H1 2023: In the first half of 2023, the Nitro Cellulose market in the Asia Pacific region witnessed mixed prices. In the initial quarter of 2023, Nitro Cellulose witnessed a consistent upward trajectory in prices within the Indian market. Robust manufacturing activities in downstream sectors, fuelled by enhanced demand fundamentals from various industries, ensured that production facilities operated at regular rates, maintaining favourable market conditions. The demand from the downstream printing ink & automotive paint remained high. However, as the second quarter unfolded, Nitro Cellulose prices in the Indian market began to exhibit a bearish scenario. April onwards, prices experienced a decline attributed to ample availability resulting from hazy downstream automotive manufacturing activities in India. This bearish trend was further accentuated by decreasing costs of upstream feedstock and reduced inquiries from the Indian agrochemical sector. Downstream manufacturers reported stock build-ups, hindering shifts in Nitro Cellulose demand dynamics across India. Consequently, manufacturers responded to increased supply-side pressure by reducing offers for the downstream inks & paints sector. Prices rebounded from June 2023 onwards, driven by a surge in inquiries from downstream markets, sustaining an upward trend in Nitro Cellulose prices in the Indian market.
The global Nitro Cellulose market stood at approximately 1.2 million tonnes in 2022 and is anticipated to grow at a CAGR of 4.8% during the forecast period until 2032.
Nitrocellulose, a compound derived from cellulose, boasts a diverse array of applications across several industries. In the field of printing, nitrocellulose finds utility in the manufacture of inks for flexographic and gravure printing, offering quick drying and excellent adhesion. Its use extends to coatings and lacquers, featuring prominently in wood finishes, automotive paints, and nail polish formulations, providing a fast-drying and durable coating. Medical applications leverage nitrocellulose in products like wound dressings and certain medical adhesives, capitalizing on its versatile properties. Furthermore, the compound has found its place in the crafting of musical instruments, where nitrocellulose lacquer is employed for finishing, yielding a glossy and robust exterior. The leather industry benefits from nitrocellulose in the production of lacquers used for leather finishing, enhancing the aesthetics and durability of leather products.
Nitrocellulose-based inks are favoured due to their rapid drying, strong adhesion, and ease of application, making them more desirable than alternative substitutes. These distinctive qualities not only contribute to their preference but also allow for customization to suit specific applications within the packaging sector. Nitrocellulose-based paints serve as a factor contributing to the expansion of the nitrocellulose market, especially in the automotive paint industry. The automotive paints are known for their quick drying and compatibility with various additives. The expanding demand for wood coatings and the flourishing furniture sector are anticipated to boost the need for nitrocellulose, driven by the upward trajectory of per capita income and the growing preference for high-quality furniture. The global Nitro Cellulose market size is anticipated to reach nearly 1.9 million tonnes by 2032.
Based on region, Asia Pacific region is the largest consumer of Nitro Cellulose with India and China being the leading nations. The Asia-Pacific region stands as the primary driver in the global nitrocellulose market, poised to grow at a robust CAGR in the forecast period. Examining key countries like Japan, China, India, South Korea, Australia, and the broader Asia-Pacific landscape, heightened demand for cellulose nitrate is witnessed across diverse sectors, including printing inks, automotive paints, wood coatings, and leather tanning & finishing. In Europe, encompassing major economies like the United Kingdom, Germany, Spain, Italy, and France, the expanding automobile industry propels the demand for premium auto paints. Meanwhile, in North America, including the United States, Canada, and Mexico, a burgeoning furniture industry and the increasing need for wood coatings are expected to drive nitrocellulose demand, fuelled by rising per capita income and the growing demand for upscale furniture among the expanding urban population.
Based on the end-user industry, the global Nitro Cellulose market is divided into Printing Ink, Paint & Coatings, Leather Finish, and Others. However, Paint & Coatings industry dominates the global Nitro Cellulose market followed by the Printing Ink industry.
Major players in the Global Nitro Cellulose market are Nitro Chemical Industry Co. Ltd., T.N.C. Industrial Co., Ltd., Hubei Xufei Chemical Co., Ltd., Jiangsu Tailida Group, Sichuan North Nitrocellulose Corp. (SNC), Nitrex Chemicals India Pvt. Ltd., Nobel NC, Synthesia A.S., IVM Chemicals, and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Nitro Cellulose which covers production, demand and supply of Nitro Cellulose market in the globe.
• To analyse and forecast the market size of Nitro Cellulose
• To classify and forecast Global Nitro Cellulose market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Nitro Cellulose market in the globe.
To extract data for Global Nitro Cellulose market, primary research surveys were conducted with Nitro Cellulose manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Nitro Cellulose market over the coming years.
ChemAnalyst calculated Nitro Cellulose demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Nitro Cellulose. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Nitro Cellulose manufacturers and other stakeholders
• Organizations, forums and alliances related to Nitro Cellulose distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Nitro Cellulose manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Nitro Cellulose market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
1.2 million tonnes
Market size Volume in 2032
1.9 million tonnes
Growth Rate
CAGR of 4.8% from 2023 to 2032
Base year for estimation
2022
Estimated Year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Printing Ink, Paint & Coatings, Leather Finish, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Nitro Cellulose in terms of volume in 2022?
Ans:
The global market size of Nitro Cellulose had reached approximately 1.2 million tonnes in 2022.
Q2.
Which region is the major consumer of Nitro Cellulose?
Ans:
Asia Pacific region is the leading consumer of Nitro Cellulose globally and held a market share of roughly 45% in 2022.
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