by The global Synthetic Spider Silk Market is estimated to be valued at US$ 1122.4 Mn in 2022 and is expected to exhibit a CAGR of 7.01% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The global Synthetic Spider Silk market comprises of spider silk produced synthetically with the help of genetic engineering and protein synthesis methods. Synthetic spider silk fibers mimic natural spider silk and are known for their exceptional mechanical properties such as strength, toughness and elasticity. These fibers find wide applications as sutures, artificial tendons and ligaments in the biomedical sector. They are being increasingly studied for their potential in body armor, protective clothing and lightweight bulletproof vests in the defense sector. Given their bio-compatibility and degradability, synthetic spider silks present a sustainable alternative to plastics in various industrial applications.
Market key trends:
One of the major trends in the synthetic spider silk market is the focus on developing transgenic production platforms for mass production. Companies are engineering microbial hosts like yeast, bacteria and plant systems to produce recombinant spider silk proteins. For instance, Bolt Threads is using genetically modified yeast to produce spider silk fibers at an industrial scale. Another key trend is the development of novel synthesis techniques to engineer spider silk fibers with tailored mechanical properties. Recent advancements include modifying the amino acid sequence and molecular geometry of spider silk proteins to produce fibers with enhanced strength, toughness and elasticity potential. Ongoing research also aims to develop fully biodegradable spider silk blends for various polymer applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the synthetic spider silk market is moderate. High capital requirements for R&D and manufacturing plants pose a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers in the synthetic spider silk market is high. Buyers have various supplier options and products can be substituted easily.
Bargaining power of suppliers: The bargaining power of suppliers in the synthetic spider silk market is low. There are many raw material suppliers and materials are not differentiated.
Threat of new substitutes: The threat of substitutes in the synthetic spider silk market is high. Materials like nylon and polyester are easily available substitutes for synthetic spider silk.
Competitive rivalry: Competition in the synthetic spider silk market is high due to the presence of a few number of players.
Key Takeaways
The global Synthetic Spider Silk Market Share is expected to witness high growth, exhibiting CAGR of 7.01% over the forecast period, due to increasing demand from textile and automotive industries.
Regional analysis: North America dominates the synthetic spider silk market and is expected to grow at a CAGR of 6.5% during the forecast period. The presence of major players and growing textile industry drives the market in the region. Asia Pacific exhibits the fastest growth due to rising automotive production and increasing disposable income in the region.
Key players: Key players operating in the synthetic spider silk market are Kraig Biocraft Laboratories, Spiber Inc., AMSilk, and Bolt Threads. Kraig Biocraft Laboratories specializes in genetically engineering silkworms to produce synthetic spider silk fibers. Spiber Inc. focuses on producing synthetic spider silk using fermentation technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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