Nanocellulose Market to surpass $2.4 billion by 2030, says

Selbyville, Delaware, Aug. 29, 2022 (GLOBE NEWSWIRE) — As per the report published by Global Market Insights Inc., the global Nanocellulose Market is expected to exceed USD 2.4 billion in revenue by 2030, progressing at a CAGR of 27% from 2022 to 2030.

A positive outlook toward the oil & gas sector will drive the nanocellulose industry trends, says the report. Increasing investments in oil and gas facilities to address their escalating demand in several countries as well as increasing food and beverages consumption across the world will propel the adoption of nanocellulose. Emerging sustainability trends are also prompting companies to mitigate their carbon emissions, thereby positively influencing the nanocellulose market scenario.

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For instance, in July 2022, Sappi Biotech, a South African renewable company, received approval from Science Based Targets Initiative (SBTi) in its pursuit to reduce the carbon footprint with scientifically-derived emission reduction targets. Elevated product ownership prices may emerge as a major restraining factor, cites the report. Increasing focus by companies to innovate nanocellulose technology to produce and enhance other end-use products may encourage players to eventually reduce product prices.

Wide applicability of nanocrystalline to aid nanocellulose market growth

Based on product, the report segregates the nanocellulose industry into nanofibrillated, nanocrystalline, and bacterial. The nanocrystalline cellulose segment is set to reach a valuation of more than USD 919 million by 2030 due to its unique optical, chemical, and electrical characteristics. The shape, size, and charge of nanocrystalline bring about unique behavior in solutions, which makes it customizable for various applications.

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