International. According to the latest study by Transparency Market Research (TMR), the global Nanocellulose market will expand at a CAGR of 33.80% between 2015 and 2023. As a result, the market valuation will be US$699.6 million in 2023, up from US$54.9 million in 2014.
The report notes that financial funding and technical support from governments and research organizations for the harnessing of nanocellulose have been the major drivers of this market in recent years. The use of Nanocellulose is advocated for its ability to reduce the carbon footprint in general, as it is derived from renewable sources. This will drive the development of the market in the coming years.
Nanocellulose exhibits superior structural strength, which has been a major reason for the growth of the market in recent years. Apart from this, the high mechanical strength of combinations of aramid fibers, carbon fibers and kevlar with nanocellulose will drive the utilization of this raw material in composite materials.
However, economic and technical considerations such as high production costs, factory scale limitations, and lack of standardization of product quality will hinder the growth of this market. By products, nanofibrillated cellulose emerges as the largest product segment in 2014, accounting for more than 50% of the global market.
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