Nitrocellulose Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Nitrocellulose Industry Hit Worst due to Russia-Ukraine War Impact?
The global nitrocellulose market size is anticipated to witness remarkable growth on account of the increasing demand for automotive paints worldwide. Nitrocellulose or cellulose nitrate is a pulp-like substance created when cellulose is exposed to a nitrating agent especially nitric acid. It is used in lacquers, paints, and gunpowder as it is a flammable substance. A recent report Fortune Business Insights™ titled, “Nitrocellulose Market Size, Share & Industry Analysis, By Application (Automotive Paints, Printing Inks, Wood Coatings, Leather Finishes, Nail Varnish, Others) Others and Regional Forecast, 2022-2029,” offers an in-depth analysis of the market.
Highlights of the Report
The report is based on qualitative and quantitative analysis of the market and offers a 360-degree overview of the same. It discusses major factors boosting, repelling, creating opportunities, and challenging the market in the forecast period. The report also provides details of the market segmentation based on factors such as application, and region and lists the names of leading segments with their base and forecast figure and CAGR. Besides this, the report lists the names of players operating in the market and the major strategies adopted by them to reach for the top position in the competition. These strategies include mergers and acquisitions, contracts and agreements, joint ventures, and others. Furthermore, the report talks about major industry developments, current nitrocellulose market trends, and other interesting insights useful for investors in the market in the future.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Nitrocellulose Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Nitrocellulose Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Increasing Popularity of Electric vehicles will Aid in Expansion of Market
Nitrocellulose is used in a number of products such as inks, wood coatings, gunpowder, plastic films, and others. Therefore, the increasing demand for the aforementioned products is expected to boost the nitrocellulose market growth. Additionally, properties of nitrocellulose also help to increase its popularity in the world market. Properties such as high solubility, adhesion, quick-dry, and durability help to increase its demand from various applications ranging from plastic films to explosives, thereby augmenting growth.
However, factors such as the high explosive nature of nitrocellulose may cause the market to face rough waters in the forecast duration. This, coupled with the fact that it is highly flammable and can be ignited with mere friction or spark may also cause major hindrance to the overall growth of the market.
Nevertheless, the increasing demand for automotive paints and the efficient performance provided by electric and hybrid vehicles will help increase the popularity of nitrocellulose thus, adding impetus to the future market.
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Asia Pacific to continue Dominance on Account of Rising Demand for Wood Coatings
The global nitrocellulose market is categorized into five major regions in the world. These include Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Each of these regions is further classified on the basis of nations. Among these, Asia Pacific is holding the dominant nitrocellulose market share on account of the increasing demand for wood coatings. This, coupled with the rising demand for leather finishing will also aid in the expansion of the market in Asia Pacific.
On the other side, the market in Europe will witness significant growth in the forecast period owing to the increasing demand for nitrocellulose in the form of paint. This rise in demand is further attributed to the increasing consumption of automotive paints and the presence of large manufacturers for automobiles in the region. Moreover, the market in North America will also rise remarkably due to the growth of the furniture industry and increasing demand for coating wood that further propels the need for nitrocellulose in the region. Furthermore, Latin America and the Middle East and Africa regions will rise steadily on account of the increasing demand for inks.
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