Global biofuel enzymes industry to reach USD 1,653.1 million in 2018

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Global biofuel enzymes industry to reach USD 1,653.1 million in 2018

Greentech Lead U.S: The global biofuel enzymes demand was
worth USD 1,021.9 million in 2011 and is expected to reach USD
1,653.1 million in 2018, growing at a CAGR of 7.6 percent from 2013 to
2018, according to a recent report published by Transparency Market Research.

While North America is currently the largest market
for biofuel enzymes, Asia Pacific is expected to be the most
promising market in the near future, the report said.

The global biofuel enzymes market is mainly
driven by growth in end application markets i.e. growing consumption of
biodiesel and bio-based ethanol.

Also, increasing awareness about sustainability and
changing economics of fossil fuels is forcing governments to form legislations
for blending of biofuel. This has helped in reduction in the cost of fuel as
well as reduction of carbon dioxide emissions.

These driving factors have resulted in rising consumption
of biofuel and thus the growing market for biofuel enzymes.

With respect to type, the biofuel enzyme market includes
amylases, industrial lipases and others. Amylase is the fastest growing segment
of the global biofuel enzymes market due to its capability to withstand wide
range of temperature and pH level.

The market for amylases enzymes is growing at a
CAGR of 8.0 percent from 2013 to 2018 and it is further sub divided into two
type’s which includes cellulase and industrial proteases enzymes. The market
for industrial proteases is growing rapidly at a CAGR of 8.7 percent from 2013
to 2018.

The North America is the clear leader in the
overall market for biofuel enzymes growing at a CAGR of 7.8 percent from 2013
to 2018. However in future growth is expected to be robust in the economies
of Europe and Asia Pacific.

The European Union is making remarkable progress in using
bioenergy for transportation purposes. Moreover, surging oil prices is speeding
up the approval process for biofuel manufacturing. In Asia
Pacific, China is the most attractive market for biofuel enzymes due
to its low cost structure.

editor@greentechlead.com

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