In terms of value, the chitosan market is projected to grow at a CAGR of 14.5% during the forecast period from 2017 to 2022
NEW YORK, April 26, 2018 /PRNewswire/ -- In terms of value, the chitosan market is projected to grow at a CAGR of 14.5% during the forecast period from 2017 to 2022.
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The chitosan market is projected to grow from USD 553.6 million in 2017 to USD 1,088.0 million by 2022, at a CAGR of 14.5% between 2017 and 2022. Chitosan is a natural fiber, which is derived from chitin. Chitin is found in the outer shells of different types of shellfish such as shrimp, crabs, and lobsters. It is the second-most abundant polysaccharide found in cellulose. As chitosan is a rich source of fiber, it is increasingly used as a dietary supplement for weight loss. It is used to treat water by absorbing toxic substances, greases, oil, and metals from water. The chitosan market is witnessing rapid growth across the globe, owing to the increasing use of chitosan in various new applications such as textiles and ophthalmology, and rising demand for chitosan from emerging economies of the Asia Pacific region such as India and China.
The industrial grade segment of the chitosan market is projected to grow at the highest CAGR, in terms of value during the forecast period.
Industrial grade chitosan is the most-widely used chitosan grade.It is used as an alternative to chemicals in various applications such as water treatment, food & beverages, agrochemicals, cosmetics, and medical & pharmaceuticals.
The increasing use of chitosan for water treatment, cosmetics, and medical & pharmaceuticals in the Asia Pacific region is expected to fuel the growth of the industrial grade segment of the chitosan market during the forecast period. Moreover, the ongoing rapid industrialization in China and India is also expected to drive the growth of the industrial grade segment of the chitosan market from 2017 to 2022.
In terms of volume, the water treatment application segment is projected to lead the chitosan market during the forecast period.
The water treatment application segment is projected to account for the largest share of the chitosan market, in terms of volume during the forecast period.The growth of the water treatment application segment of the chitosan market can be attributed to the increased demand for treated water for reuse across the globe, owing to the growing scarcity of fresh water.
Chitosan is one of the inexpensive materials used for water treatment. It offers outstanding absorbing capabilities than other chemicals.
The Asia Pacific chitosan market is projected to grow at the highest CAGR, in terms of value from 2017 to 2022.
The Asia Pacific chitosan market is projected to grow at the highest CAGR, in terms of value during the forecast period.The growth of the Asia Pacific chitosan market can be attributed to the increasing inflow of wastewater from various industries and growing demand for fresh water.
The China chitosan market is projected to grow at the highest CAGR, in terms of value during the forecast period, followed by Vietnam and India.Countries such as Thailand, Indonesia, and Malaysia are emerging as manufacturing hubs for different industries due to the increasing purchasing power of their middle-class population.
This, in turn, is leading to the increased demand for chitosan to treat industrial wastewater in the region, thereby contributing to the growth of the Asia Pacific chitosan market.
Extensive primary interviews were conducted to determine and verify the market size of several segments and subsegments of the chitosan market and information gathered through secondary research.
The break-up of primary interviews is given below:
• By Company Type - Tier 1 – 50%, Tier 2 – 37%, and Tier 3 – 13%
• By Designation - Director Level – 31%, C level – 23%, and Others* – 46%
• By Region - North America – 15%, Europe – 35%, Asia Pacific – 44%, and Rest of the World (RoW) - 6%
Note: Tiers of companies are defined based on their total revenues in 2016. Tier 1: revenue greater than USD 500 million; Tier 2: revenue between USD 100 million and USD 500 million, and Tier 3: revenue lesser than USD 100 million.
*Others include sales managers, marketing managers, and product managers.
The companies profiled in this market research report include Primex ehf (Iceland), Heppe Medical Chitosan GmbH (Germany), Vietnam Food (Vietnam), KitoZyme S.A. (Belgium), Agratech (US), Advanced Biopolymers AS (Norway), BIO21 Co., Ltd. (Thailand), G.T.C. Bio Corporation (China), Taizhou City Fengrun Biochemical Co., Ltd. (China), and Zhejiang Golden-Shell Pharmaceutical Co., Ltd. (China).
Research Coverage:
This research report categorizes the chitosan market based on grade, application, and region.The report includes the detailed information regarding the major factors such as drivers, restraints, challenges, and opportunities influencing the growth of the chitosan market.
A detailed analysis of the key industry players was undertaken to provide insights into their business overviews, products & services offered by them, and recent developments associated with the chitosan market undertaken by them.
Reasons to Buy the Report
The report is expected to help market leaders/new entrants in the chitosan market in the following ways:
1. This report segments the chitosan market comprehensively and provides the closest approximations of the market sizes of the overall market and its segments across different verticals and regions.
2. The report is expected to help stakeholders understand the pulse of the chitosan market and provide them information on the key drivers, restraints, challenges, and opportunities influencing the growth of the market.
3. This report is expected to help stakeholders understand major competitors and gain insights to enhance the position of their businesses in the chitosan market.
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