According to the latest report by IMARC Group, titled “Biocatalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global biocatalyst market size reached 118 Kilo Tons in 2019. Biocatalysts are enzymes that help in modifying or increasing the rate of a chemical reaction, such as the production of alcohol through fermentation. They are organic and biodegradable and have the potential to operate under mild conditions. Owing to these advantages, biocatalysts are widely used in the food and beverage (F&B), pharmaceutical, textile, and soap and detergent industries across the globe. This can be also be accredited to the vital role of biocatalysts in minimizing costs, enhancing process efficiency and developing new environment-friendly processes. Some of the commonly used biocatalysts are microbes, proteases, lipases, amylases and cellulases.
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Global Biocatalyst Market Trends:
The growing environmental consciousness is primarily driving the market for biocatalysts across the globe. Various technological advancements have enabled the replacement of conventional chemical catalysts, which diffuse harmful elements into the environment during their application, with biocatalysts, which are an eco-friendly alternative. Biocatalysts are currently gaining traction in chemical synthesis on account of numerous associated advantages, including easier separation, minimal side reactions and reduced use of protecting groups. Furthermore, as compared to conventional alkaline catalyzed processes, biocatalysts are less energy-intensive and enable the utilization of unrefined feedstock in biodiesel production. This, in confluence with the escalating demand for biofuels as an alternative to fossil fuels, is anticipated to impel the global biocatalyst market growth in the coming years. On account of these factors, the market volume is projected to reach 163 Kilo Tons by 2025, expanding at a CAGR of 6% during the forecast period (2020-2025).
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- Based on the type, the market has been segmented into hydrolases, oxidoreductases, transferases and others. At present, hydrolases represent the most popular type of biocatalyst. They are widely utilized in the production of leather, detergents, textiles and food products.
- On the basis of the application, the market has been segregated into food and beverages, cleaning agent, biofuel production, agriculture and feed, biopharmaceuticals, and others. Amongst this, the food and beverage (F&B) industry exhibits a clear dominance in the market.
- The market has been analyzed on the basis of the source into microorganisms, plants and animals. Microorganisms currently account for the majority of the total market share.
- Region-wise, Europe holds the leading position in the market. This can be accredited to the stringent governmental regulations in numerous European countries for increasing the utilization of renewable raw materials instead of fossil fuels and minimizing the emission of greenhouse gases (GHG). Other major regions include North America, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Novozymes A/S, DuPont de Nemours, Inc. and Koninklijke DSM N.V.
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