PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299724
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299724
Biocatalyst Market size was valued at USD 305.9 million in 2022, expanding at a CAGR of 7.1% from 2023 to 2030.
Biocatalysts are biological catalysts that accelerate chemical reactions by providing an alternative, more efficient pathway for the reaction to occur. Biocatalysts can be enzymes or microorganisms, and they are used in a wide range of industrial processes to produce various products.
The Biocatalyst market is primarily driven by the growing demand for biofuels, chemical production. Biocatalysts are seen as a more sustainable and environmentally friendly alternative to traditional chemical catalysts. As the demand for sustainable production methods increases, the use of biocatalysts is expected to grow. Moreover, the increasing demand for renewable energy sources, coupled with government initiatives and regulations, is driving the demand for biofuels. Biocatalysts play a key role in the production of biofuels, which is expected to drive the demand for biocatalysts. Further, biocatalysts are widely used in the production of specialty chemicals, such as flavors and fragrances, and pharmaceutical intermediates. As the demand for these specialty chemicals increases, the demand for biocatalysts is expected to grow over the next few years.
Furthermore, advances in biotechnology, including genetic engineering and protein engineering, are driving the development of new and more efficient biocatalysts. This is expected to increase the adoption of biocatalysts in various industrial processes. The biocatalyst market is highly research-intensive, and there is a growing focus on developing new and more efficient biocatalysts. The increasing research and development activities are expected to drive the growth of the biocatalyst market.
The global Biocatalyst Market is segmented on the basis of Type, Source, Vertical, and Region.
The market is divided into three categories based on Type: hydrolases, oxidoreductases, and transferases. Hydrolases segment dominates the market. The increasing demand for hydrolases biocatalyst in chemical making is contributing to segment growth.
The market is divided into three categories based on Source: animal, plants, and microorganisms. Plants segment dominates the market. The increasing demand for plant-based biocatalyst is contributing to segment growth.
The market is divided into five categories based on Vertical: Biofuel, agriculture & feed, biopharmaceuticals, food & beverages, and others. The biofuels segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increasing demand for biofuel production.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America held the largest market share in 2021 and is projected to continue its dominance during the forecast period. The growing demand from biopharmaceutical sector in the U.S. is mainly contributing to market growth.
Due to the high demand for biocatalyst in the coming years, the worldwide market for Biocatalyst is made of both international and local producers, making it one of the most competitive sectors in the world. Companies sell their Types through a variety of channels, including corporate websites. Types makers compete on a variety of aspects, including Gaming performance. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new Type launches, web network development, and mergers and acquisitions. For instance, in 2021, Novozymes, a Danish biotech company, launched a new biocatalyst called Innova Lift. This biocatalyst is designed to improve the efficiency of the production of biofuels from agricultural waste.
This proposed research study on Biocatalyst market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Biocatalyst market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Biocatalyst market
Impact of COVID-19 on Biocatalyst market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Biocatalyst market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Biocatalyst market, we have also included competitive landscape and key innovator analysis for the Biocatalyst market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Biocatalyst market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Biocatalyst market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: