The Global Market for Fermentation Chemicals is Projected to Reach US$76.5 Billion by 2024
Growing Shift towards
Greener Chemistry to Drive the Global Fermentation Chemicals Market, According
to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market size, share and demand forecasts on the global Fermentation Chemicals market.
The global market for Fermentation
Chemicals is projected to reach US$76.5 billion by 2024, driven by the growing
emphasis placed on the use of ecologically beneficial materials, rising demand
for bio-based products, and expanding application areas.
Fermentation
is a metabolic process that involves conversion of sugar in to alcohol, acids
and gases. Fermentation chemicals refer to end products of the process of
fermentation that act as initiators, catalysts or accelerators of chemical as
well as biochemical reactions. The ability of fermentation chemicals to drive
down production costs, reaction time and energy consumption, in addition to
being natural or eco-friendly due to use of natural materials, is driving its
adoption in wide range of end-use applications across major sectors such as
alcohol and food & beverages among others. Growing demand for renewable
energy with lower environmental impact, increasing government support to this
end and implementation of various regulations towards building a greener
industry are driving its demand. Positive economic growth, rising investments
in research, growing demand for food products, increasing market for wellness
products, and drive for innovation in the pharma sector are projected to push
sales ahead in the coming years. Also, growing consumer awareness and demand
for bio-based products are driving demand for fermentation chemicals.
Food
& beverage and alcohol represent major end-use sectors for fermentation
chemicals. However, recent years have witnessed sizable growth in demand for
fermentation chemicals from various sectors such as textile, rubber, plastic
chemical and leather industries that require fermentation chemicals in their
production processes. Increasing production of steroids and antibiotics where
fermentation chemicals represent essential raw materials, and growing demand
for enzymes from various sectors such
as starch, paper and personnel care products are expected to propel growth in
the market. Increase in demand for pet foods, where fermentation chemicals are
increasingly being used, is expected to drive the overall market in the coming
year. While prospects appear brighter from various end-use spheres, issues with
raw material availability, complexity in production process and lower crude oil
prices are hurting growth prospects.
As
stated by the new market research report on Fermentation Chemicals, the U.S. represents the
largest market worldwide. Stringent regulations from environment watchdogs such
as EPA have ensured industry’s shift towards green chemistry, which has been a
major driver of growth in the country. High and growing demand from various
end-use markets alongside growing demand from the fast rising food and the
pharmaceutical sectors are expected to buoy growth in the market. Asia-Pacific
represents the fastest growing market worldwide, with a CAGR of 6.2% through
the analysis period. Growing rate of industrialization in select markets across
the region such as India, China and South Korea are expected to propel demand
for fermentation chemicals. Growing population, increasing incomes, and
changing food consumption trends mirrored in rising penchant for bakery and
ready to eat foods are also expected to foster growth. Alcohols represents the largest
segmentation in the fermentation chemicals market, supported by high demand
from a wide range of industries, including chemical, pharmaceutical, paints
& coatings, and food & beverage among others. Organic Acids are expected to record
significant growth driven by its growing use in the food sector as well as from
plastic, fiber and oil & gas sectors.
Major
players in the market include AB Enzymes GmbH, Adisseo France S.A.S, Ajinomoto
Company, Inc., Amano Enzyme Inc., Amino GmbH, Archer Daniels Midland Company,
Ashland Global Holdings Inc., BASF SE, Cargill, Inc., Chr. Hansen A/S, Corbion
NV, DowDuPont Inc., Evonik Industries AG, Gadot Biochemical Industries Ltd.,
Jungbunzlauer AG, Kyowa Hakko Bio Co. Ltd., Lonza Group AG, MGP Ingredients,
Inc., Novozymes A/S, Roquette Freres SA, Royal DSM, Tate & Lyle PLC and
Wacker Chemie AG, among others.
The
research report titled “Fermentation Chemicals: A
Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review
of market trends, issues, drivers, mergers, acquisitions and other strategic
industry activities of global companies. The report provides market estimates
and projections for Fermentation Chemicals in value terms for all major
geographic markets such as United States, Canada, Japan, Europe (France,
Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China,
India and Rest of Asia-Pacific), Middle East & Africa and Latin America
(Brazil and Rest of Latin America. Product Segments analyzed include Alcohols,
Enzymes, Organic Acids and Others.
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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