Synthetic Spider Silk Market Size To Reach $ 7.02 Billion By
Portland, OR, September 20, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the synthetic spider silk market was worth $ 1.10 billion in 2020 and is expected to reach $ 7.02 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.
Increasing demand for textile products from defense, automotive and healthcare applications is driving the growth of the global synthetic spider silk market. However, the difficulties regarding the breeding of spiders and the regulations regarding the generation of CO2 production technologies hamper market growth. On the contrary, technological advancements in synthetic spider silk are expected to open up new opportunities for market players in the future.
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- The Covid-19 pandemic has resulted in a prolonged lockdown and temporary ban on import and export and manufacturing and processing activities in various industries. This has decreased the demand for synthetic spider silk.
- However, as vaccination campaigns have started in various economies, the market is expected to get back on track.
The report divides the global synthetic spider silk market on the basis of technology, application, and region.
On the basis of applications, the automotive segment held the largest share in 2020, accounting for almost a quarter of the market. Additionally, the segment is expected to post the highest CAGR of 21.0% during the forecast period. The report includes analysis of segments such as defense, healthcare, textile, and others.
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On the basis of technology, the genetically modified E-Coli fermentation segment will take the lion’s share in 2020, contributing almost a third of the market. However, it is believed that the fermentation segment of genetically modified yeasts represents the Highest CAGR by 22.1% from 2021 to 2030.
The report offers an analysis of the global synthetic spider silk market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region market held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, the North American market is expected to post the highest CAGR of 20.7% during the forecast period.
Global Synthetic Spider Silk Market Report includes in-depth analysis of major market players such as AMSilk GmbH, Kraig Biocraft Laboratories, Inc., Spiber, Inc., Bolt Threads, Inspidere BV, Seevix, Spintex Engineering Ltd ., Technology Holding LLC and Spiber Technologies SE.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization towards providing high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.