The global enzymes for bioenergy applications market experiencing growth due to several factors, such as the increasing awareness around renewable energy and advancements in biotechnology and enzyme engineering. Government initiatives to support the bioenergy sector are also contributing to this growth.
PORTLAND, Ore., April 19, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Enzymes for bioenergy applications Market by Source (Microorganisms, Plants and Animals), Enzyme Type (Amylases, Lipases, Cellulose, And Others), Reaction Type (Hydrolysis, Transesterification, And Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global enzymes for bioenergy application market was valued at $0.80 billion in 2021 and is projected to reach $1.6 billion by 2031, registering a CAGR of 6.9% from 2022 to 2031.
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Prime determinants of growth
The global enzymes for bioenergy applications market is experiencing growth due to several factors, such as the increasing awareness around renewable energy and advancements in biotechnology and enzyme engineering. Government initiatives to support the bioenergy sector are also contributing to this growth. However, the market is facing challenges related to the stability of enzymes. Despite this, there are opportunities for growth in the future, particularly with rising government initiatives to promote renewable energy and the development of economies.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022-2031 |
Base Year | 2021 |
Market Size in 2021 | $0.80 billion |
Market Size in 2031 | $1.6 billion |
CAGR | 6.9 % |
No. of Pages in Report | 252 |
Segments Covered | Enzyme Type, Source, Reaction Type, and Region. |
Drivers | An increase in increase in demand for renewable energy The advancements in the enzyme technology. |
Opportunities | A rise in government initiatives to promote cervical cancer diagnosis. |
Restraints | Concerns related to enzyme stability and storage |
Impact of the Russia-Ukraine war:
- Due to the ongoing conflict between Russia and Ukraine, the global enzymes for bioenergy applications market has been positively impacted. This is because the war has caused a disruption in the energy supply, resulting in a significant increase in energy prices worldwide.
- As a result, several countries and regions are now exploring ways to accelerate their transition towards clean energy, while also promoting economic recovery through policy changes.
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The amylases segment to maintain its leadership status throughout the forecast period.
Based on enzyme type, the amylases segment held the highest market share in 2021, accounting for more than two-fifths of the global enzymes for bioenergy applications market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to its versatile applications in the production of various types of biofuels. However, the Lipases segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2031, owing to the rise in demand for lipases.
The microorganisms segment to maintain its leadership status throughout the forecast period
Based on the source, the microorganisms segment held the highest market share in 2021, accounting for more than half of the global enzymes for bioenergy applications market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment is also projected to manifest the highest CAGR of 7.2% from 2022 to 2031. This is owing to the efficiency, cost-effectiveness, and sustainability of microorganisms in enzyme production.
The hydrolysis segment to maintain its leadership status throughout the forecast period.
Based on reaction type, the amylases segment held the highest market share in 2021, accounting for nearly three-fifths of the global enzymes for bioenergy applications market revenue, and is estimated to dominate during the forecast period. This is owing to its high output yield. However, the transesterification segment is expected to portray the fastest CAGR of 7.3% from 2022 to 2031, owing to the fact that enzymatic transesterification can be used on a wider range of feedstocks compared to conventional methods.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than half of the global enzymes for bioenergy applications market revenue, and is likely to retain its dominance throughout the forecast period. A rise in awareness and consciousness about the adverse environmental effect of fossil fuel and strong research and development infrastructure propel the growth of the segment. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.7% from 2022 to 2031. This is due to the presence of the world's fastest-growing economies, including China, India, and Indonesia. Furthermore, Asia has an abundant supply of biomass. This has made it easier for companies in the region to secure a reliable and cost-effective supply of raw materials for the production of biofuels.
Leading Market Players:
- Novozymes A/S
- Advanced Enzyme
- Technologies
- BASF SE
- Dyadic International Inc.
- EnzymoCore
- Enzyme Supplies Ltd.
- Noor Enzymes
- Nature BioScience
- Boli Bioproducts
- Antozyme Biotech Pvt Ltd.
The report provides a detailed analysis of these key players in the global enzymes for bioenergy applications market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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