Biocatalyst Market Share, Growth and Development Forecast to 2030

NEW YORK - Feb. 9, 2024 - PRLog -- In 2023, the biocatalyst market reached a size of USD 607.6 million, and it is projected to experience a compound annual growth rate (CAGR) of 6.3% from 2024 to 2030. By 2030, the market is expected to reach USD 925.2 million.

Catalysts removed from biological sources work as a substitute for those comprising synthetic and, commonly, petroleum-based chemicals in numerous manufacturing applications. Such items are mainly utilized to synthesize specialty and product chemicals.

In the past few years, their making has been fuelled by the arrival of cost-effective genetic engineering technologies, which permit for rapid, reasonable screening of numerous sets of enzyme variants. Such bio-enzymes guarantee precise reactions to get the anticipated products with minimum wastage and negligible by-products.

In the era of increasing environmental consciousness and a heightened emphasis on sustainability, biocatalysis has emerged as a preferred choice, especially when industries demand greater functional efficiency and safety.

The sustainability of this process, with a reduced environmental footprint, is attributed to its operation under mild conditions, such as lower temperatures. Consequently, biocatalysis contributes to a reduction in energy consumption, waste generation, and the production of by-products. Furthermore, continuous innovation allows biocatalysis to be tailored to meet the evolving needs of various industries.

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In 2023, the North American region was the most significant revenue generator to the worldwide biocatalyst industry, and it is projected to advance at a substantial rate during the projection period. The thriving pharma and food sectors throughout the region are the key drivers for the industry.