Nanocellulose Market is likely to witness an excellent CAGR of 18.1% during the forecast period. The growing use of sustainable products with better material science in developed economies and the increasing resource constraints shifting gradually towards the market demand for bio-based products are the major factors propelling the growth of the market during the forecast period.
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Nanocellulose Market Segment Insights:
By Product Type:
Based on the product type, the market is segmented as microfibrillated cellulose & nanofibrillated cellulose, cellulose nanocrystal, and others. The microfibrillated cellulose & nanofibrillated cellulose segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Microfibrillated cellulose has the property to form strong entangled bonds which enables it to provide strong reinforcing potential for various applications.
By Application Type:
Based on the application type, the nanocellulose market is segmented as pulp & paper, composites & packaging, biomedical & pharmaceuticals, electronics & sensors, and others. The pulp & paper segment dominates the market, whereas the electronics & sensors segment is estimated to be the fastest-growing segment during the forecast period, owing to the usage of nanocellulose as additives for making paper and produce stronger paper at lighter weight. In addition, increasing usage of sensors in industrial and other applications is majorly driving the growth of the segment.
By Region:
In terms of regions, Europe is estimated to be the largest as well as fastest-growing nanocellulose market during the forecast period, owing to the increasing awareness concerning nanocellulose. This has led to the growing usage of nanocellulose in various applications, which is driving the region’s market.
Key Players:
Some of the major nanocellulose manufacturers are Innventia AB, American Process, FPInnovations, CelluForce, Stora Enso OYJ, and Kruger Inc.
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