Chitosan Market is Expected to Reach USD 4.22 Billion in 2020 : Transparency Market Research

Albany,NY (PRWEB) February 23, 2015

Transparency Market Research has published a new report titled “Chitosan Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.” According to the report, the global chitosan market was valued at USD 1.35 billion in 2013 and is likely to reach USD 4.22 billion in 2020, expanding at a CAGR of 17.7% between 2014 and 2020.

Chitosan is an organic carbohydrate polymer derived from chitin. Chitin is a naturally occurring long chain polymer found abundantly in crustacean marine animals such as crabs, lobsters, shrimps and squids. Chitosan is also derived from fungal source through substrate fermentation. The global market for chitosan is extremely attractive as this polymer has wide applications in various end-use industries.

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In terms of applications, the chitosan market can be segmented into water treatment, biomedicine & pharmaceutics, industrial, food & beverages, cosmetics, agrochemical and others. The chitosan market is driven by demand from water treatment and cosmetics applications, especially from developed regions such as North America, Europe and Japan. Demand for wastewater treatment chemicals is high due to rising urban population and industrialization. Demand for chitosan is high in this application owing to its non-toxic nature, biodegradability and biocompatibility. Demand for chitosan is expected to rise in emerging countries of Asia Pacific in the near future. Increasing demand for organic constituents in cosmetics and wide applicability of chitosan in skin care, hair care and oral care cosmetic formulations has also driven the chitosan market. High production cost of good quality chitosan is the only major restraining factor for the chitosan market. However, this factor is likely to be negated once economy of scale is achieved. Large opportunities exist in the chitosan market in terms of development of novel applications of chitosan. Chitosan-based dietary supplements have significant growth opportunities due to its fat binding and weight reduction properties. Chitosan nanoparticles also have lucrative opportunities in many applications owing to their higher reactivity and applicability, especially in biomedicine and pharmaceutical applications.

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Water treatment is the largest application of chitosan. Chitosan is generally used as a flocculant to treat wastewater. Chitosan is an effective coagulant for organic as well as inorganic compounds that are present in water. It can also be used as a chelating agent in order to bind highly toxic heavy metals that are often present in industrial wastewater. Chitosan is increasingly finding acceptance in wastewater treatment technology owing to its easy availability, biodegradability and non-toxic nature. Agrochemical application holds nominal market share of approximately 5% in the chitosan market. However, it is likely to exhibit the fastest growth rate among all applications for chitosan in the near future.

Led by Japan and China, Asia Pacific accounted for over 55% share of the global production of chitosan in 2013. Production of chitosan in North America followed that in Asia Pacific. Rest of the World accounted for the least market share in terms of production in 2013. However, demand for chitosan is the highest in North America, which imports bulk of its demand from Asia Pacific.

The report provides an in-depth analysis of the chitosan market in terms of volume (tons) and revenue (USD million). Additionally, it includes current production analysis and forecast for each product and application segment at the global and regional level. Regions analyzed include North America, Europe, Asia Pacific and Rest of the World.

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