Biofuels are renewable source of fuels which are generally formed by animal matter and waste plant. Biofuel enzymes are catalysts which speed up and alter the ongoing reaction, and increase the performance, productivity, and environmental gains in biofuels. Global Biofuel enzymes market is expected to witness significant growth over the forecast period on account of increasing applications in corn based ethanol, lignocellulosic ethanol, biodiesel and others. Increasing environmental concerns and government guidelines to form legislations favoring blending of biofuel is a key factor expected to drive the market growth over the forecast period.
Growing consumption of bio-based ethanol and biodiesel has resulted in reduction of fuel cost as well as carbon dioxide emissions. This factor is likely to boost the demand for biofuel enzymes in near future. Furthermore, increasing usage of biofuel enzymes in transport, chemical, power, agriculture, and domestic applications is anticipated to impact the market positively over the foreseeable future. High enzyme cost used in production of lignocellulosic biofuel is the key factor expected to restrain the market growth in near future. However, development of low cost biofuel enzymes is expected to open new opportunities for the market participants.
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Biofuel enzymes are categorized into various products such as industrial lipases, amalyses and others. Amalyses market is further divided into cellulase, and industrial proteases. Amalyses market is expected to witness significant growth on account of its capability to withstand high temperature and pH value, which in turn likely to drive the demand for biofuel enzymes over the forecast period. Shift in focus towards the usage of cellulase and other related enzymes in producing ethanol are expected to drive the market growth over the next five years. Penetrating application of industrial lipases in cleaning agents industry is expected to drive the demand for biofuel enzymes in near future.
Biofuel enzymes experience wide application in markets which include lignocellulosic ethanol, biodiesel, ethanol, and corn based ethanol. Replacement of biodiesel with conventional diesel owing to its cleanliness is expected to fuel the market growth over the foreseeable future. Corn based ethanol makes fuel more effective and produces less pollution. This factor is likely to boost the demand for corn based ethanol in near future, which in turn likely to complement the market growth.
North America and Europe are experiencing significant growth in biofuel enzymes market owing to increasing biofuel demand in the region. Depleting natural resources and need to reduce greenhouse gas emissions are the key factors expected to complement biofuel enzymes market growth in the region. Increasing usage of biofuel in transportation coupled with replacement of high price oil with biofuel is expected to drive the market growth in European Union. Low cost structure of biofuel enzymes is expected to drive the market in Asia Pacific region. RoW biofuel market is expected to witness lucrative growth on account of increasing usage of Ethanol fuels.
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Major companies operating in the global market include NextCat Inc., Logen Corporation, AB Enzymes GmbH, DuPont, Verenium Corporation, Novozymes A/S, Codexis Inc., and Royal DSM NV among others.
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