Industrial enzymes are used as specific catalysts for encouraging chemical reactions. As a result, these products have numerous chemical and industrial applications including food processing, biofuel productions, cleaning agents manufacturing, and paper processing. Increasing demand for chemical reactions that do not occur naturally and applications of various products are strong drivers for the industrial enzymes market. Innovative applications and product types that are used as enzymes are expected to dominate the global market at a steady rate. As a result existing companies within the market are looking for expanding their businesses across newer marketplaces.
Factors Driving Industrial Enzymes Industry
As mentioned before industrial enzymes market is strongly driven by increasing demand for their applications. Various products or enzymes available in the market have varied applications across various business verticals. Demand as the major catalyst and raw materials in various chemical processes will drive the industry ahead at a healthy compound annual growth rate. Technological advancements within the industry have broadened the horizons of applications of these products, creating strong growth for these products.
Global industrial enzymes market is segmented on the basis of the types of products, their applications, and demand for these products across different geographic regions. The major types of products include proteases, carbohydrases, lipases, and others. Applications of these product range across different industries including food processing, baby foods, dairy processing, cleaning agents manufacturing, biofuel manufacturing, bakery products manufacturing, paper processing, leather and textile production, and food and beverages.
Geographically, the market for industrial enzymes is segmented into North America, Asia pacific, Europe and RoW (Rest of the World). The rest of the world region includes Latin America, Middle East, and Africa. According to the market research reports, global industrial enzymes market is expected to grow at a steady compound annual growth rate. The reports also suggest that the products segment will be largely dominated by carbohydrases. Carbohydrases product segment is further divided into cellulose, amylase, pectinase, and others. These products are used in industrial application at greater scale.
Strong ability to increase production is the key factor behind rising demand for industrial enzymes. In terms of applications, food and beverages is a major segment of the global market. in terms of geographic demand, Europe and North America are expected to dominate the global market with more than 68% of market shares and revenues (in 2012). The global market for industrial enzymes is expected to reach $5,987.5 million by the end of the year 2018.