Synthetic Spider Silk Market Highlights 2020 – 2029
The global synthetic spider silk market is anticipated to record a robust CAGR throughout the forecast period, i.e. 2021 – 2029. The market is estimated to thrive on the back of rising demand for synthetic spider silk in defense applications and their widespread use in healthcare applications owing to its superior mechanical properties such as high tensile strength and elasticity. The easy availability of raw materials to manufacture synthetic spider silk is also expected to drive the market during the forecast period. Moreover, technological advancements in developing innovative and efficient procedures for production of spider silk fibers is predicted to offer ample growth opportunities to the market in the future.
The synthetic spider silk market is segmented by product into genetically modified yeast fermentation, genetically modified silkworm, and genetically modified Escherichia coli (E-coli) bacteria fermentation. Amongst these, the genetically modified yeast fermentation segment is evaluated to hold the largest share in the market over the forecast period, which can be attributed to the growing demand for genetically modified yeast fermentation in healthcare and textile industries across the globe. Furthermore, based on application, the segment for textile is projected to occupy the largest share during the forecast period on account of rising demand for synthetic spider silk to manufacture sports clothing. Additionally, increased military investments by developed nations for the manufacturing of bulletproof clothing made from this fiber is other factor expected to boost the growth of this market segment in the coming years. For instance, the United States spent the most on military in 2019 amounting to about USD 730 billion.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Synthetic Spider Silk Market Regional Synopsis
On the basis of regional analysis, the synthetic spider silk market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in the Asia-Pacific region is anticipated to hold the largest market share during the forecast period on the back of growing demand for synthetic spider silk in the automotive industry in the region for manufacturing airbags, tire cords, seat belts, and other automotive products. Furthermore, APAC is a lucrative region for airbags production with large automobile manufacturing volumes in countries such as China and Japan, which in turn is expected to boost the growth of the synthetic spider silk market in this region. China alone produced more than 29% of automobiles globally in 2019. However, North America is assessed to witness significant growth in the market during the forecast period on account of increasing investments in military products such as bulletproof vests and uniforms in countries, namely the U.S and Canada. CLICK TO DOWNLOAD SAMPLE REPORT
The synthetic spider silk market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the synthetic spider silk market includes the following segments:
By Product
- Genetically Modified Yeast Fermentation
- Genetically Modified Silkworm
- Genetically Modified Escherichia Coli Bacteria Fermentation
By Application
- Automotive
- Textile
- Defense
- Healthcare
- Others
Growth Drivers
- Rising Demand for Synthetic Spider Silk in the Defense and Healthcare Sectors
- Technological Advancements to Develop Effective Manufacturing Techniques for Spider Silk
Challenges
- Difficulties Associated with Farming Spiders
- Lost Cost Effectiveness to Produce Fiber with Exact Required Properties
Top Featured Companies Dominating the Market
- KISCO LTD.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- AMSilk GmbH
- Kraig Biocraft Laboratories, Inc.
- Bolt Threads
- Inspidere BV
- Seevix
- Spiber Inc.
- Warwick Mills, Inc.
- VF Corporation
- Toyota Motor Sales, U.S.A., Inc. (Lexus)
