Chitin Market Size is Predicted to Hit around USD 5,026.4 Million by 2032, with a Registered CAGR of 12.1% from 2022 to 2032 | Future Market Insights, Inc.

China Chitin Market is projected to reach an estimated CAGR of 13.8% by the end of 2022. By end-use industry, the agrochemical segment is expected to generate the largest share in the global chitin market by 2022

NEWARK, Del., Sept. 27, 2022 /PRNewswire/ -- The global chitin market size is expected to witness a considerable CAGR of 12.1% during the forecast period between 2022 and 2032. The market is predicted to be valued at around US$ 1,604.0 Mn in 2022 and is anticipated to reach US$ 5,026.4 Mn by 2032.

Chitin is increasingly used in several end-use industries including textile, building & construction, packaging materials, work & protective gear, and civil engineering among several others. According to the current estimations, the chitin market is expected to witness growth at a CAGR of around 12.1% during the forecast period between 2022 and 2032. The market is predicted to exhibit significant growth owing to the rapid expansion of the pharmaceutical industry. According to the FMI analysis, manufacturers are employing chitin for tissue engineering and drug delivery application attributing to its high biocompatibility.  

Chitin is produced from the leftover shrimp, crab, and lobster. Although there is a new source of chitin synthesis in Europe which is known as insect chitin, a byproduct generated due to manufacturing of animal feed. Insect larvae are utilized as a source of protein for the purpose of animal feeding. Insect larvae are utilized as a source of protein for animal feed, whereas adult insects are employed for reproduction. Chitin is mainly obtained from abandoned insects and cocoon bodies.

Request a Report Sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-313

Key Takeaways

• For biomedical applications like drug delivery, hydrogels, microspheres, mixes, microparticles, and nanogels, as well as electrospun fibers, films, nanoparticles, nanocomposites, scaffolds, and prodrugs based on chitin and chitosan natural or synthetic polymers are extensively utilized. These recent developments propel new growth opportunities for key players dominating the global chitin market during the forecast period.  
• Owing to its excellent physicochemical and biological qualities, chitin is widely employed in several industries including cosmetics, textile, culinary, and biotechnological, as well as in the pharmaceutical, medical, and agricultural fields. 
• Several end-use industries have witnessed an increased consumption of chitin in food & beverages, agrochemicals, and healthcare is expected to push sales in the forecast period. Chitin is often utilized as a cooking thickener in the food & beverage industry which would propel growth in the market.  
• The chitin market is set to be driven by spurring demand for natural fiber-based biodegradable composites in a wide range of industries. For fabricating polymer scaffolds and a wide range of nanotechnology applications, chitin is extensively utilized, resulting in its higher growth. Furthermore, it is also used in the encapsulation of protein cargoes. The surging number of cargo-released characteristics would also assist in bolstering growth in the global market.      
• The surging need for water purification, especially in developing countries like India is likely to push the global chitin market sales throughout the assessment period. It is also expected to be used in the production of biofuel, mainly attributed to marine-based biomass. Attributing to its widespread application, the market is expected to spur over the projection period. 

Competitive Landscape

Owing to the rising demand for chitin in the global landscape, leading manufacturers are inclining their focus toward emerging countries in recent years. Various major players are focusing on enhancing their production capabilities with the assistance of research & development (R&D) investments, collaborative partnerships, and mergers & acquisitions to strengthen their positions and compete against their rivals.

Source: https://www.futuremarketinsights.com/reports/chitin-market

More Insights into the Chitin Market

The U.S. is expected to dominate the chitin market over the projection period because glucosamine is one of the major commercial products used in the treatment of osteoarthritis. Owing to the high concentration in joint tissues, glucosamine, which is a derivative of chitin, is widely used in the treatment of osteoarthritis, also known as arthritis, and is expected to be used in various medicines. Glucosamine is also used as a dietary supplement, which is driving the chitin market in the U.S. 

