NEWARK, Del, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The biocatalysis and biocatalyst market is anticipated to reach a valuation of US$ 694.8 million in 2024. The industry is projected to be worth US$ 1,290 million by 2034, expanding at a CAGR of 6.4% between 2024 and 2034. The market is experiencing substantial growth, primarily fueled by an increasing demand for sustainable and environmentally friendly industrial processes across diverse sectors.
Biocatalysis involves the utilization of natural catalysts, predominantly enzymes, to facilitate chemical reactions in the production of pharmaceuticals, biofuels, and various other chemicals. The method gains prominence due to its ability to offer higher efficiency, operate under milder reaction conditions, and significantly reduce environmental impact compared to traditional chemical processes.
One key driver of the market expansion is the growing awareness among industries regarding the multiple advantages associated with biocatalysis. These advantages include environmental benefits and improved process efficiency, leading to cost-effectiveness and enhanced product quality.
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The market is witnessing significant advancements in biotechnology and enzyme engineering, which are pivotal in extending the capabilities and applications of biocatalyst. These technological strides make biocatalysis an increasingly viable and attractive option for various industrial processes.
The market is poised for sustained growth, driven by the ongoing commitment to sustainable practices and the continuous evolution of biotechnological advancements. As industries increasingly recognize the benefits of biocatalysis in achieving their environmental and operational goals, the market is likely to play a pivotal role in shaping the future of industrial processes across the globe.
Key Takeaways from the Market Study
- Based on type, the hydrolases are projected to expand at 6.2% CAGR by 2034.
- China is estimated to register at a CAGR of 6.9% by 2034.
- South Korea experiences significant growth, projected at a CAGR of 8.5% by 2034.
- Based on application type, biofuel is anticipated to expand at a CAGR of 6% by 2034.
“The growing emphasis across industries on adopting sustainable and environmentally friendly production methods is a key driver propelling the biocatalysis and biocatalyst market,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape
The competitive landscape of the biocatalysis and biocatalyst market is marked by active participation and innovation among key players. Continuous investments in research and development contribute to advancements in biocatalyst technologies.
Strategic collaborations and acquisitions are prevalent strategies, strengthening market presence. Regulatory compliance, technological proficiency, and a commitment to sustainable practices are pivotal factors shaping the competitive dynamics in this evolving market, reflecting a dynamic and competitive industry ecosystem.
Some key developments are:
- In April 2020, Biocatalyst Ltd introduced Lipomod™ 888MDP, a novel enzyme derived from non-genetically modified microbes. Positioned as an eco-friendly alternative to pancreatic lipase, this microbial lipase preparation holds Kosher and Halal certifications. It complies with vegetarian, vegan, and GMO VLOG standards due to its microbial origin.
- In January 2023, BASF and Cargill revealed an expanded collaboration at the IPPE trade show in Atlanta. The enhanced partnership now includes the United States and focuses on research and sales of feed enzymes.
Market Report Scope
| Attributes | Details | ||
| Estimated Market Size in 2024 | US$ 694.8 million | ||
| Projected Market Valuation in 2034 | US$ 1,290 million | ||
| CAGR Share from 2024 to 2034 | 6.4 % | ||
| Forecast Period | 2024 to 2034 | ||
| Historical Data Available for | 2019 to 2023 | ||
| Market Analysis | Value in US$ million | ||
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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More Valuable Insights Available
Future Market Insights offers an unbiased global biocatalysis and biocatalyst market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand biocatalysis and biocatalyst market opportunities are segmented based on Type (Hydrolases, Oxidoreductases, Transferases), Application (Biofuel, Biopharmaceuticals, Detergents, Food and Beverages), Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa)
About the Chemicals and Materials Team at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
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