The europe nanocellulose market is expected to grow at a CAGR of 18.88% during the forecast period 2024-2029. The market value was at US$ 127.04 million in 2023 and the value is expected to reach US$ 358.59 million by the end of 2029.
Europe is a hub for various production industries and construction and the growth of the nano cellulose market is driven primarily because of the various research and development activities taking part in Europe. This growth in the industry can also be attributed to the growth in the petrochemical sector. Products such as packaging materials, plastics, composites, etc., are in high demand from various manufacturing industries in Europe and thus contribute to the growing demand for nanocellulose market. The paper industry is still going strong, and with the advancement in technology such as the introduction of nanocellulose materials, the paper industry is now able to produce high-quality paper with superior properties.
Nanocellulose materials are found to be toxic on many occasions and thus it inhibits its growth opportunities. Also, at high concentrations, these materials can also induce inflammatory effects on the human lungs, thus the usage should be limited and there are austere norms present in Europe regarding the usage of nanocellulose materials.
In addition to this, COVID-19 has had a severe impact on all the construction and production segments. All the activities have come to halt. On top of this, Nanocellulose particles are very expensive, and thus many times they are not incorporated into the manufacturing processes. This cost ineffectiveness may likely be a factor which hinders the growth.
Europe was an early hotspot for the coronavirus with infection rates surging every week. Amidst this, the economies have shrunk by large margins and it has an adverse effect on every sector. Nanocellulose market saw a decrease in demand during this period as production activities came to a halt. Despite the slowdown of the paper and pulp market, A lot of investments are being made in the pharmaceutical and healthcare sectors which is likely to boost the growth of the Europe Nanocellulose market. Also, the packaging sector is one of the few sectors that saw an increase in demand during the period.
The packaging industry has the most extensive application of nanocellulose. These materials are used to produce lighter and stronger packaging materials that are widely used throughout the Europe industries. On top of this, it also helps in the reduction of costs. The properties such as robustness, longevity, etc., are higher when produced with the help of nanocellulose.
The Biomedicals segment is likely to account for a prominent share of the nanocellulose market. They also contribute to the highest revenue generated compared to other end-user segments. Composites, especially Bio-based nanocomposites are also in demand due to their advanced properties on top of being environment friendly.
The diversified and competitive industrial sector in Europe has presented ample growth opportunities to the nanocellulose sector. A significant portion of the application lies in the packaging and pulp & paper Industry of Europe.
In April’17, American Process Inc. (US), Will & Co (Netherlands), and P.R.G. (Netherlands) agreed to develop, manufacture jointly, and supply nanocellulose-reinforced thermoplastic compounds that will offer superior characteristics such as enhanced mechanical properties. These compounds would help in serving the demand for Europe-based customers.
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