based, Non-Wood, Ramie, Sisal, Valonia/Cladophora, Tunicates, and Bacteria. Among these segments, the Wood-Based category holds the largest share of the market. The demand for wood-based cellulose nanocrystals, including CNC powder, is expected to experience significant growth. This growth is primarily driven by the increasing requirement for sustainable and high-performance materials, leading to the rising popularity of wood-based CNCs across diverse industries.
The market is segmented into nine distinct categories according to their application: Biomedical, Food Processing, Packaging, Optical Films, Composite Materials, Electronics, Body Armor, Battery, Bio Fuels, and Others. Among these categories, Biomedical holds the largest share in the market. The demand for cellulose nanocrystals (CNCs) in the biomedical sector is experiencing significant growth due to the exceptional properties of CNCs, making them exceptionally well-suited for a wide range of biomedical applications.
Cellulose Nanocrystals Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business activities. The market is predominantly led by North America, attributed to the production of sustainable Nanomaterials for packaging purposes. The demand for sustainable packaging solutions is on the rise in North America, primarily fueled by consumer consciousness and regulatory demands. CNCs, known for their biodegradability and renewable source origins, are considered a feasible substitute for conventional plastics. Insights from a U.S. survey reveal that approximately half of American consumers are open to paying more for sustainable packaging, around 50 percent are willing to pay an extra 1 to 3 percent, 25 percent are willing to pay 4 to 7 percent more, and about 12 percent are willing to pay 7 to 10 percent more. Europe stands as the second-largest region for market expansion, due to the increased investments in nanomaterial research and development.
The competition in the cellulose nanocrystals (CNCs) market is intensifying as more companies and research institutions acknowledge their potential in various applications, particularly in the biomedical sector. Companies are actively investing in research and development to enhance the properties of CNCs, lower production costs, and explore new applications. They are also collaborating with universities and research institutions to leverage state-of-the-art research. The expanding market is attracting new players, including startups and companies from related industries, thereby fostering competition and driving innovation. Established companies are expected to pursue mergers and acquisitions to strengthen their market position, acquire novel technologies, and broaden their product portfolios.
CelluForce is excited to share that it has recommenced operations at its Cellulose NanoCrystals (CNC) plant after successfully finishing a significant upgrade project. This updated plant, capable of producing 300 tonnes annually, will play a crucial role in meeting the increasing CNC demand and will also serve as a model for upcoming CelluForce facilities.
On February 6, 2023, Nippon Paper Industries Co., Ltd. made an official announcement regarding the formation of a new subsidiary in Hungary. This subsidiary will focus on the manufacturing and sales of CMC (carboxymethyl cellulose), specifically the product known as SUNROSE MAC. CMC is a crucial material used in the production of lithium-ion battery (LiB) anodes for electric vehicles (EVs). By establishing this subsidiary, Nippon Paper Industries aims to strengthen its supply chain system in Europe, which is experiencing rapid growth.
GLOBAL CELLULOSE NANOCRYSTALS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Cellu Force
Fiber Lean
Nippon Paper Industries Co. Ltd.
Kruger Inc.
Borregaard AS
CelluComp
Melodea Ltd.
Blue Goose Refineries
GranBio Technologies
Stora Enso Biomaterials
Sappi
American Process Inc
Stora Enso
Melodea
Others