Transparency Market Research (TMR) states that Codexis Inc., Biocatalysts Ltd., Amano Enzymes Inc., and Novozymes A/S are the leading players in the global specialty enzymes market. These players are expected to focus on research and development and mergers and acquisitions in the coming years. Additionally, players will also work toward building a stronger product portfolio to remain relevant in the overall competition.
According to the research report, the global specialty enzymes market was valued at US$1,782.0 mn in 2016. However, analysts project that the global market is likely to rise at a CAGR of 8.7% between 2017 and 2025 to reach a valuation of US$3,726.4 mn by the end of 2025. On the basis of application, the market is segmented into research and biotechnology, diagnostics, and other specialty. Of these, the research and biotechnology segment is expected to show steady growth over the forecast period. The report states that this application segment will progress at a CAGR of 8.7% between 2017 and 2025. From a geographic point of view, North America is projected to lead the global market. The report projects that North America specialty enzymes market will acquire a share of 46.0% by the end of 2025.
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Greener Initiatives Up Demand for Specialty Enzymes
In recent years, biocatalysts have gained traction due to increasing production of drug and chemical manufacturing activities. Biocatalysts are a types of enzymes that play an instrumental role in transformation of chemical compounds. These are extensively used in production of various pharmaceuticals and several other fine chemicals. In addition, the demand for specialty enzymes is also expected to surge as they are increasing being used for diagnostic purposes. The demand for these enzymes for biotechnological applications such as sequencing and manipulation is also expected to have a positive influence on the revenue of the overall market.
Greener initiatives have prompted the uptake of specialty enzymes as they are known to be efficient, selective, fast, and biodegradable. Hence they are being used in industries as they generate lesser by-products, leading to improved savings and lower environmental impact. The growing investments in biotechnology has also created several new opportunities for the growth of the overall market. Favorable government policies in support of research and development and booming biotechnology sector are also likely to benefit the revenue of the global specialty enzymes market.
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Niche Nature of Global Specialty Enzymes Market becomes its Restraint
On the flip side, the global specialty enzyme market faces some tough challenges that are creating a negative impact on its growth. Extremely niche nature of the global market has turned out be its key restraint in the global market. This significantly isolates the global market in terms of the technology is require and the demand for specifically trained labor. The availability of cheaper substitutes is also projected to hamper the growth of the overall market. For instance, the usage of chemical catalysts in process chemistry is estimated to act as an impediment for the global market. Lastly, the market is also likely to be affected by the poor rate of awareness and education amongst consumers about required processes and equipment.
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