Global Synthetic Spider Silk Market is estimated to be valued at US$ 1059.00 Mn in 2021, according to the Global Synthetic Spider Silk Market Report, Product Type, (Genetically Modified Yeast Fermentation, Genetically Modified Silkworm, and Genetically Modified E-Coli Fermentation), by Application (Automotive, Textile, Healthcare, Defense, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Global synthetic spider silk market was valued at US$ 1059.00 Mn in 2021. Synthetic Spider Silk Market is expected to register a CAGR of 7.01 % over the forecast period (2022–2030), to reach US$ 1943.64 Mn by 2030.
Increasing applications of synthetic spider silk is one of the key factors aiding in the growth of this market. Furthermore, the high strength of synthetic spider silk over other synthetic fibers such as nylon and high elasticity and tensile strength is another key factor aiding in the growth of the market. Moreover, its bio-degradable and bio-compatible nature compared to other synthetic fibers is another key reason for its increasing demand in various applications such as the manufacturing of airbags and seatbelts, ligament replacement and repair, and others. Synthetic polymers are one of the major causes of environmental pollution. According to the United Nations National Institutes of Health, over 40% of the sea-bird species are known to have ingested synthetic polymers and millions die every year due to synthetic polymer ingestion. These are some of the factors leading to the high demand for synthetic spider silk.
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https://www.coherentmarketinsights.com/market-insight/synthetic-spider-silk-market-1667
Key Trends and Analysis of the Global Synthetic Spider Silk Market:
Among application demand for synthetic spider silk in the defense sector is expected to increase by the end of the forecast period. Bulletproof vests are manufactured with Kevlar, a synthetic fiber woven into fabric and layered, thus making it stronger than steel. However, synthetic spider silk, owing to its high tensile strength and elasticity, is considered to be tougher than Kevlar, due to which manufacturers operating in the bulletproof vest industry are looking to incorporate synthetic spiders in their products. In 2020, Kraig Biocraft Laboratories—a bioengineering company based in the U.S., announced an Army contract to develop dragon silk for use in body armor. The office of Army’s Soldier Protection and Individual Equipment (PM-SPIE) has granted Kraig Biocraft US$ 100,000 to test their Dragon Silk to manufacture body armor. Dragon silk finds numerous advantages over Kevlar such as flexibility. The elasticity of dragon silk lies in the range of 30%-40% compared to the elasticity of Kevlar, which lies in the range of 2%-3%. Thus, the demand for synthetic spider silk is expected to increase significantly in the defense sector soon.
Key Takeaways of the Global Synthetic Spider Silk Market:
Demand for synthetic spider silk in North America is expected to increase significantly in the near future. The North America held synthetic spider silk market in 27.00% of market share in 2021. Synthetic spider silk finds application in several automotive parts. Synthetic spider silk finds fair application in the manufacturing of airbags and seatbelts in the automotive sector. Synthetic spider silk also has applications in manufacturing seatbelts and airbags. Therefore, this is expected to aid in the growth of the market in the region.
India is a lucrative market for synthetic spider silk, due to the growing automotive industry and increasing stringency regarding the safety of passengers. The Government of India announced to make airbags mandatory for every production vehicle from April 2019. This factor is expected to bolster demand for synthetic spider silk in the automotive industry in India. Furthermore, China is the world’s largest producer of automotive vehicles and parts, due to which demand for synthetic spider silk in the country is expected to exhibit significant growth during the forecast period.
Some of the key players operating in this market include Kraig Biocraft Laboratories, Spiber Inc., and Bolt Threads, among others.
