Global Industrial Enzymes Market Growth—Projected to Reach worth USD 9.2 Billion by 2027
Published | 29 September 2021
Global industrial enzymes market is witnessing growth due to rising environmental concerns, increased demand for bioethanol, and developments in R&D efforts. Furthermore, the multifunctional advantages of industrial enzymes in many applications and technical advances to reduce chemical usage is likely to contribute to the market's growth throughout the forecast period.
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that global industrial enzymes market was worth USD 6.0 billion in 2020 and is further projected to reach USD 9.2 billion by 2027, at a CAGR of 6.8% during the forecast period (2021-2027). The industrial enzymes market has grown due to rising environmental concerns, increased demand for bioethanol, and developments in R&D efforts. Moreover, enzyme engineering, and green chemistry advances, and the advent of genetically altered enzymes have boosted industrial usage. Furthermore, the multifunctional advantages of industrial enzymes in many applications, and technical advances to reduce chemical usage is likely to contribute to the market's growth throughout the forecast period.
Growing demand for Alternatives to Synthetic Chemicals will lead to immense market growth
Industrial enzymes are widely recognized as alternatives to traditional chemicals as well as solutions to synthetic chemical concerns. Chemicals used in industrial operations are toxic and pose a threat to the environment. Carbohydrases, for example, are enzymes produced by plants and microorganisms that have no negative environmental impact since they work under mild circumstances, minimizing energy consumption and greenhouse gas emissions. Carbohydrases produced by plants and microorganisms are used in the textile, starch processing, and bioethanol industries. Likewise, the leather industry has switched to proteases and trypsin instead of lime, and sulfides to attain higher yields and cleaner goods.
For instance, Leather Enzymes and Specialty Chemicals are produced by Tex Biosciences, India's leading manufacturer. For all stages of leather processing, the company has a selection of unique and high-quality leather enzymes and chemicals. Moreover, chemical and enzymatic soaking, as well as unhairing and liming, were compared in a Lifecycle Assessment (LCA) published in Leather International. The use of enzymes in bio preparation is estimated to save eight million GJ (gigajoules) of energy per year, and 0.7 million tonnes of CO2 per year. Consequently, the widespread acceptance of industrial enzymes by various industries due to their low cost, and low carbon footprint is creating enormous opportunities for manufacturers of industrial enzymes to offer alternatives to synthetic chemicals. Thus, the market for industrial enzymes is forecast to grow during the forecast period.
Global Industrial Enzymes Market: By Type
The global Industrial Enzymes market is categorized as carbohydrases, proteases, lipases, polymerases & nucleases, and others based on types. Among these, the carbohydrases segment accounted for a significant market share in 2020 and is likely to dominate the market during the forecast period. They are further classified as amylases, cellulases, and others. Carbohydrase is used in various sectors, including food & beverages, detergents, textiles & leather, and bioethanol. It has added value to a wide variety of industrial applications due to its properties such as cost-effectiveness, less time & space consumption, and ease of modification and optimization. As a result, the application of carbohydrases in diverse sectors is increasing due to their advantages and properties, resulting in higher market growth for industrial enzymes in general.
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Impact of COVID-19
The COVID-19 has negatively impacted the global industrial enzyme market. The nationwide lockdowns disrupted the supply chain, which resulted in severe loss in the global market of industrial enzymes. However, the post-pandemic market is expected to bring the business some good news. Many of the top enzyme companies worldwide are devoted to research into ways to deal with extreme weather. To stay up with the demand and supply of high-quality products to the market, companies are forming partnerships, collaborating, merging, and acquiring. For instance, Carbios, a major player in enzyme manufacturing, has recently formed a strategic relationship with Novozymes to combine its patented technology. This agreement is expected to have a significant impact on PET plastics and fiber reprocessing. Thus, the various strategies adopted by the key competitors and the rising demand for industrial enzymes is likely to boost the market during the forecast period.
Asia-Pacific Leads the Global Industrial Enzymes Market
The global industrial enzymes industry is grouped into -North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among these, North America holds the largest market share. The United States is the leading country in the North American industrial enzymes market; however, the market in this region has matured, and enzyme use has become common. Alltech Feed Survey results of 2019 show that North America experienced a stable growth in feed output of approximately 2% over the previous year, driven primarily by a growth in the major species, particularly beef and poultry, resulting in a strong demand for enzymes used in feed.
The industrial enzyme market is fragmented due to the presence of a variety of players. Companies that are active in new product development, expansion, and acquisition remain competitive in the market. Some of the leading players are increasing their global footprint through acquisitions and partnerships. Key players in the global industrial enzymes market are BASF SE, Novozymes, DuPont Danisco, DSM, NOVUS International, Associated British Foods Plc, Advanced Enzyme Technologies, Chr. Hansen Holding A/S, Lesaffre, Adisseo, Enzyme Development Corporation, Aumgene Biosciences, Megazyme, Enzyme Supplies, Creative Enzymes, Enzyme Solutions, Enzymatic Deinking Technologies, Biocatalysts, Sunson Industry Group, Metgen, Denykem, Tex Biosciences, and other prominent players.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global industrial enzymes market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global industrial enzymes market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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