According to the latest market study by Transparency Market Research (TMR), the global nanocellulose market will expand at a CAGR of 33.80% from 2015 to 2023. As a result, the market’s valuation will be US$699.6 mn by 2023, increasing from US$54.9 mn in 2014.The report, titled “Nanocellulose Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023”, is available for sale on the company website.
Nanocrystalline cellulose stood as the second largest product segment in the same year. The product segment is used in food and beverages, packaging films, biocomposites, paints and coatings, and textiles. Additionally, nanocrystalline cellulose has the ability to lessen damage that happens due to wear and tear, thereby making the product segment suitable for packaging applications.
Amongst all, bacterial nanocellulose held the lowest share in the global nanocellulose market. However, the product segment will be the fastest growing product segment in the forecast period. As bacterial nanocellulose is a biocompatible material, it promotes chondrocyte proliferation and surface adhesion for biological processes. Thus, the product segment is suitable for biomedical, biotech devices, filter membranes, and the food sector.
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Over the past few years, it is the composites end-use segment that has been dominating the nanocellulose market. The high tensile strength and biocompatibility of cellulose nanofibers led composites to account more than 35% of the global market in 2014. Due to these physical properties, nanocellulose has the capacity to replace glass and carbon fiber composites in the wind energy, sport, transportation, consumer goods, and biomedical sectors.In 2014, paper processing was registered to hold the second largest market share. The utility of nanocellulose for paper processing lies in the enhanced performance of paperboard, paper, and related products.