Chitin is considered as a cellulose holding one hydroxyl group on every monomer interchanged by a group of acetyl amine. This allows for better hydrogen bonding amongst adjacent polymers by providing more strength to the chitin-polymer matrix. Chitin in its unmodified and pure form is quite tough, resilient, pliable and translucent. Chitin is generated from lobster, crab and shrimp waste. The chitin from insects is a by-product from the animal feed production and is a new basis for chitin. For reproduction purpose, adult insects are being used and for animal feed protein purpose, larvae is used.
Chitin is also used in civil engineering, packaging materials, textile industry, clothing for protection and work as well as building and construction. This factor is anticipated to increase the growth of chitin over the forecast period. On the basis of the research report, the global market for chitin is anticipated to top a value of around US$ 2900 Mn by the end of the forecast period. Additionally, the global market for chitin is anticipated to show 12.7% CAGR throughout the forecast period.
Global Market or Chitin: Drivers & Restraints
Increase in the use of chitin in agrochemical, beverage and healthcare industry, rise in shrimp waste generation, increase in consumption & production of glucosamine and chitosan are considered as the drivers of the market. Additionally, growing awareness in many end use industries with regards to the benefits of products that are based on chitin is also a driver of the global market for chitin.
Increase in pricing, nonconformity to halal food criteria and low effectiveness of medicines that are chitin based compared to medicines that are non-chitin based are the restraints of the global chitin market. Also, adulteration and high overhead costs related to the chitin production are factors restraining the market.
Additional Forecast Highlight on Global Market for Chitin
In waste & water treatment, chitosan/chitin derivatives find wide-ranging applications. Chitin acts as a coagulating and flocculating agent, removes heavy and metal ions from water, reduces odors and clarifies the water, etc. The segment of waste & water treatment in the category of end use industry is expected to grow at a striking speed to record a value of nearly 12.8% CAGR during the forecast period. This segment is shown as the second largest on the basis of value and growth rate.
Segmentation of Global Market for Chitin
The global market for chitin has been segmented on the basis of end use industry, derivative type and region.
Based on end use industry, the segment of healthcare is the largest with regards to both volume and value. This segment is expected to grow at a maximum rate in the forthcoming years to record around 14.2% CAGR with regards to value. In the industry of healthcare, chitin and chitosan/chitin derivatives come in use for treatment of certain diseases namely tuberculosis, to control cholesterol and in healing wounds. Also, it is used to break the fat molecules and in tissue engineering.
Based on the derivative type, the segment of glucosamine displays high value and is projected to top US$ 1,840 Mn by the end of 2027. The segment of chitosan is likely to grow at a greater CAGR during the forecast period.
Based on the region, APEJ (Asia Pacific excluding Japan) is the largest. The market of chitin in the Asia Pacific excluding Japan region is projected to top a value of around US$ 1 Bn by the end of 2027. This region is extremely lucrative in terms of market growth for chitin. APEJ’s chitin market is likely to grow at a robust CAGR of around 13.9%, throughout the forecast period.
Some prominent companies who have helped in shaping the market for chitin have been profiled by Future Market Insights. The key players working in the market are inclusive of Mahtani Chitosan Pvt. Ltd., Kunpoong Bio Co. Ltd., CarboMer, Inc., Meron Biopolymers, Tidal Vision, Bio21, Bayir Extracts Pvt. Ltd., Yaizu Suisankagaku Industry Co., Ltd., Wellable, Advanced Biopolymers AS, DALIAN XINDIE CHITIN CO.,Ltd., Heppe Medical Chitosan GmbH, Primex ehf, Panvo Organics Pvt Ltd., Golden-Shell Pharmaceutical Co. Ltd., Zhejiang Aoxing Biotechnology Co., Ltd. and SHANDONG LAIZHOU HIGHLY BIO-PRODUCTS CO.Ltd.
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