Alcohols to Dominate the Global Fermentation Chemicals Market | Technavio
LONDON–(BUSINESS WIRE)–#Chemicals–The global
fermentation chemicals market is expected to grow at a CAGR close to
6% from 2017-2021, according to a new market research report by
Technavio.
Global fermentation chemicals market segmentation by product and
application
Technavio’s report on the global
fermentation chemicals market analyses the business dimensions and
presents a comprehensive breakdown in terms of market segmentation by
product which includes alcohols, organic acids, and enzymes. As
projected in 2016, approximately 54% of the market share originated from
alcohols in the product segment. The rising use of alcohols as fuels,
with increasing application in food and beverage industry is expected to
drive the market during the forecast period.
“Some commonly used alcohols are ethanol, methanol, butyl alcohol,
fatty alcohol, acetone, and isopropyl alcohol. One of the most important
types of alcohol is ethanol and it is commonly used for alcoholic
drinks, paint, coatings, and varnish applications,” says Mohd
Shakeel Iqbal, a lead analyst at Technavio for specialty
chemicals research.
Based on application the market has been segment into industrial, food
and beverage, pharmaceutical and nutritional, and plastics and fibers.
Industrial and food and beverages are the key application segments for
the fermentation chemicals market. The growing consumption of
fermentation chemicals in personal care and consumer goods applications
will boost the fermentation chemicals market during the forecast period.
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Fermentation chemicals market: competitive vendor landscape
The global
fermentation chemicals market is competitive and consists of a
considerable number of key vendors globally and regionally, along with
sizeable local players. The market is dominated by large vendors such as
AJINOMOTO, Archer Daniels Midland, BASF, Cargill, Evonik Industries, and
the Dow Chemical Company. These vendors have a vast geographical
presence with large manufacturing facilities.
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Other topics covered in the report:
Market drivers:
- Rising need for renewable and clean fuel
- Growing consumption of food enzymes in beverages
Market challenges:
- Fall in crude oil prices
- Availability of feedstock
Market trends:
- Emerging use of enzymes in nutraceuticals
- Alternative to conventional transportation fuels
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fermentation chemicals market report free of cost.
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chemicals research library and find expert analysis on hundreds
of markets.
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