VALLEY COTTAGE, New York, November 22, 2017 /PRNewswire/ --
Chitin is obtained from shrimp, crab and lobster waste. Insect chitin, a by-product from animal feed production, is a new source for chitin. Adult insects are used for reproduction and the larvae are used as a protein source for animal feed. The leftover insect and cocoon bodies are used as a chitin source. This chitin is used in the textile industry, building & construction, packaging materials, clothing for work and protection, civil engineering, etc., which is expected to boost the growth of chitin during the forecast period.
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This fact based research carried out by FMI covers overall market for chitin. This includes sources of chitin, trends, developments by various key players and other aspects impacting the growth of the global market for chitin. Additionally, analysis on drivers fuelling the growth and restraints hindering the growth of the chitin market across the globe is included. The market segmentation covers all angles of the market thus portraying a holistic approach. This all-inclusive research report reflects the growth path of the global chitin market by including forecast highlights. According to this research report, the global chitin market is expected to reach an estimation of about US$ 2900 Mn by the end of the year of estimation from a value a little under US$ 900 Mn in 2017. The global chitin market is projected to reflect a CAGR of 12.7% throughout the period of forecast.
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Chitin to witness very high demand in the healthcare industry
In the healthcare industry chitin and chitin/chitosan derivatives are used in treatment of various diseases such as tuberculosis, in healing wounds, in obesity to control cholesterol level in the body, to break fat molecules, and also in tissue engineering. Healthcare segment, in the end use industry category, is expected to witness high growth and high value during the forecast period. The healthcare segment is projected to grow at the highest rate to register a value CAGR of 14.2% throughout the period of assessment, 2017-2027. There has been a rising demand for chitin in the healthcare sector since past many years. This has led to an increase in the consumption of chitin making this segment the most lucrative of all other end use industry segments. The healthcare segment is estimated at US$ 309 Mn in 2017 and is anticipated to reach a valuation of more than US$ 1 Bn by the end of the year of assessment (2027).
Waste and water treatment to offer significant growth opportunities for chitin market in the coming years
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In waste and water treatment, chitin/ chitosan derivatives find wide applications. It acts as a flocculating and a coagulating agent, removes metal and heavy ions from water, clarifies the water, reduces odours, etc. The waste and water treatment segment in the end use industry category is anticipated to grow at a noteworthy speed to register a value CAGR of 12.8% during the period of forecast. This segment is the second largest in terms of value as well as growth rate. The estimation calculation of this reflects a high number by the end of the assessment year. In 2017, the waste and water treatment segment is valued at US$ 190 Mn.
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