Technical Enzymes Market size in 2019 is estimated to be $ 1,134 million, growing at a CAGR of 4% during the forecast period 2020-2025. The technical enzymes are mainly used for splitting of carbohydrates, fats, or proteins in the food industry. Moreover, it is used in the production and processing of textile. Increasing environmental concerns and technological advancement are the major factors driving the growth of the market. Moreover, rising investment in food, beverage and pharmaceutical industries and advancement of R&D activities further enhance the overall market demand for Technical Enzymes during the forecast period 2020-2025.
Type – Segment Analysis
Based on the Type, Technical Enzymes Market is segmented into Amylases, Cellulases, Proteases, and Lipases. The Lipases segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 3.5% during the forecast period 2020-2025. Lipases are enzymes that catalyze the hydrolysis of lipids and are one of the important groups of biocatalysts with biotechnological applications. Lipases have been isolated from many species of plants, animals, bacteria, and fungi. Moreover, Lipases are the major enzymes used for commercializing biofuel production with enzymatic processes are contributing to the growth of this segment.
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Industry – Segment Analysis
Based on the Industry, Technical Enzymes Market is segmented into Biofuel, Starch, Textiles & Leather, and Paper & Pulp. In 2019, Biofuel held the largest share in the Technical Enzymes Market. This is mainly owing to Consumer inclination toward an alternative to gasoline for the reduction in harmful auto & industrial emissions. Moreover, Enzymes are safer substitutes for MTBE (methyl tert-butyl ether), as MTBE is a blending component to oxygenate gasoline and hazardous to human health is also contributing to the growth of this segment.
Geography – Segment Analysis
North America dominated the Technical Enzymes Market share accounting for 40% of the market in 2019. This is mainly owing to the development of novel and superior performing products, cost-effective alternatives and developed technologies.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing demand for technical enzymes in starch and textile & leather industries and change in technological innovations.
Drivers – Technical Enzymes Market
Increasing Environmental Concerns
Increasing environmental concerns and increase in demand for biofuel are some factors driving the growth of Technical Enzymes Market. Moreover, enzymes have been used for the conversion of biomass into biofuels, as they overcome many drawbacks associated with the use of traditional chemicals as catalysts for biofuel generation is also set to increase the market growth.
Technological advancements have made technical enzymes available for a wide range of applications in biofuel, paper & pulp, textile & leather, starch processing, and other industries are some factors driving the growth of the market. Moreover, development in biotechnology further contributing to the growth of Technical Enzymes Market.
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Challenges – Technical Enzymes Market
High price of enzymes and increasing health problems such as allergies are challenging the growth of the market. Moreover, increasing competition among raw material suppliers of technical enzymes are further restraining its market growth during the forecast period 2020-2025.
Technical Enzymes Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Technical Enzymes Market. Technical Enzymes top 10 companies are BASF, DuPont, Associated British Foods, Novozymes, DSM, Dyadic International, Advanced Enzymes Technologies, Maps Enzymes, Epygen Labs, Megazyme, Aumgene Biosciences, and Enzymatic Deinking Technologies.
On 26 September 2019, BASF has an acquisition with Aroma Biotech which advance the technology for biotech based by combining its R&D excellence.
On 4 September 2020, DSM has acquisition verenium Corporation for the development of food enzymes and oilseed processing with advanced technology.
In 2019, North America dominates the Technical Enzymes Market owing to the development of novel and superior performing products, cost-effective alternatives and developed technologies.
Increasing environmental concerns and technological advancement is driving the market growth of technical enzymes.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Technical Enzymes Market report.
High price of enzymes and increasing health problems are challenging the growth of the market.
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