Global Chitin Derivatives Market to Reach US$63 Billion by 2015, According to a New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Chitin & Chitosan markets. The global market for Chitin Derivatives is forecast to reach US$63 billion, while global Chitosan market would reach US$21.4 billion by the year 2015. Key factors driving market growth include increasing applications and surging demand for chitin and chitosan from agrochemicals and healthcare/medical end-use sectors. Other factors propelling market growth include increased demand from developing markets, including Asia-Pacific, Latin America, and Middle East.
San Jose, CA (Vocus) October 6, 2010
Chitin and Chitosan are valuable versatile natural materials derived from shells of prawns and crabs. The current and potential applications of chitin, chitosan and their derivatives in fields of biomedicine, nutrition, food processing, pharmacology, microbiology, agriculture and cosmetics are vast and exciting. They are also used in various applications ranging from antibiotics and surgical sutures to dietary supplements, food & pet foods and cloth for socks and undergarments. These natural compounds are poised to make waves, especially in the fields of biomedicine, nutrition and food. Increasing health consciousness among individuals coupled with growing cholesterol-related problems has resulted in an increased demand for chitin and chitosan, especially due to the properties of fat-absorption and lowering of cholesterol-level.
As stated by the new market research report, Japan represents the largest market worldwide for Chitin & Chitosan. The country represents an established market for chitin and chitosan, with biomedical applications of chitin widespread in the region. Wound dressing materials and artificial sutures within biomedical applications account for the largest end use of chitin and chitosan. United States trails Japan in terms of sales of chitin & chitosan. Growth-wise, Asia-Pacific is projected to be the fastest growing regional market for chitin derivatives, with a CAGR of more than 12.0% over the analysis period. Asia-Pacific, having access to large source of raw materials, is a promising market for locating manufacturing units for chitin and chitosan. India hosts sizable number of manufacturing units for chitin and chitosan.
In terms of chitin derivatives, Glucosamine represents the largest segment globally. Cornering an estimated market share of more than 60% of the total chitin derivatives market in 2010, Glucosamine is portended to continue its dominance over the coming years. Chitosan represents the other prominent segment within the chitin derivatives market globally. Among the end-use applications of chitosan, Water Treatment represents the largest end-use application. However, agrochemicals segment represents the fastest growing end-use, with consumption of chitosan surging at more than 12% over the analysis period.
Chitin applications in food additives, drug capsules, cosmetics, bandages, and burn dressings are increasing at a rapid pace. The potential areas of usefulness for chitin and chitosan include paper production, biomedical applications, textile finishes, cements, heavy metal chelating agents, photographic products and waste removal. Chitin continues to arouse interest in view of its potential industrial and biomedical applications. Chitosan, the deacetylated form of chitin, is more useful for biomedical applications and dehydrations of aqueous solutions than chitin, since it has both hydroxyl and amino groups that can be modified with ease. Major issues impacting the chitin & chitosan market include high production costs, lack of quality chitin and chitosan available in the market, production shortages, and heavy pollution during the production process.
Major players profiled in the report include Advanced Biopolymers AS, Biothera Inc., CarboMer Inc., Dalian Xindie Chitin Co. Ltd., HaloSource Inc, Heppe GmbH, Kunpoong Bio Co. Ltd., Meron Biopolymers, Primex Ehf, QBas Co. Ltd., Sonat. Co, Taizhou Candorly Sea Biochemical & Health Products Co. Ltd., and V-Labs Inc.
The report titled “Chitin & Chitosan: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the chitin & chitosan markets, current market trends, key growth drivers, product overview, end-use applications overview, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for Chitin & Chitosan market for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, and Rest of World. Key chitin derivatives analyzed include Glucosamine, Chitosan, and Other. The report also analyzes chitosan market by end-use applications, including Water Treatment, Cosmetics & Toiletries, Food & Beverages, Healthcare/Medical, Agrochemicals, Biotechnology, Pulp & Paper, Textile Finishes, Photography Products and Miscellaneous applications. Also, a six-year (2001-2006) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www. strategyr. com/Chitin_and_Chitosan_Market_Report. asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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