Nitrocellulose Market to see more than 5% CAGR over 2019-2025: Global Market Insights Inc.
Global Nitrocellulose Market is set to grow from its current market value of more than $795 million to over $1 billion by 2025; according to a new research report by Global Market Insights, Inc. Rising use of nitrocellulose across multiple industrial formulations will drive nitrocellulose market share over the forecast timeframe. The product is known to dissolve easily in several organic solvents and provides a tough, flexible film that is best used for an effective surface finish, enhancing the use of the product in auto paints and wood coating applications. The government has laid down a few strict regulations which, along with the rise in the cost of petroleum derivatives, has collectively induced the manufacturers to revise their formulations for paints & coatings. Meeting the changing regulatory requirements will help support the growth of guncotton and in turn, drive nitrocellulose market size over the projected time period.
Nitrocellulose is extensively used in the leather industries for finishes due to its ability to prevent the formation of foam and soften the leather. The product makes the leather soft and smooth coating it with a high gloss over the surface that in turn enhances the lifespan of the product across end-use applications. Leather products usually need matt or high gloss finishes that improve their appearances and provide protection against moisture and heat. Global leather goods industry had accounted for more than USD 410 billion in the year 2017. Constantly changing fashion trends with the increase in the consumer expenditure on high-quality clothing has driven the demand for multifunctional and comfortable apparel and footwear which will propel nitrocellulose market outlook. There has been a rise in the number of people focusing on personal appearance which has increased the spending by consumers on innovative cosmetic products. With the rise in the trend of nail art among the young generation as an important grooming component, there has been a steady adoption of nail paints that have natural content and reduced chemical content, which will influence the business outlook. The substance essentially has fast drying and effective features that makes it a key ingredient in the nail lacquer formulation and is mostly used in nail manicuring and 1|Page