Nitrocellulose is also known as cellulose nitrate, flash paper, flash cotton, guncotton, and flash string. It is a highly flammable compound formed by nitrating cellulose through exposure to nitric acid or another powerful nitrating agent. Nitrocellulose is produced by nitric acid reacting with cellulose.
Major factors driving growth of the global nitrocellulose market are increasing applicability in various end use industries such as printing inks, automotive paints, etc. In addition, use of nitrocellulose lacquer wood-based coating in musical instruments, as finishing agents in steel strings for guitars and mandolins is expected to further drive growth of the global nitrocellulose market.
However, stringent government regulations related to use of nitrocellulose in the cosmetic industry and regarding transportation of nitrocellulose due to inflammable property are major factors restraining growth of the global nitrocellulose market currently.
Recent advancements such as development of compact nitrocellulose-based interferometric biochips for use in in-situ label-free detection of metalloproteinase (MMP9) related to dry eye disease is expected to create new opportunities for manufacturers operating in the global nitrocellulose market over the forecast period.
The global nitrocellulose market is segmented on the basis of application and region. On the basis of region, the global nitrocellulose market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific is projected to register fastest revenue CAGR, which can be attributed to increasing demand for nitrocellulose from the automotive sector, for application in printing inks, and in the pharmaceuticals sector. Increasing demand for personal care products in emerging economies such as China, India, and Japan is expected to further support growth of the market in this region over the forecast period. North America is expected to account for highest market share in terms of revenue in the global nitrocellulose market due to increasing demand for application in wood coatings, and also due to high presence of major market players in the market in this region.
Key player operating in the global nitrocellulose market are DowDuPont Inc., Manuco, Inc., Nitro Chemical Company, SYNTHESIA, A.S., Tembec Inc., EURENCO SA, Hagedorn & Company Inc., Jiangsu Tailida Group, Nitrex Chemicals India Limited, Nitrochemie Aschau GmbH, and TNC INDUSTRIAL CO. LTD.