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Demand from Water Treatment and Pharma Industries to Drive Chitosan Market at 17.7% CAGR until 2020.

Press Release   •   Dec 22, 2015 18:46 IST

Chitosan is a deacetylated derivative of chitin, an organic carbohydrate polymer. Chitin and chitosan are versatile materials found abundantly in crustacean marine animals such as shrimps, crabs, lobsters, squids, and prawns. Chitosan is insoluble in water but soluble in organic acids. It is used as a dietary fiber and is one of the three most widely present polysaccharides in nature. Chitin and the growing number of useful products derived from chitin such as chitosan and its derivates continue to attract commercial interest from all over the world. The global chitosan market is highly attractive because this polymer has a number of applications in various end-use industries.

Wide Range of Applications Driving Chitosan Market

The strongest applications of chitosan and its derivatives such as monosaccharides and oligosaccharides are chiefly found in the fields of nutrition, water treatment, biomedicine, food processing, microbiology, pharmacology, cosmetics, agrochemical, and agriculture. The demand for chitosan is high in most of these applications because of its biodegradability, biocompatibility, and nontoxic nature. Over the next five years, the market for chitosan will also gain novel applications due to many extensive research and development initiatives which are currently being undertaken. The effects of these innovation efforts will chiefly be observed in the water treatment, biomedical, and pharmaceutical sectors.

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Rapidly Growing Application Segments for Chitosan

With a wide spectrum of market players waiting for an FDA approval for commercializing new patents, a variety of new application segments of chitosan has been identified in recent years. Here are some of the fastest growing segments, exhibiting the current and future potential of the chitosan market and the demand for it in various regions in the world.

Pharmaceutical and Biomedical: Chitosan is more useful than chitin, as it possesses both amino groups and hydroxyl, which can be easily modified. Thus, chitosan is effective in the dehydration of aqueous solutions and pharmaceutical and biomedical applications. The grades of chitosan used for these applications are superior to the ones used in other applications within the market. Several wound dressings manufactured from chitosan are available for clinical use. Chitosan is considered the most refined polymer available for clinical use. It is also used to promote the healing of external wounds as well as to manufacture medical capsules. As a result, the pharmaceutical and biomedical industries are the fastest growing application segments for chitosan.

Water Treatment: Water treatment is the major end-use application segment for chitosan in the global market. It is primarily used as a chelating agent and flocculating agent for removing traces of metals from industrial wastewater. Widely used as a water treatment chemical, chitosan is used as an adsorbent to eradicate harmful radioisotopes from polluted water. From a global viewpoint, chitosan is also used to recover uranium from fresh or salt water to minimize radioactive pollution in the marine environment and protect aquatic life from its harmful effects.

Chitosan is also used in cosmetic compositions - mainly in hair and skin treatment products. It is also developing into a crucial market for agricultural chemicals and environment-friendly pesticides.

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The chitosan market is set for growth at a 17.7% CAGR between 2014 and 2020. The market was valued at US$1.35 billion in 2013 and is likely to reach US$4.22 billion by the end of 2020, reports a leading market research firm in the U.S. The global chitosan market is expected to experience a brisk growth rate in the next five years, due to the wide variety of regions contributing significantly to the global market. Asia-Pacific, including China and Japan, accounted for over 55% of the global chitosan market in 2013, in terms of production. This region will be followed by Europe, North America, and the RoW.

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About Us

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We are privileged with highly experienced team of Analysts, Researchers, and Consultants, who use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.