As per the report titled ‘India Nitrocellulose Market Size By Applications, Industry Analysis Report, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024’, available on Market Study Report, India nitrocellulose market is projected to surpass USD 61 million by 2024.
 

Wide applications of nitrocellulose such as manufacturing celluloid, smokeless powder, photographic films, binders, varnishes, surfacers, paints, thinners, and gravure & flexographic inks, are fueling the growth of India nitrocellulose market. Favorable properties such quick dry times, zeros residue, easy application, high compatibility with additives, glossy finish, and superior adhesion properties are key factors encouraging the product use.
 

According to the study, flexographic demand is estimated to increase as compared to gravure printing due to the high adoption rate of modern technologies in the printing industry. The Indian ink market is worth over USD 830 million, growing at around 8% CAGR over the last decade, further complementing the market outlook.
 

Increasing population, rising disposable income, and rapid urbanization are the factors contributing to the demand for nitrocellulose in India. Globalization is another major factor providing impetus for industry growth. Moreover, improving lifestyle across the middle-class population is driving the sales of furniture in the country which is rendering a positive impact on the market growth. Innovations in nitrocellulose such as blending with various esters and amines will augment the product demand across various end-user industries.
 

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However, high flammability and toxic nature of the product might hamper market growth during the study period. Furthermore, stringent regulatory norms set by Bureau of Indian Standards (BIS) for its various applications will negatively impact the market growth.
 

Speaking of the application spectrum, nail varnish segment accounts for 12% market share owing to the high compatibility properties of nitrocellulose in the manufacturing of nail varnish. Increasing consumer expenditures on cosmetics coupled with growing focus by cosmetic companies to diversify their product offerings and expand their distribution network are also some of the other major factors supporting the segment growth.
 

Meanwhile, leather market is expected to register a CAGR of 7.3% during 2018-2024. Nitrocellulose is widely used in industrial application such rayon, artificial leather, fabric and clothing. Escalating demand for leather driven by growing demand from the fashion, furniture, automotive, and interior design industries are driving the segment growth.
 

Major players of the market are Nitrex Chemicals India Ltd., N. Shashikant & Company, GRN Cellulose Pvt. Ltd., Prime Aerosols, SD Chemicals, Sai Chem, Nav Bharat Paints, MSK Products Pvt. Ltd., Chemico Paints (India), India Dye Chem, Peekay Agencies Pvt. Ltd., Asha Penn Color Pvt. Ltd. (APC), India Dye Chem, and Esson Furnishing Private Ltd.