By 2024, the market for biocatalysis and biocatalysts is expected to be valued at USD 694.8 million. By 2034, the industry is expected to be valued at USD 1,290 million, growing at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2034. The market is expanding significantly, mostly due to the growing need across various industries for environmentally friendly and sustainable industrial processes.
Biocatalysis involves the utilization of natural catalysts, predominantly enzymes, to facilitate chemical reactions in the production of pharmaceuticals, biofuels, and various other chemicals. The method gains prominence due to its ability to offer higher efficiency, operate under milder reaction conditions, and significantly reduce environmental impact compared to traditional chemical processes.
One key driver of the market expansion is the growing awareness among industries regarding the multiple advantages associated with biocatalysis. These advantages include environmental benefits and improved process efficiency, leading to cost-effectiveness and enhanced product quality.
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The market is witnessing significant advancements in biotechnology and enzyme engineering, which are pivotal in extending the capabilities and applications of biocatalyst. These technological strides make biocatalysis an increasingly viable and attractive option for various industrial processes.
The market is poised for sustained growth, driven by the ongoing commitment to sustainable practices and the continuous evolution of biotechnological advancements. As industries increasingly recognize the benefits of biocatalysis in achieving their environmental and operational goals, the market is likely to play a pivotal role in shaping the future of industrial processes across the globe.
Key Takeaways from the Market Study
- Based on type, the hydrolases are projected to expand at 6.2% CAGR by 2034.
- China is estimated to register at a CAGR of 6.9% by 2034.
- South Korea experiences significant growth, projected at a CAGR of 8.5% by 2034.
- Based on application type, biofuel is anticipated to expand at a CAGR of 6% by 2034.
“The growing emphasis across industries on adopting sustainable and environmentally friendly production methods is a key driver propelling the biocatalysis and biocatalyst market,” says Analyst at Future Market Insights (FMI).
Competitive Landscape
The competitive landscape of the biocatalysis and biocatalyst market is marked by active participation and innovation among key players. Continuous investments in research and development contribute to advancements in biocatalyst technologies.
Strategic collaborations and acquisitions are prevalent strategies, strengthening market presence. Regulatory compliance, technological proficiency, and a commitment to sustainable practices are pivotal factors shaping the competitive dynamics in this evolving market, reflecting a dynamic and competitive industry ecosystem.
Some key developments are:
- In April 2020, Biocatalyst Ltd introduced Lipomod™ 888MDP, a novel enzyme derived from non-genetically modified microbes. Positioned as an eco-friendly alternative to pancreatic lipase, this microbial lipase preparation holds Kosher and Halal certifications. It complies with vegetarian, vegan, and GMO VLOG standards due to its microbial origin.
- In January 2023, BASF and Cargill revealed an expanded collaboration at the IPPE trade show in Atlanta. The enhanced partnership now includes the United States and focuses on research and sales of feed enzymes.
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Leading Players in the Market
- DuPont de Nemours Inc.
- BASF SE
- Novozymes A/S
- Lonza Group Ltd.
- DSM Lockheed Martin
- Codexis Inc.
- AB Enzymes
- Sapporo Enzyme Co. Ltd.
- Dyadic International Inc.
- Soufflet Group
More Valuable Insights Available
Future Market Insights offers an unbiased global biocatalysis and biocatalyst market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand biocatalysis and biocatalyst market opportunities are segmented based on Type (Hydrolases, Oxidoreductases, Transferases), Application (Biofuel, Biopharmaceuticals, Detergents, Food and Beverages), Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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