The forecast phase of the biofuel enzymes market lasts till 2018 and begins in 2014. This market is fragmented on the basis of applications, kinds and geographies. The applications sector is segmented further into corn based ethanol/ starch, biodiesel, lignocellulosic ethanol/biofuels and others. Kinds wise, the biofuel enzymes market is fragmented into industrial lipases, amylases and others.
Amylases is divided further into industrial proteases and cellulase. The geographical regions under which the biofuel enzymes market is analyzed are Europe, North America, Asia Pacific and rest of the world. The worldwide market was estimated at around USD 1, 022 million in 2011. It is projected to increase during the forecast phase, at about 7.5 percent CAGR.
The biofuel enzymes market is propelled, mainly by the growing consumer applications of biofuel enzymes. These applications are biodiesel and bio-ethanol. Increased consumption of such applications is predicted to drive demand for the biofuel enzymes market. Also, in several nations, governmental organizations come up with laws for mixing biofuels. This owes to continual alterations in the industry of fossil fuels.
This is yet another component that drives demand for the market. Growing consciousness regarding the sustainability of biofuel enzymes is another component that propels the biofuel enzymes market further. All these components impact the market with respect to decrease in the prices of fuels and ejections of carbon dioxide. This leads to increased demand for the biofuel enzymes market.
North America is anticipated to be the biggest market through the forecast phase. It is chased by Asia Pacific.