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.
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.
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:
Our in-depth analysis of the synthetic spider silk market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Major growth drivers for the market is growing demand for synthetic spider silk in defense and healthcare sectors.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2021 – 2029.
Difficulties related to spider farming are estimated to hamper the market growth.
North America will provide more business growth opportunities on the back of rising investments in military products in the region.
The major players in the market are KISCO LTD., AMSilk GmbH, Kraig Biocraft Laboratories, Inc., Bolt Threads, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, and by region.
The textile segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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