Biotechnology Based Chemicals Market: Pin-Point Analysis for Changing Competitive Dynamics 2020
Biotechnology is a technological application that uses living organisms, biological systems or derivatives to produce or modify products or processes for specific use. Biotechnology encompasses a wide range of procedures required for modifying living organisms to fulfill various demands for domestic as well as industrial applications. Thus, biotechnology is a general term that is used for a wide range of techniques that are involved in the production, transformation or degradation of the desired product. Biotechnology based chemicals are the products that are manufactured by applying various techniques such as fermentation. Biotechnology based chemicals comprises polyhydroxyalkanoates, lactic acid, lysine, citric acid, glutamic acid and threonine. The technology used in manufacturing biotechnology based chemicals are simple however, the entire production process should be carried out under the supervision of trained personnel. Glutamic acid is the most widely used amino acid manufactured as well as consumed in the world. Biotechnology based chemicals find application in pharmaceuticals, food industry, animal feed and consumer goods manufacturing industries among others.
Pharmaceutical industry is the largest consumer of biotechnology based chemicals. The growing demand for natural medicines than that compared to synthetic chemicals is expected to augment the overall demand for biotechnology based chemicals. In addition, growing awareness of the several side effects associated with the chemical drugs is expected to boost the overall biotechnology based chemicals market. The animal feed industry is also one of the major consumers of biotechnology based chemicals market. The growing demand for lysine in animal feed is expected to boost the overall demand for biotechnology chemicals market. Lactic acid finds applications in a wide range of industries. The growing demand for manufacturing polylactic acid (PLA) plastics boost the demand for lactic acid which in turn is expected to augment the overall biotechnology based chemicals market. However, high cost associated with the manufacturing of biotechnology based chemicals is expected to restrain the overall growth of the market.
The growing demand for pharmaceutical products has expected to augment the overall demand for biotechnology based chemicals in China. China is the largest consumer of biotechnology based chemicals market. The growing demand for citric acid especially from the food and beverage industry in China is expected to augment the overall demand for biotechnology based chemicals market. North America is expected to be the next largest consumer of biotechnology based chemicals owing to the growing consumer preference for natural products. The demand for biotechnology based chemicals is expected to grow rapidly owing to the presence of dominant animal feed and other end use industries in Europe.
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Lysine is a crucial ingredient used in the animal feed for swine and poultry feeds. Thus, the growing demand for animal feed is expected to boost the overall demand for biotechnology based chemicals market. Rest of Asia Pacific is expected to experience rapid growth in the demand for biotechnology based chemicals owing to the growing pharmaceutical industry in the region. However, Rest of the World is expected to exhibit sluggish growth in the demand for biotechnology based chemicals in the next few years.
Kemin, BioAmber Inc. and Stora Enso are some of the major participants in the biotechnology based chemicals market. The company’s present in the focus mainly towards research as they intend to introduce innovative products in the market.