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Technical Enzymes Market: Qualitative and Quantitative Assessment from Industry Analysts
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This is attributed to its wide range of applications in beverage, food, pharmaceuticals and detergents. Cellulases segment is anticipated to witness the most rapid growth rate during the forecast period of 2017-2025. This is attributed to increasing applications in bio-fuels. Based on source, the global market for technical enzymes is segregated into animals, micro-organisms and plants. Micro-organisms segment held the most dominant market share in 2016 and is anticipated to hold its position throughout the forecast period. Plant segment is anticipated to witness the most rapid growth rate during the forecast period owing to increased demand of plant based enzymes among various end use industries. Based on application, the global market for technical enzymes is segregated into bio-ethanol, paper & pulp, textile & leather, starch processing and others. Bio-ethanol held the most dominant market share in 2016 owing to increasing demand of cellulosic bio-ethanol due to its sustainability in terms of lower emissions and cost efficiency. Paper & pulp is anticipated to witness the most rapid growth rate during the forecast period owing to its safety, efficiency and ecological benefits.
Major drivers driving the global market for technical enzymes include multi functionality of technical enzymes. With multiple benefits and uses, technical enzymes are witnessing a surge in demand from various end use industries. In addition, growing demand from paper & pulp industry, leather & textile processing, oilfield fine chemicals, starch processing, bio ethanol manufacturers and waste water treatment plants is positively driving the global technical enzymes market. However, intense competition among raw material suppliers and high cost of raw materials are restraining the market globally. Technical enzymes is a direct substitute to synthetic chemicals which is providing a great opportunity to the global technical enzyme market.
Geographically, the global technical enzymes market is segregated into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America held the most dominant market in 2016 and is anticipated to hold its dominance throughout the forecast period owing to high use of technical enzymes in various end use industries. Asia Pacific is expected to witness the fasted growth rate during the forecast period of 2017-2025. This is attributed to growth in demand for technical enzymes due to its operational and economic benefits coupled with rapid industrialization of end use industries.
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Major players of the global technical enzymes market include Koninklijke DSM N.V. (The Netherlands), E.I. du Pont de Nemours and Company (U.S.), BASF SE (Germany), Associated British Foods Plc (U.K.), Novozymes A/S (Denmark), Advanced Enzyme Technologies Ltd. (India), Epygen Labs FZ LLC (UAE), Maps Enzymes Limited (India) and Megazyme Inc. (U.S.) among others.
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