From the pharmacology and biomedical sectors, the demand for chitin is expected to spur owing to the surging prevalence of health problems such as cancer and obesity in the U.S. Chitosan, a derivative of chitin, is often used in the treatment of such health problems, as well as in the treatment of tumors. Chitin is predominantly utilized in the U.S. during the assessment period.  

China is the second largest market to propel the growth of chitin by an estimated CAGR of 13.8% by the end of 2022. There is a maximum number of chitin, chitosan, and glucosamine manufacturing companies in China due to which approximately 80% of the global glucosamine production is attributed which is spurring growth in the market. 

Chitin Market Outlook by Category

By Derivative Type:

• Glucosamine
• Chitosan
• Others

By End-Use Industry:

• Food and Beverages
• Agrochemical
• Healthcare
• Cosmetics and Toiletries
• Waste and Water Treatment
• Others

By Region:

• North America
• Latin America
• East Asia
• Europe
• South Asia & Pacific
• Middle East & Africa

Request For Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-313

Table of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitation

    2.3. Process for Chitin and Chitin Derivatives Production

    2.4. Production of Chitin: Material Breakdown Analysis

    2.5. Natural Sources of Chitin

    2.6. Industrial Uses of Chitin/Chitosan

3. Key Market Trends

    3.1. Key Trends Impacting the Market

4. Key Success Factors

    4.1. Strategic Promotional Strategies

5. Global Chitin Market Demand Analysis 2012-2021 and Forecast, 2022-2032

    5.1. Historical Market Volume (Tons) Analysis, 2012-2021

    5.2. Current and Future Market Volume (Tons) Projections, 2022-2032

    5.3. Y-o-Y Growth Trend Analysis

Have a Look at Latest Trending Reports of Chemicals & Materials Domain

Fire Retardant Coatings Market : The fire retardant coatings market is likely to register a CAGR of 6% during the forecast period, and is anticipated to reach a market share of US$ 9.17 Bn in 2032, from US$ 4.83 Bn in 2021.

Hypochlorite Bleaches Market : Global hypochlorite bleaches market demand is anticipated to be valued at US$ 289.4 Million in 2022, forecast a CAGR of 5.4% to be valued at US$ 487.9 Million from 2022 to 2032. Growth is attributed to the increasing demand for paper and paperboard in emerging economies. From 2016-2021 a CAGR of 4.6% was registered for the hypochlorite bleaches market.

Industrial Sodium Chloride Market : The global Industrial Sodium Chloride market size reached a valuation of US$ 14,513.9 Million in 2022. The growing demand for chlor-alkali from all over the world is a critical aspect highlighting growth opportunities in this market. The overall sales of Industrial Sodium Chloride products are projected to grow at a robust CAGR of 4.2% between 2022 and 2032, totaling around US$ 21,900.9 Million by the end of 2032.

Renewable Methanol Market : The global renewable methanol market is slated to expand at a CAGR of 6.6% during the forecast period (2022-2032), surpassing US$ 373.5 Mn by the end of 2032. Increasing sales of daily items, including plastics, paints, cosmetics, and fuels, will fuel the demand for liquid chemical methanol (CH3OH).

Petroleum-Fuel Dyes and Markers Market : The global petroleum-fuel dyes and markers market is estimated to be valued at US$ 445.60 Mn in 2022 and is further expected to witness a steady growth rate of 4.8% CAGR during the forecast period, totaling a valuation of around US$ 712.1 Mn by 2032. Rising production of petroleum and petroleum-based products is expected to boost the consumption of petroleum-fuel dyes and markers over the assessment period.

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

Now avail flexible Research Subscriptions, and access Research multi-format through downloadable data books, infographics, charts, and interactive playbook for data visualization and full reports through MarketNgage, the market intelligence engine from Future Market Insights.

Contact:
Future Market Insights Inc.  
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA  
T: +1-845-579-5705  
For Sales Enquiries: sales@futuremarketinsights.com     
Browse latest Market Reports: https://www.futuremarketinsights.com/reports

Logo: https://mma.prnewswire.com/media/1197648/FMI_Logo.jpg