Albany, NY -- (SBWIRE) -- 04/15/2019 -- A recent business intelligence study on chitosan market by Transparency Market Research (TMR) has notified that owing to the easy availability of raw materials and expanding application scope will ensure a prosperous future. The analyst has foreseen removal of pollutants across industries and municipal wastewater management facilities to open vast new opportunities in the near future. As per the projections of the TMR report, the global chitosan market will be worth US$4.20 billion by the end of 2020, with the demand growing at an impressive CAGR of 17.70% during the forecast period of 2014 to 2020.

The demand within the global market for chitosan has been rising on account of the multiple applications of the product across several industries. Chitosan, in essence, is a polysaccharide composed of linked N-acetyl-D-glucosamine and D-glucosamine, and it is produced by the treatment of crustaceans or shrimps with alkaline substances such as sodium hydroxide. The use of chitosin for the treatment of waste water has been a major driver of demand within the global market for chitosan, and hence, there is a dire need to ensure that chitosan is readily available in areas with high concentration of contaminated water bodies. Furthermore, the government has taken key initiatives to ensure the availability of potable water to all the masses, and this has also enunciated the growth prospects of the global chitosan market. It is also expected that the use of chitosan in several biomedical applications would create lucrative opportunities within the global market for chitosan in the years to come. The global chitosan market has witnessed the inflow of key investments from several venture captilaists and angel investors, majorly on account of the lucrative opportunities that float in this market. Besides all of this, the global market for chitosan is projected to expand as end-use industries for the product develop.

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Water Treatment to remain the most Popular Application

On the basis of application, the global market for chitosan can be segmented into cosmetics, water treatment, industrial, biomedicine and pharmaceuticals, food and beverages, agrochemical, and industrial. Amongst these, the demand for chitosan for waste water treatment has been rising at an astral rate due to the pressing demand for drinkable water across all regional pockets. Furthermore, the stipulation of regulations with regards to water treatment has also enhanced the growth prospects of the global market for chitosan. Besides this, chitosan is also used extensively in the biomedicine and pharmaceuticals industry as a key ingredient for the synthesis of drugs, experiment materials, and other key substances. In recent times, the food and beverages industry has also commenced with the usage of chitosan for a variety of applications.

Application-wise, the TMR report segments the chitosan market into agrochemical, cosmetics, food and beverages, industrial, biomedicine and pharmaceuticals, water treatment, and others such as fuel cells and photographic products. Among these, water treatment continues to be the leading application segment, leveraging the coagulation and flocculation properties as well as low cost of chitosan. Chitosan is capable of absorbing substantially big metal ions. Geographically, Asia Pacific is anticipated to remain the most lucrative region, dominated by leading chitosan producers – China and Japan.

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Wastewater Treatment Applications Driving Demand

Unique and useful properties of chitosan, abundant availability of raw materials, and growing awareness regarding its health benefits are some of the key factors driving the demand in the global chitosan market. On the other hand, stringent regulations pertaining to shrimp farming, striking disadvantages of the products in drug delivery systems, and instability in some of the other applications are obstructing the chitosan market from attaining greater profitability. The analyst of the report has anticipated production of chitosan from non-aquatic sources as an opportunities that will add new revenue avenues in this market.

North America to Lead Other Regional Segments

The demand for chitosan in North America has traced an upward graph of growth on account of the prolific nature of the end-user industries in the US and Canada. Furthermore, treatment of waste water is given prime importance as a part of public health initiatives in the region, and this further propels regional demand. The demand for Chitosan in Asia Pacific is also expected to rise due to the ever-increasing demand for potable water in India and China. Besides this, the market for chitosan in Europe, Latin America, and the Middle East and Africa has also traced an upward graph of growth.

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Abundance of Raw Materials Inviting New Players

Chitosan, being a natural biopolymer that is second most abundant polysaccharide in the World behind cellulose, which means it easy for new players to make a foray and consume substantial chunk of shares. However, the TMR report has identified and profiled a few prominent players of the chitosan market, including Xianju Tengwang Chitosan Factory, GTC Bio Corp., PT Biotech Surindo, Golden-Shell Pharmaceutical Co. Ltd., Biothera, Primex ehf, Panvo Organics Pvt. Ltd., Heppe Medical Chitosan GmbH, MC Health and Nutrition, and KitoZyme S.A. The value chain of the chitosan market includes a number of raw material suppliers, followed by manufacturers who process and supply the finished products to the end use industries.