PUNE, India, April 20, 2018 /PRNewswire/ --
The report "Chitosan Market by Grade (Industrial, Food, and Pharmaceutical), Application (Water Treatment, Food & Beverages, Cosmetics, Medical & Pharmaceuticals, and Agrochemicals), and Region (Asia Pacific, North America, Europe, Row) - Global Forecast to 2022", published by MarketsandMarkets™, the Chitosan Market is projected to grow from USD 553.6 Million in 2017 to USD 1,088.0 Million by 2022, at a CAGR of 14.5% during the forecast period. Chitosan is used in the water treatment, food & beverages, cosmetics, medical & pharmaceuticals, and agrochemicals applications. The other applications of chitosan include pulp & paper and textiles. The growth of the Chitosan Market across the globe can be attributed to the unique properties such as high biocompatibility, excellent biodegradability, and ease of chemical modification offered by chitosan, and adequate and easy availability of raw materials used for manufacturing chitosan.
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The industrial grade segment of the Chitosan Market is projected to grow at the highest CAGR, in terms of value during the forecast period.
Industrial grade chitosan is used as an alternative to chemical products in applications such as water treatment, agrochemicals, pulp & paper, and textiles. It is used in the water treatment application as an adsorbent and a flocculent. Chitosan coagulates toxic heavy metals and organic compounds. It adsorbs dyes and small concentrations of phenol present in the industrial wastewater. The common applications of industrial grade chitosan are water treatment, agrochemicals, pulp & paper, and textiles.
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The water treatment application segment is projected to lead the Chitosan Market, in terms of value from 2017 to 2022.
Chitosan is used in the water treatment application due to its biosorbent ability, which enables it to remove pollutants from wastewater. The wastewater from industries and other such sources is a severe threat to the environment. The contaminants present in the industrial wastewater deteriorate the quality of water and as such, are a threat to the aquatic life. Chitosan is one of the inexpensive materials used for the treatment of water. It offers outstanding absorbing capabilities than any other absorbent. Thus, these factors lead to the increased use of chitosan in the water treatment application, thereby contributing to the growth of the water treatment application segment of the Chitosan Market.
The Asia Pacific Chitosan Market is projected to grow at the highest CAGR, in terms of value during the forecast period.
China is expected to be the largest market for chitosan in the Asia Pacific region. China, Vietnam, and India are the leading manufacturers of chitosan in the Asia Pacific region. The increasing inflow of wastewater from various industries and growing demand for fresh water is expected to drive the growth of the Chitosan Market in these countries. Changing food habits is the primary reason for obesity and obesity-related diseases in the Asia Pacific region. This is driving the demand for dietary supplements and nutraceuticals in the region, thereby leading to the growth of the Asia Pacific Chitosan Market. With the increasing population, growing industrialization, and depleting freshwater sources, the demand for fresh water is increasing rapidly in the Asia Pacific region. There is also an increased demand for clean, potable drinking water from the region. This, in turn, is fueling the growth of the Asia Pacific Chitosan Market.
Key companies operating in the Chitosan Market Primex ehf (Iceland), Heppe Medical Chitosan GmbH (Germany), Vietnam Food (Vietnam), KitoZyme S.A. (Belgium), Agratech (US), Advanced Biopolymers AS (Norway), BIO21 Co., Ltd. (Thailand), G.T.C. Bio Corporation (China), Taizhou City Fengrun Biochemical Co., Ltd. (China), and Zhejiang Golden-Shell Pharmaceutical Co., Ltd. (China).
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