The global fermentation chemicals market is expected to grow with a CAGR greater than 5% during the forecast period. One of the major factors driving the market is the growing demand from methanol and ethanol Industry. However, high-cost due to the complexity involved in the manufacturing process is hindering the growth of the market studied.
- Increasing demand from the pharmaceutical industry is another major driver for the market studied.
- Among the product types, alcohols are likely to account for the highest market share during the forecast period.
- North America is expected to witness the highest share of the market studied during the forecast period.
Key Market Trends
Alcohols Segment to Dominate the Market
- Ethanol butanol, BDO, and acetone are the major forms of alcohol made using fermentation chemicals. The global fermentation chemical market is dominated by alcohol, primarily ethanol
- Ethanol is widely used as fuel in vehicles, as a fuel additive in gasoline, in paints and coatings, personal care products, alcoholic beverages, and many more.
- The consumption of alcohol across the world is expected to increase significantly. There is also a surge of alcohol usage in pharmaceutical applications for the manufacturing of products, such as anesthetics, antiseptics, drugs, liniments, lotions, etc., all of which are expected to drive the market for alcohol during the forecast period.
- Hence, owing to the above-mentioned factors, alcohols is likely to be the major product type of the market studied during the forecast period.
North America to Dominate the Market
- North America accounts for the highest share in the global fermentation chemicals market currently.
- The market for North America is highly driven by the pharmaceutical industry in the United States, and its growing focus to turn itself into a green industry.
- In the recent past, the food & beverage industry has witnessed a major growth in the United States which is likely to drive the market studied.
- Additionally, there has been an increasing demand for fermentation chemicals from Canad and Mexico for usage in industries like pharmaceutical, food & beverage, etc.
- Hence, owing to the above-mentioned factors, North America is likely to witness the highest market share during the forecast period.
The global fermentation chemicals market is moderately consolidated as the market of the market share is divided among few players. Some of the key players in the market include BASF SE, Cargill, Incorporated., Evonik Industries AG, DSM, and Lonza, among others.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support