The global alcohol enzymes market is anticipated to grow significantly over the forecast period. Alcohol enzymes is an enzyme group that occurs in organisms to facilitate hydrolysis and ease the interconversion between alcohol and aldehydes due to the reduction of nicotinamide adenine dinucleotide. They are used as catalysts in the process of conversion of complex molecules in different metabolic reactions. Alcohol enzymes find applications in various end-user industries such as food & beverage, bio-fuel production, cleaning agents, animal feed, pharmaceuticals, and biotechnology. Alcohol enzymes are an important part of the industrial process as they ensure yield optimization and enhance chemical processes.
Increasing population coupled with rising income levels has fuelled demand for consumer products such as foods & beverages and cleaning agents which in turn is expected to boost the demand for alcohol enzymes. Additionally, increasing the use of alcohol enzymes for the production of bio-fuel is expected to further fuel the growth of alcohol enzymes market in the future period. Increasing investments in research and development by companies to develop superior products is expected to provide newer opportunities in the market. However, stringent regulations on the brewing industry and the utilization of synthetic food ingredients are expected to hinder the growth of the market. North America is the largest regional market for alcohol enzymes. Rising health concerns and increasing the use of cosmetics are considered the key drivers for the growth in demand for alcohol enzymes in the region. Moreover, increasing demand for biofuels is expected to further drive the growth of the market in this region. Asia Pacific is expected to be the fastest-growing region for alcohol enzymes during the forecast period. Rapid industrialization and developing pharmaceutical & biotechnology industries in emerging economies such as India and China is expected to be the key driving factor for the growth of alcohol enzyme market in this region. In addition, a favorable business environment coupled with government initiatives to promote the usage of bio-fuels is expected to further boost the demand for alcohol enzymes in the region.
Some of the major participants in the global alcohol enzymes market include Advanced Enzyme Technology Ltd., ABF PLC, Amano Enzyme Inc., Novozymes A/S, Dyadic International Inc., The Soufflet Group, Roquette Freres, and Shanghai Zheyang Chemical Co. Ltd.
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Disruptions in chemical manufacturing activities due to the COVID-19 pandemic shall have a considerable influence on the growth patterns of enzymes and other catalysts. Key players across the value chain are also expected to realign their supply channels to cater to the demand for catalysts in specific areas of the chemical industry which are witnessing an unusual level of activity allied with pharmaceuticals and biotechnology. The report will account for Covid19 as a key market contributor.
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