Global Fermentation Chemicals Market is Expected to Reach USD 60.1 Billion by 2019: Transparency Market Research
Albany, NY -- (SBWIRE) -- 04/24/2014 -- Fermentation Chemicals Market was USD 41,567.7 million in 2012 and is expected to reach USD 60,123.9 million by 2019, growing at a CAGR of 5.4% from 2013 to 2019. The global demand for fermentation chemicals was 48,708.3 kilo tons in 2012.
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Fermentation chemicals are mainly employed as process initiators in the manufacturing of wide variety of chemicals. Industrial applications market is the largest application area for fermentation chemicals followed by the food and beverages market. However, nutritional and pharmaceutical, plastics and fibers are fast growing applications of fermentation chemicals and are expected to gain a significant market share over the next six years. Fermentation chemicals are mainly used as alcohols, enzymes and organic acids. The strong global demand for alcohols is the major driver for the growing consumption of fermentation chemicals. Fermentation chemicals market is expected to grow at a CAGR of 4.3% from 2013 to 2019.
The industrial applications segment dominates the demand for fermentation chemicals and accounted for 47.1% of the global demand in 2012. Growing pharmaceuticals market in the U.S. and rising consumption of alcohol across the globe were the major growth drivers for fermentation chemicals. Another important market for fermentation chemicals is food and beverages industry, which accounted for 20.4% share of the total fermentation chemicals volume consumed in 2012. The growing demand for alcohols, enzymes and organic acids in the food and beverages, nutritional and pharmaceutical industries is expected to drive the global fermentation chemicals market in the next six years.
The global fermentation chemicals market is dominated by North America, which accounted for 33.9% of global volumes consumed in 2012. Growth of fermentation chemicals market in North America is principally driven by the rising consumption from the pharmaceutical and food and beverages industry in the U.S. North America was followed by Asia Pacific with 27.1% share in total volume consumption. The saturation in the North American and European market has led the major player players to focus on the highly attractive Asia Pacific market. The key players in the fermentation chemicals market are Ajinomoto Company Incorporation, BASF SE, Dow Chemical Company, Novozymes A/S, Cargill Incorporation, Evonik Industries and Du Pont Danisco A/S among others.
Fermentation Chemicals Market - Product Segment Analysis:
Fermentation Chemicals Market - Application Segment Analysis:
Food and Beverages
Nutritional and Pharmaceutical
Plastics and Fibers
Fermentation Chemicals Market - Regional Analysis:
Rest of the world
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