The demand within the global market for chitosan has been rising on account of the multiple applications of the product across several industries. Chitosan, in essence, is a polysaccharide composed of linked N-acetyl-D-glucosamine and D-glucosamine, and it is produced by the treatment of crustaceans or shrimps with alkaline substances such as sodium hydroxide. The use of chitosin for the treatment of waste water has been a major driver of demand within the global market for chitosan, and hence, there is a dire need to ensure that chitosan is readily available in areas with high concentration of contaminated water bodies. Furthermore, the government has taken key initiatives to ensure the availability of potable water to all the masses, and this has also enunciated the growth prospects of the global chitosan market. It is also expected that the use of chitosan in several biomedical applications would create lucrative opportunities within the global market for chitosan in the years to come. The global chitosan market has witnessed the inflow of key investments from several venture captilaists and angel investors, majorly on account of the lucrative opportunities that float in this market. Besides all of this, the global market for chitosan is projected to expand as end-use industries for the product develop.
A report on the global market for chitosan by Transparency Market Research (TMR) predicts that the total revenues accumulated by this market would reach a value of US$4.20 bn by the end of 2020. Furthermore, the global chitosan market is projected to expand at a stellar CAGR of 17.70% over the period from 2014 to 2020.
Water Treatment to remain the most Popular Application
On the basis of application, the global market for chitosan can be segmented into cosmetics, water treatment, industrial, biomedicine and pharmaceuticals, food and beverages, agrochemical, and industrial. Amongst these, the demand for chitosan for waste water treatment has been rising at an astral rate due to the pressing demand for drinkable water across all regional pockets. Furthermore, the stipulation of regulations with regards to water treatment has also enhanced the growth prospects of the global market for chitosan. Besides this, chitosan is also used extensively in the biomedicine and pharmaceuticals industry as a key ingredient for the synthesis of drugs, experiment materials, and other key substances. In recent times, the food and beverages industry has also commenced with the usage of chitosan for a variety of applications.
North America to Lead Other Regional Segments
The demand for chitosan in North America has traced an upward graph of growth on account of the prolific nature of the end-user industries in the US and Canada. Furthermore, treatment of waste water is given prime importance as a part of public health initiatives in the region, and this further propels regional demand. The demand for Chitosan in Asia Pacific is also expected to rise due to the ever-increasing demand for potable water in India and China. Besides this, the market for chitosan in Europe, Latin America, and the Middle East and Africa has also traced an upward graph of growth.
- Water treatment
- Biomedicine & pharmaceutics
- Food & beverages
- Others (Including fuel cells, photographic products, etc.)
- North America
- Asia Pacific
- Rest of the World