Global fermentation chemicals market segmentation by product and application
Technavio’s report on the global fermentation chemicals market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product which includes alcohols, organic acids, and enzymes. As projected in 2016, approximately 54% of the market share originated from alcohols in the product segment. The rising use of alcohols as fuels, with increasing application in food and beverage industry is expected to drive the market during the forecast period.
“Some commonly used alcohols are ethanol, methanol, butyl alcohol, fatty alcohol, acetone, and isopropyl alcohol. One of the most important types of alcohol is ethanol and it is commonly used for alcoholic drinks, paint, coatings, and varnish applications,” says Mohd Shakeel Iqbal, a lead analyst at Technavio for specialty chemicals research.
Based on application the market has been segment into industrial, food and beverage, pharmaceutical and nutritional, and plastics and fibers. Industrial and food and beverages are the key application segments for the fermentation chemicals market. The growing consumption of fermentation chemicals in personal care and consumer goods applications will boost the fermentation chemicals market during the forecast period.
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Fermentation chemicals market: competitive vendor landscape
The global fermentation chemicals market is competitive and consists of a considerable number of key vendors globally and regionally, along with sizeable local players. The market is dominated by large vendors such as AJINOMOTO, Archer Daniels Midland, BASF, Cargill, Evonik Industries, and the Dow Chemical Company. These vendors have a vast geographical presence with large manufacturing facilities.
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Other topics covered in the report:
- Rising need for renewable and clean fuel
- Growing consumption of food enzymes in beverages
- Fall in crude oil prices
- Availability of feedstock
- Emerging use of enzymes in nutraceuticals
- Alternative to conventional transportation fuels
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