Valued to be $1.3 Billion by 2026, Biofuel Enzymes Slated for Robust Growth Worldwide
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SAN FRANCISCO, March 21, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Biofuel Enzymes - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 18; Released: February 2022
Executive Pool: 4317
Companies: 45 - Players covered include AB Enzymes GmbH; Advanced Enzyme Technologies Ltd.; Agrivida, Inc.; BASF SE; CLEA Technologies B.V.; DuPont de Nemours, Inc.; Enzyme Supplies Limited; Metgen Oy; Noor Enzymes Pvt. Ltd.; Novozymes A/S; Royal DSM NV and Others.
Coverage: All major geographies and key segments
Segments: Type (Amylase, Cellulase, Xylanase, Other Types)
Geographies: World; USA; Canada; China; Europe; France; Germany; Italy; UK; Spain; Poland; Rest of Europe; Asia-Pacific; India; Indonesia; Thailand; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Rest of Latin America; Rest of World.
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ABSTRACT-
Global Biofuel Enzymes Market to Reach $1.3 Billion by 2026
Biofuels refer to fuels used in transportation that are produced from renewable sources, mainly agricultural products. Biofuels, primarily including fuel ethanol and biodiesel, serve to address growing environmental safety concerns associated with the use of fossil fuels. The global production of biofuels falls into three primary categories: ethanol, biodiesel, and hydro treated vegetable oil (HVO). Ethanol, produced from starchy feedstock (corn, wheat, cassava) and sugary feedstock (sugarcane, molasses, beets) is blended with petrol. Biodiesel, produced from non-edible agricultural material such as oil seeds, is blended with diesel. HVO or "green diesel" is emerging as an attractive alternative to biodiesel lately, with its primary advantage being chemical equivalence to petroleum diesel and thus its usage in diesel engines with no modification.
Global Biofuel Enzymes market is projected to register healthy growth over the near-to-long term. The market, estimated at US$1 Billion in 2022 is projected to reach US$1.3 Billion by 2026, registering a compounded annual growth rate (CAGR) of 7.3% over the analysis period. United States represents the largest regional market for Biofuel Enzymes, accounting for an estimated 37.8% share of the global total. The market, estimated at US$384.7 Million in 2022 is projected to reach US$587.1 Million by the close of the analysis period. The United States is forecast to emerge as the fastest growing regional market with a CAGR of 8.0% over the analysis period. The market is set to maintain its growth momentum led by improving domestic fundamentals, and other unique growth drivers.
Growth in the market will continue to be driven by surging demand for biodiesel, a clean and increasingly popular alternative for diesel. The increasing need for higher product specificity and productivity, combined with escalating environmental concerns and intensified government efforts for framing regulations with respect to biofuel combinations is helping the biofuel enzymes market grow. Additional factors driving biofuel enzymes growth include increasing use of biodiesel and bio-based ethanol, which not only minimize fuel cost but also carbon dioxide emissions, and greater customer transition towards the production of ethanol using cellulases and associated enzymes. Other important stimulants include greater demand for higher-efficacy enzymes-based pharmaceuticals and increased awareness about the application of biofuel enzymes in protein engineering technology.
Amylase Segment to Reach $504 Million by 2026
Mostly sourced from plants and bacteria, amylase is a mainstream enzymatic solution for manufacture of sugar-based biofuels. Amylase ferments sugars into alcohol such as ethanol, butanol and propanol etc., thus making them useful in fuel applications. In fact, Amylase is the most commonly used biofuel enzyme for manufacture of fuel ethanol, the widely used biofuel in the world followed by biodiesel. Compared to other enzymes, amylase has high resistant power, which allows the enzyme to endure an array of temperature, pH and acidity levels during feedstock conversion into fuel. Global market for Amylase is estimated at US$375.6 Million in 2022, and is projected to reach US$504 Million by 2026 reflecting a compounded annual growth rate of 7.0% over the analysis period. United States constitutes the largest regional market for Amylase segment, accounting for 36.5% of the global sales. United States is poised to register the fastest compounded annual growth rate of 7.5% over the analysis period to reach US$205.7 Million by the close of the analysis period.
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