Wilmington, Delaware, United States, June 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Chitosan Market was valued at US$ 3.8 Bn in 2020 and is projected to expand at a CAGR of 17.8% from 2021 to 2031.
Extensive usage of chitosan in a wide spectrum of applications in multiple end-use industries can be ascribed to companies exploiting unique functional properties of the polymer. The chitosan market is witnessing a surge in R&D activities in utilization of solubility and materials-forming capacity, high biodegradability, and bacteriostatic and fungostatic properties.
Recent market trends indicate companies are witnessing significant revenue from the usage of these properties in agrochemical and biomedical industries. Government agencies are supporting the usage of chitosan as a pesticide and range of crop protection applications. An instance is The United States Environmental Protection Agency adding chitosan to the minimum risk pesticide exemption list.
Considerable research in exploring non-aquatic sources of chitosan is likely to bolster the market outlook in the near future. Rapid increase in focus on development of bio-based nanocomposites in food packaging is positively influencing the market dynamics. Companies in the chitosan market are anticipated to gain significant revenues from surge in demand for chitosan-based systems in biodegradable food active packaging.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 3.8 Bn | |
| Estimated Value | US$ 23.2 Bn | |
| Growth Rate - CAGR | 17.8% | |
| Forecast Period | 2021-2031 | |
| No. of Pages | 180 Pages | |
| Market Segmentation | Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
Key Findings of Market Study
- Considerable Utilization of Chitosan in Water Treatment Applications: The water treatment application segment of the chitosan market is anticipated to expand at a rapid pace from 2021 to 2031. Extensive utilization of chitosan in wastewater treatment applications is expected to boost the size of the overall market. Stringent implementation of government regulations pertaining to potable water reuse is anticipated to fuel the segment.
An instance is Safe Drinking Water Act (SDWA) and Clean Water Act (CWA) by the United States Environmental Protection Agency (EPA). Rapid rise in demand for fresh water across the globe is propelling the segment. Chitosan nanocomposites are likely to increase in usage in effective removal of removal of heavy metals, dyes, organic, and a range of contaminants from wastewater. - Extensive R&D Activities Focusing on Potential Biomedicine Applications of Chitosan: Surge in adoption of chitosan in biomedicine applications can be ascribed to utilization of the polymer’s biocompatible, non-toxicity, and biodegradable characteristics of chitosan. Considerable demand for chitosan in drug delivery applications is expected to bolster the segment. Rapid increase in utilization of bioactive polymer-based products in controlled drug release therapeutics is likely to drive the segment in the next few years
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Key Drivers
- Continuous research related to physical and chemical properties of chitosan, advancement in chemical synthesis of chitosan and its derivatives, and methods of preparation of this polymer are key factors driving the expansion of the global chitosan market. An instance is considerable R&D in advancements in functional characterization and antibacterial activities of chitosan. Rise in studies in fabrication of chitosan-based hydrogels is another instance.
- Rapid increase in preference for biopolymer-based products in a multitude of biomedicine applications is anticipated to drive evolution of the market. Increase in number of patents for formulation of chitosan-based hydrogels for biomedical use over the past few years is expected to bolster the market.
- Rise in usage of treated wastewater for drinking water is also a significant driver of the market. The process of potable water reuse is steadily benefitting from constant modification and fabrication of chitosan nanocomposites for usage in wastewater treatments.
Regional Growth Dynamics
- North America is projected to constitute the major market share from 2021 to 2031. Significant usage of chitosan and its derivatives in wastewater treatment applications and considerable adoption of chitosan in a range of biomedical applications are expected to augment the market size in North America. Surge in utilization of chitosan in textiles, cosmetics, and beverage processing industries in the U.S. is anticipated to bolster the market.
- The market in Asia Pacific is witnessing significant growth opportunities. Considerable demand for potable water in several developing countries, especially in Asia, is anticipated to fuel market growth in the region in the next few years. Rise in awareness about biological and technological properties of chitosan among companies in Asia Pacific is likely to spur research in the market. Steady expansion of the agriculture sector in Asia is likely to augment market development in Asia Pacific.
Competition Landscape
Leading companies are making sizable investments in new product development in order to sustain the competition in the global chitosan industry. Key players are focusing on product innovations to increase their market share.
Prominent companies operating in the chitosan market are
- GTC Bio Corporation
- PT Biotech Surindo
- KitoZyme S.A.
- Primex ehf
- Biothera
- Heppe Medical Chitosan GmbH
- Panvo Organics Pvt. Ltd.
- Golden Shell Pharmaceutical Co., Ltd.
- FMC Health Nutrition
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Chitosan Market Segmentation
Application
- Water Treatment
- Biomedicine & Pharmaceuticals
- Industrial
- Food & Beverages
- Cosmetics
- Agrochemicals
- Others (Including Fuel Cells and Photographic Products)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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