Farnesene Market Expected to Grow Rapidly at 27% CAGR Till 2024 | Hexa Research
Global farnesene industry size is expected to increase significantly over the next seven years on account of growing usage in cosmetics, perfumes, detergents, industrial lubricants and transportation fuels.
The global farnesene market stood at over 8 kilotons in 2015 and it is estimated to grow rapidly at a CAGR of 27 % during the forecast period (from 2016 to 2024). The booming cosmetics industry in the European region is expected to augment the global market for farnesene. Farnesene obtained through biotechnology route shapes building block for a number of chemicals, including squalene which has an extensive application scope in anti-ageing and moisturizing creams. This is also expected to drive the product demands in the near future. However, various alternative aviation bio jet fuels, FT based on HPO and biomass may hinder the market growth. The global market is divided into applications and regions.
The applications sector comprises cosmetics & personal care, fragrances & flavors, performance material, and fuels & lubes. The cosmetics & personal care sector dominated the overall market in 2015 with the demand share of over USD 12 million. The performance material sector is anticipated to witness a significant growth with a healthy CAGR of 40% over the estimated years.
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Geographically, the market is categorized as the Middle East & Africa (MEA), Asia-Pacific, Europe, North America, and Latin America. The European farnesene market dominated the overall market in 2015 and generated the revenue of over USD 15 million. Increased focus on utilizing sustainable products obtained from biomass along with some environment measures to control GHG emissions is said to be a key driver for the region.
The APAC region is expected to grow rapidly at a CAGR of over 28 % from 2016 to 2024. Rising disposable expenditure capacity along with the presence of a number of large-scale manufacturing companies is also likely to boost the market growth. The Latin American region is estimated to have huge gains over the next eight years. Favorable weather conditions in Centre-South and North-East parts of the Brazil for sugarcane crop harvesting is likely to positively impact the product demand.
The major companies operating in the global farnesene market include Amyris, Inc.; Intrexon Corp.; and Chromatin, Inc. Among these, the Amyris, Inc. dominated the overall market. Chromatin Inc. and Intrexon Corp. emerged the potential commercial manufacturers.
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