SEATTLE, May 24, 2018 (GLOBE NEWSWIRE) -- The global synthetic spider silk market was valued at US$ 1.74 Billion in 2016 and is projected to exhibit a CAGR of 105.22% over the forecast period (2018 – 2025). Synthetic spider silk has superior elasticity and high tensile strength. Furthermore, biodegradable and biocompatible nature of synthetic spider silk as compared to conventional petroleum-based fibers is key factor for its increasing demand.
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Key Trends and Analysis of the Synthetic Spider Silk Market:
- Increasing environmental pollution caused by synthetic polymers, owing to their non-biodegradable nature is a major concern among manufacturers. Burning of plastics results in generation of poisonous gases such as carbon monoxide. These factors have led to development of alternate, biodegradable polymers, thereby paving the way for synthetic spider silk.
- Among application segment, automotive industry is a lucrative segment for synthetic spider silk, owing to its numerous applications in automotive parts such as airbags and seatbelts. Airbags are expected to gain significant traction in India over the forecast period, owing to stringent regulations by the government regarding installing of airbags in every vehicle. The government of India has a made a mandate for every production vehicle to be fitted with airbags from April 2019.
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Key Market Takeaways:
- Asia Pacific accounted for largest market share in synthetic spider silk market in 2016 and is expected to retain its position throughout the forecast period. According to Coherent Market Insights analysis, in 2017, around 35.2 million units of passenger cars were sold in Asia Pacific and the number is expected to grow over the forecast period. Furthermore, owing to stringent government regulations regarding safety, automobile manufacturers are focused on upgrading their safety products with advanced materials, in order to meet consumer’s demand, which has led to increasing demand for synthetic spider silk in the automotive industry in Asia Pacific region.
- Synthetic spider silk also finds major use in ligament replacement and repair and rising healthcare expenditure of the emerging economies in Asia Pacific would help the synthetic spider silk market to grow in the region.
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