Spider silk is a lightweight, strong and resilient biomaterial that can be utilised for various purposes such as protective and biomedical textiles among others. Synthetic spider silk is manufactured using genetic engineering techniques by extracting spider silk genes and placing them in engineered host organisms to mass-produce the proteins that make up spider silk. The engineered spider silk has similar strength and resilience as natural spider silk along with added advantages like consistent quality, mass production capabilities and control over fibre diameter and length. The global demand for strong, lightweight and durable materials in military fabrics, para-military gear and other defense applications is driving the research and development of synthetic spider silk.
The global Synthetic Spider Silk Market is estimated to be valued at US$ 1212.68 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing usage of synthetic spider silk fibers in military and defence applications such as protective wear, parachutes, tents and other gear is expected to drive significant growth in the market over the forecast period. Military fabrics and gears require materials that are lightweight, strong, tear resistant and durable even in harsh environmental conditions. Synthetic spider silk fibers meet all these criteria and thus have immense potential to replace conventional materials like nylon, polyester, Kevlar and carbon fibers in defense applications. With ongoing R&D and partnerships between material companies and defense organizations, usage of synthetic spider silk is projected to scale up in the coming years thereby opening substantial lucrative opportunities for market players in this segment.
Porter's Analysis
Threat of new entrants: Low capital requirements however R&D costs are high and established players have scale advantages.
Bargaining power of buyers: Buyers have moderate bargaining power given the specialized nature of the product however established buyers can negotiate on price.
Bargaining power of suppliers: Suppliers of raw materials have low bargaining power given the availability of substitute materials.
Threat of new substitutes: Threat of substitutes is low as synthetic spider silk has unique properties that are difficult to replicate.
Competitive rivalry: High as players compete on technology, product quality andprice.
SWOT Analysis
Strengths: Unique properties like strength and flexibility. Growing demand from textile,automotive and medical industries.
Weaknesses: High R&D and production costs. Technological challenges in mass production.
Opportunities: Potential for new high performance materials. Growing bio-economy and sustainable materials market.
Threats: Slow market adoption. Competition from new artificial fibers. Regulatory hurdles.
Key Takeaways
The Global Synthetic Spider Silk Market Analysis is expected to witness high growth. The market size for 2023 is estimated at US$ 1212.68 Mn and is forecast to grow at a CAGR of 6.1% during 2023-2030.
Regional analysis shows that North America currently dominates the market driven by presence of key players and growing demand from defense and medical industries. The Asia Pacific region is expected to be the fastest growing market owing to rising R&D investments, potential for new applications and growing manufacturing base in countries like China and India.
Key players operating in the synthetic spider silk market are Kraig Biocraft Laboratories, Spiber Inc., AMSilk, and Bolt Threads. Kraig Biocraft Laboratories is a leading player focused on developing genetically engineered spider silk fibers. Spiber is commercializing brewed spider silk microfibers under the brand name Qmonos. AMSilk develops synthetic spider silk using recombinant technologies. Bolt Threads produces spider silk protein in fermented yeast for textile and other materials.
For more insights, read - https://www.rapidwebwire.com/propelled-by-wide-range-of-industrial-applications-demand
Comments
0 comment