Fior Markets launched a study titled, Fermentation Chemicals Market by Product (Alcohols, Enzymes, Organic Acid, Others),Application,Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026.
The global fermentation chemicals market is expected to grow from USD 61.21 Billion in 2018 to USD 96.34 Billion by 2026 at a CAGR of 5.8% during the forecast period 2019-2026.Emerging demand from methanol and ethanol industry, growing research expenditure in North America and Europe, and environment-friendliness coupled with cost benefits over their synthetic or petroleum derived counterparts are the drivers lifting the demand of the market.
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The alcohols segment is dominating the market with the highest share of 47.20% in 2018
The product segment is segmented into alcohols, enzymes, organic acid and others. The alcohols segment is dominating the market and valued around USD 28.89 Billion in 2018. Alcohols are used broadly in bread, pickles, cheese, and alcoholic beverages. Alcohol industry uses fermentation chemicals as the raw material. In addition, the development of the new fermentation alcohols will furtherthe increase demand of the alcohols in upcoming years. The wide consumption of the alcohol majorly in Asia Pacific region is boosting the alcohols segment growth in the global market. The enzymes is the second dominating segment in the global fermentation chemicals market as they are widely used in the production of thedetergents and biomass pre-treatment.
The industrial segment dominated the market by holding the highest revenue around USD 25.21 Billion in 2018
The application segment is segmented into industrial, plastic &fibers, pharmaceuticals and nutritional, food and beverages and others. The industrial segment dominated the market by holding the highest revenue of around USD 25.21 Billion in 2018 owing to the fastest-growing industrial sector globally.Implementation of green chemistry and various regulations for commercial and industrial applications have resulted in higher penetration. It is due to the utilization of fermentation by microorganisms, such as fungi, bacteria, and eukaryotic cells for manufacturing products such as ethanol, citric acid, and acetic acid.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North Americais dominating theglobal fermentation chemicals market with the highest share of 42.50%in 2018.North America region is the manufacturing hub for major industry participants operating in sectors such as food & beverages, nutrition, and pharmaceutical, as well as plastics and fibers. Rising demand for enzymes from various industrial applications such as paper, personal care, and starch and technological advancements in chemicals is expected to have a considerable effect onmarket growth. The developing industries such as food and beverages, pharmaceuticals, and polymers in India and China as well as increasing disposable income has made the Asia Pacific region as the second fastest growing region.
Fermentation chemicals has the natural structure, low cost and productivity-enhancing features that has attracted many industries. It is being widely used in as a raw material in the alcohol beverages and food industries. Thus the growing demand for the alcoholic beverages has ultimately increased the fermentation chemicals market growth. Also, the government support for the use of the fermentation chemicals in order to build greener industry and cost affordability of fermentation chemicals are swelling the growth of the market. Furthermore, the fermentation chemicals are expected to benefit as the market for biodegradable plastics expands and the growing demand of the fuel ethanol will also support the expansion of the global fermentation chemicals market growth.
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The major players of global fermentation chemicals market include Ajinomoto Company Incorporation, BASF SE, The Dow Chemical Company, AB Enzymes, Amano Enzyme Inc., Archer Daniels Midland Company, Cargill Incorporation, Du Pont,Danisco A/S, Novozymes A/S, DSM, Evonik Industries AG, Chr. Hansen A/S, INVISTA, LanzaTech, and among others.Dow Chemical Company, AB Enzymes, Amano Enzyme Inc., and Eurosaneare the major key players in the global fermentation chemicals market. The companies are adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership to maintain their presence in the global fermentation chemicals market. For instance, in 2018, Ginkgo entered into the partnership with Cronos for fermentation-derived cannabinoids. Both companies will produce cannabinoids via fermentation with aim to make pure cannabinoids for less than USD 1,000 per kg.
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