Nitrocellulose Market Size to grow by USD 488.1 million between 2024-2028
Technavio, a leading provider of market research reports, has released its latest study on Nitrocellulose Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 488.1 million, at a CAGR of 8.09% during the forecast period. Nitrocellulose is a crucial component in the production of low-order explosives, specifically as a propellant. These explosives generate subsonic explosions, lacking the supersonic over-pressurization shock wave characteristic of high-order explosives. As a single-base propellant, nitrocellulose provides motion to objects through the decomposition of its chemical structure. Alternatively, when combined with nitroglycerine, it forms a double-base propellant, enhancing its performance. Composites, which contain nitrocellulose and nitroglycerine, represent another category of propellants, offering a balanced combination of fuel and oxidizer. Overall, nitrocellulose's versatility as a propellant contributes significantly to the explosives industry.
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The Asia Pacific (APAC) region held the largest market share in the global nitrocellulose industry in 2022, with substantial growth anticipated during the forecast period. This dominance is primarily driven by significant investments in various application segments, such as automotive paints and wood coatings, in emerging economies like India, China, and other APAC countries. The region's high demand for nitrocellulose can be attributed to its use in lacquer, paints, coatings, and coating sprays. Moreover, APAC is a significant producer and consumer of major nitrocellulose raw materials, including sulfuric acid and nitric acid. Key revenue-generating countries in the region include China, India, Indonesia, Vietnam, and Japan.
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