The global fermentation chemicals market size is projected to reach USD 85.77 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.6% during the forecast period. Rapid industrialization in the BRICS nation is expected to remain a key growth driver.
Energy, plastics, pharmaceuticals, and food and beverage are some of the manufacturing sectors where fermentation chemicals are used widely. Rising demand for Polytrimethylene Terephthalate (PTT) acts as a major driver for rising product consumption in plastic manufacturing. PDO and lactic acid are anticipated to be the principal beneficiaries of this strong growth, though other fermentation chemicals are expected to benefit, as the market for biodegradable plastics expands.
Brazil, Russia, India, China, and South Africa (BRICS) has witnessed high production industrial growth, directly impacting demand for fermentation chemicals. These markets registered high industrial production growth over the period and remain one of the fastest-growing industrial regions across the globe. Major growth drivers for the manufacturing sector in these markets include favorable foreign investment norms, availability of large pool of skilled labor, and technological know-how.
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www.grandviewresearch.com/industry-analysis/fermentation-chemicals-market
www.grandviewresearch.com/industry-analysis/fermentation-chemicals-market
Further key findings from the report suggest:
- Alcohol was the largest product segment, with a market share of over 50% in 2018. Increase in use of alcohols in industry application is expected to trigger the demand
- Plastics and fibers is anticipated to witness the fastest CAGR of 5.6% from 2019 to 2025 owing to rising demand for bio-degradable plastics
- Using green chemistry to manufacture of fermentation chemicals is the most efficient and practical way of reducing greenhouse effect. The Environmental Protection Agency (EPA) and the European Union have established stringent regulations which are expected to positively propel the product demand due to its environment-friendly properties
- Germany was one of the major countries in Europe with a global market share of around 11% to 12% in 2018. The demand is driven by technological advancements in chemical manufacturing accompanied with an increasing focus on development of biodegradable plastics
- Some of the key players in the fermentation chemicals market include The Dow Chemical Company; Evonik Industry; Cargill Inc.; Archer Daniels Midland; BASF SE; DuPont Danisco A/S; and Ajinomoto.
Grand View Research has segmented the global fermentation chemicals market on the basis of product, application, and region.
Fermentation Chemicals Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Alcohols
- Enzymes
- Organic Acid
- Others
