Newark, April 25, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the artificial spider silk market will grow from USD 1.34 billion in 2022 to USD 7.45 billion by 2032. The artificial spider silk market is witnessing technological advancements due to increasing demand in end-user industries such as automotive, healthcare, automotive, defence, etc. These artificial spider silks provide strength and superior performance to the final product.
Key Insight of the Artificial Spider Silk Market
North America region to account for the largest market size during the forecast period.
North America is expected to have the most prominent artificial spider silk market share during the forecast period. The factors supporting the growth of the North American artificial spider silk market include extensive research and development in the automobile industry and the presence of significant players. The end-user enterprises are investing in artificial spider silk due to its functional and superior properties and ability to substitute expensive metals. Countries like the U.S. and Canada are investing in technological advancement in artificial spider silk for deploying it to the military base.
The genetically modified silkworm segment is expected to augment the market during the forecast period.
The technology segment is divided into genetically modified silkworms, genetically modified yeast formation, genetically modified Escherichia coli bacteria fermentation and others. The genetically modified silkworm segment is expected to augment the market during the forecast period. The composites prepared using genetically modified silkworms were twice as tougher, robust, and more elastic than typical silkworm fibres.
The defence segment is expected to grow at the highest CAGR during the forecast period.
The application segment is divided into healthcare, defence, textile, automotive and others. The defence segment is expected to augment the market during the forecast period. Artificial silk is employed for numerous military applications, such as parachutes, because its wet qualities are significantly superior to rayon and silk. Military authorities prefer artificial spider silk as it can be used in diverse applications.
The B2B segment was valued at USD 1.01 billion in 2022.
The sales channel segment is divided into B2B and B2C. The B2B segment was valued at USD 1.01 billion in 2022. Businesses are adapting B2B sales as it helps them move away from conventional outbound channels to inbound web platforms to meet client expectations and stay competitive in the market.
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Market Dynamics
Driver: Biodegradable nature
A significant benefit of artificial spider silk is that it is much more environmentally friendly than oil-made goods. In contrast to fabrics made from petroleum, the constituents are fully renewable and biodegradable. Dyeing, one of the dirtiest processes in fabric production, requires fewer harmful chemicals when using artificial spider silk. Additionally, the aim is to make them cleaner than existing technologies because the manufacturing companies are creating new manufacturing techniques solely to produce their product. Many end-users are considering the future potential of protein-based synthetics over conventional fibres. Over the ensuing decades, artificial spider silk is growing tremendously.
Restraint: Absorbs minimum moisture
Artificial spider silk, a synthetic fibre, absorbs little moisture and does not allow air circulation. Also, they are less efficient in fire resistance than other fibres, making them less preferable in specific applications. This is hindering the growth of the artificial spider silk market.
Opportunity: Growing investments in the automotive industry
Although automotive demand is influenced by a variety of factors, passenger vehicle sales have increased in the last few years. Personal automobile sales, including conventional and advanced electric vehicles, have increased as more people seek personal mobility. Nearly half of the consumers plan to buy a personal passenger car. This reflects a long-term shift in consumer choice toward personal mobility, fuelled by the COVID-19 epidemic. Car ownership is now perceived as a way to reduce the danger of infection and transmission. The demand for enhanced components is increasing at a faster pace. Artificial spider silk has the potential to be utilized for various products, including outdoor performance gear, seat covers, and several auto parts, which is currently the application receiving the most interest.
Challenge: Availability of substitutes
There are competitors or businesses outside the industry that provides more alluring and less expensive items. Thus there is a greater risk of substitution in the artificial spider silk market. For example, one of the essential substitutes for artificial spider silk is Viscose rayon because it has similar attributes.
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Some of the major players operating in the artificial spider silk market are:
• AM Silk GmbH
• Kraig Biocraft Laboratories, Inc.
• Bolt Threads Inc.
• Spiber Inc.
• Inspidere BV
• Warwick Mills, Inc.
• Seevix
• EC Plaza
• VF Corporation
• Linder Spruhsysteme
• Groupe Beaumanoir
• Silvano Fashion Group
Key Segments Cover in the Market:
By Technology:
• Genetically Modified Silkworm
• Genetically Modified Yeast Formation
• Genetically Modified Escherichia Coli Bacteria Fermentation
• Others
By Application:
• Healthcare
• Defence
• Textile
• Automotive
• Others
By Sales Channel:
• B2B
• B2C
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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