India Nitrocellulose Market Size Exceed USD 61 Mn By 2024

India nitrocellulose market to exceed $61 million by 2024: Report

4:40 AM, 18th September 2019
Nitrocellulose based paints are mostly preferred owing to quick dry leave no residue, easy to apply, high compatibility with additives.
Nitrocellulose based paints are mostly preferred owing to quick dry leave no residue, easy to apply, high compatibility with additives and etc.

The India nitrocellulose market size is estimated to exceed USD 61 million by 2024, according to the new report by Graphical Research.

The report is titled “India Nitrocellulose Market Size By Applications (Automotive Paints, Printing Inks, Leather Finishes, Wood Coatings, Nail Varnish, Military) Industry Analysis Report, Country Outlook, 2018-2014.

Large applications base owing to essential nitrocellulose properties strongly augmenting nitrocellulose market size. Nitrocellulose based paints are mostly preferred owing to quick dry leave no residue, easy to apply, high compatibility with additives, good glossy finish, and excellent adhesion properties fueling Indian market penetration.

Nitrocellulose used as a key component in gravure and flexographic inks used in the packaging industry owing to excellent drying properties boosting market penetration. Flexographic demand is projected to increase as compare to gravure printing owing to higher adoption of modern technology in printing industry. Indian ink market is reported more than 232 million tons and worth of over USD 830 million which is growing at around 8% CAGR from last 10 years.

Market trend can be attributed with rising population, increasing disposable income, and rapid urbanization are major factors strengthening industry growth. Globalization providing large scope coupled with availability of wide product range in the furniture market. Providing cheap labor and with considerable artistic capabilities have become export centers for furniture. The concept of good living & better lifestyle has prompted the middle-class people to invest more in furniture across the country expanding product landscape.

Innovation in the nitrocellulose market is majorly focused on various blending substances and blending processes. Blending this compound with various esters and amines give added properties to compounds afterwards used in different end-user industries. These activities useful in manufacturing celluloid, photographic film, smokeless powder, varnishes, binders, surfacers, and thinners instigating market growth at a healthy rate from 2018 to 2024.

Due to its high flammability and toxic nature, nitrocellulose is mainly classified as harmful substance in the country hampering market expansion. India recognizes material as a harmful and flammable substance under strict government regulations on its usage in different applications through its regulatory body Bureau of Indian Standards (BIS) fluctuating supply and demand in the value chain.

Printing market is projected to notice over USD 15 million up to 2024. Flexographic technology is majorly used for printing in the packaging industry.  New product development and offering lucrative opportunities to key participants in the Indian market. Supported by a robust demand from key end-user including newsprint, publishing, package printing and other commercial printing sectors in the country.

Nail varnish market captured around 12% industry share in India. Nitrocellulose is an important raw material for manufacturing nail varnishes owing to superior compatibility properties. Cosmetic companies are focusing on improving make-up product range and widening distribution network with an increasing number of working women mainly in cities and towns. Indian cosmetic industry expansion owing to rise in consumer spending is majorly augmenting nitrocellulose demand.

Leather market is likely to witness over 7.3% CAGR from 2018 to 2024. Increasing demand for leather is mainly driven by the fashion accessories product, particularly footwear, furniture automotive industries and interior design sector boosting industry share.  Nitrocellulose found major industrial applications including rayon, artificial leather, and fabric & clothing.

Manufacturing companies are Sunrise Enterprises, Esson, Asha Penn Color, Peekay Agencies, Chemico Paints, India Dye Chem and Nav Bharat Paints, MSK Products and Nitrex Chemicals. Other major players are Prime Aerosols, N. Shashikant & Company, GRN Cellulose and Sai Chem offering wide product portfolio. Companies are engaged in supplying pure nitrocellulose a dynamic for end-user products such as paints and coatings.

Source: Graphical Research

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