According to a new report published by Allied Market Research titled, “Synthetic Spider Silk Market by Technology and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the synthetic spider silk market size was valued at $1.10 billion in 2020, and is projected to reach $7.02 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.
Synthetic spider silk is a manmade spider silk, which is an alternative to silkworm silk. Synthetic spider silk is produced through various technologies such as genetically modified E-coli fermentation, genetically modified silkworm, and genetically modified yeast fermentation. It is used in various applications, including drug delivery, regenerative medicine, wound healing, automotive interiors, and luxurious textile products which in turn is expected to rise the demand for synthetic spider silk from 2021-2030.
Significant development of the end-use industries such as textile, construction, automotive, military & defense, and healthcare is fueling the growth of the synthetic spider silk market during the forecast period. In addition, increase in demand for synthetic spider silk for the production of aerospace interior products is driving the growth of the market, globally. However, difficulties associated with the farming of spiders is the key factor hampering the growth of the global synthetic spider silk market in the upcoming years.
Depending on the technology, the genetically modified E-coli fermentation segment held the highest market share of about 29.34% in 2020, and is expected to maintain its dominance during the synthetic spider silk market forecast period. This is attributed to rise in demand for synthetic spider silk from the industries such as healthcare, textile, and automotive. In addition, advantages associated with genetically modified E-coli bacteria fermentation such as high-density fermentation and improved product quality are anticipated to fuel the growth of the market in the coming years.
On the basis of application, the automotive segment acquired the largest share, in terms of revenue, and is expected to grow at a CAGR of 21.0% during the analyzed time frame. This is attributed to rise in demand for synthetic spider silk from automotive interior applications such as seats, covers, and airbags. In addition, rapid expansion of the automotive industry and production & sales of vehicles in the regions such as Asia-Pacific and Europe are anticipated to fuel the demand for synthetic spider silk in the manufacturing of automotive interior products, which, in turn, is expected to drive the market growth in the upcoming years.
Region wise, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant position in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to the presence of huge consumer base such as automotive and textile in the region.
In addition, synthetic spider silk is gaining importance in the healthcare and defense applications, owing to rise in its demand for manufacturing textile products such as ropes, net, parachutes, surgical structure, artificial ligaments, body armor, and bulletproof clothing. These factors are further anticipated to fuel the growth of the Asia-Pacific synthetic spider silk market during the analyzed time frame.
The global synthetic spider silk market analysis covers in-depth information of the major synthetic Spyder silk industry participants. The key players operating and profiled in the report include Kraig Biocraft Laboratories, Inc., AMSilk GmbH, Bolt Threads, Spiber, Inc., Seevix, Inspidere BV, Technology Holding LLC, Spintex Engineering Ltd., and Spiber Technologies SE.
COVID-19 impact on the market
The global synthetic spider silk market has witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending. This further led to decline in the demand for various products, including textile products, vehicles, and textiles. However, owing to the lockdown imposed across the globe, the supply–demand gap increased, which resulted in halt in supply for raw materials used in synthetic spider silk production. In Europe, economies, such as Germany, France, Spain, and Italy were following stringent measures, such as maintaining social distance and limiting movements to prevent the spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the global synthetic spider silk market growth. It is expected that rise in vaccination across the globe is expected to lessen the impact of covid-19 outbreak which in turn is anticipated to recover the growth of the synthetic spider silk market in the second half of 2021.
Key Findings Of The Study
- In 2020, the genetically modified e-coli segment accounted for about 29.34% of the share in the global synthetic spider silk market, and is expected to maintain its dominance till the end of the forecast period.
- In 2020, the genetically modified yeast fermentation segment exhibited 18.19% synthetic spider silk market share, and is anticipated to grow at a rate of 22.1% in terms of revenue.
- The automotive segment registered the highest growth rate at a CAGR of 21.0% during the forecast period.
- North America is expected to grow at the fastest rate, registering a CAGR of 20.7%, throughout the synthetic spider silk market forecast period.
- In 2020, Asia-Pacific dominated the global synthetic spider silk market with more than 39.9% of the share, in terms of revenue.