New FMI Report Explores Impact of COVID-19 Outbreak on Technical Enzymes Market Analysis
According to a new
Future Market Insights (FMI) study, the global technical enzymes
market will exhibit a
healthy 6.7% CAGR during the projection period (2020-2030). The market is
receiving tailwinds from various end-use industries such as detergents,
textiles, and pulp & paper industries. Further, role of technical enzymes
in synthesis of biofuels and organic products will support the market growth
through 2030.
"Established
manufacturers must engage in product development activities in order to
diversify their end-use applications," concludes FMI.
Key Takeaways of
Technical Enzymes Market Study
- Proteases will remain
top-selling category through the forecast period, accounting for majority
share in the technical enzymes market.
- Use of technical enzymes in
bio-ethanol segment will gain traction on the back of heightening demand
from consumers.
- North America leads the global
technical enzymes market in view of greater consumer awareness in the
region.
- Paper & pulp segment will
witness rising consumption of technical enzymes, observing an impressive
CAGR through 2030.
Technical Enzymes
Market - Key Growth Drivers
- Cost-competitive and
environmentally-friendly nature of technical enzymes will fuel the demand
through 2030.
- Sophisticated industrial
infrastructure and presence of established players in North America has
augured well for market growth.
- Proliferation of product
launches and product innovation will boost the sales of technical enzymes
over the forecast period.
- Sourcing of technical enzymes
from microorganisms is gathering impetus, while plant-based enzymes will
register noteworthy growth.
Technical Enzymes
Market - Key Restraints
- Price fluctuations of raw
materials will restrain the growth of technical enzymes market during the
projection period.
- Highly competitive landscape of
global technical enzymes market will pose significant challenges for
emerging players to expand their revenue share.
Anticipated Impact of
COVID-19 on Technical Enzymes Market
The COVID-19 outbreak
has compelled manufacturers to revaluate their strategies to face the enormous
challenges. The enzyme industry has been severely affected by the pandemic. The
production of technical enzymes is hampered by supply chain disruption,
workforce shortage, and lockdown measures amid COVID-19. Rising caseload of
patients is further adding to the distress of globally leading producers. The
global technical enzymes market will observe the aftermath of COVID-19 and is
projected to recover through the first half of 2021. Many small and medium
businesses have been shut down due to the pandemic while top players are
struggling to cope with logistic challenges brought upon by COVID-19.
Competitive Landscape
of Technical Enzymes Market
Some of the prominent
players in the global technical enzymes market that are profiled in the FMI
study include, but are not limited to, Megazyme Inc., BASF SE, Creative
Enzymes, Tex Biosciences, Dyadic International, Maps Enzymes Limited, Epygen
Labs FZ LLC, Koninklijke DSM N.V., Denykem, Associated British Foods LLC, E.I.
du Pont de Nemours and Company, Advanced Enzyme Technologies Ltd., and
Novozymes A/S. Mergers and acquisitions form the key inorganic growth strategy
of top producers in the technical enzymes market. Moreover, leading players
must prioritize research and development activities to gain competitive
ascendancy during the forecast period.
More About the Report
This FMI study of 250
pages provides all-inclusive insights on the global technical enzymes market.
The market analysis is based on source (microorganism, plant, and animal),
application (biofuel, starch, textiles & leather, and paper & pulp),
form (liquid, dry), and product type (amylases, cellulases, proteases, and
lipases) across six regions (North America, Latin America, Europe, Asia,
Oceania, and Middle East & Africa).
About Future Market
Insights (FMI)
Future Market Insights
(FMI) is a leading provider of market intelligence and consulting services,
serving clients in over 150 countries. FMI is headquartered in London, the global financial capital,
and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help
businesses navigate challenges and take critical decisions with confidence and
clarity amidst breakneck competition.
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