Portland, OR, Sept. 20, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global synthetic spider silk market was accounted for $1.10 billion in 2020, and is estimated to reach $7.02 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.
Increase in demand for textile products from the defense, automotive, and healthcare applications drives the growth of the global synthetic spider silk market. However, difficulties regarding the farming of spiders and regulations about the generation of CO2 from production technologies hinder the market growth. On the contrary, technological advancements in synthetic spider silk are expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic resulted in a prolonged lockdown and temporary ban on import & export and manufacturing & processing activities across various industries. This decreased the demand for synthetic spider silk.
- However, as the vaccination drives have begun in various economies, the market is expected to get back on track.
The report divides the global synthetic spider silk market on the basis of technology, application, and region.
Based on application, the automotive segment held the largest share in 2020, accounting for nearly one-fourth of the market. Moreover, the segment is projected to manifest the highest CAGR of 21.0% during the forecast period. The report includes an analysis of segments such as defense, healthcare, textile, and others.
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On the basis of technology, the genetically modified E-Coli fermentation segment held the lion’s share in 2020, contributing to nearly one-third of the market. However, the genetically modified yeast fermentation segment is estimated to portray the highest CAGR of 22.1% from 2021 to 2030.
The report offers an analysis of the global synthetic spider silk market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, the market across North America is anticipated to showcase the highest CAGR of 20.7% during the forecast period.
The global synthetic spider silk market report includes an in-depth analysis of the prime market players such as AMSilk GmbH, Kraig Biocraft Laboratories, Inc., Spiber, Inc., Bolt Threads, Inspidere BV, Seevix, Spintex Engineering Ltd., Technology Holding LLC, and Spiber Technologies SE.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
