(MENAFN- America News Hour)In a recent published report, Kenneth Research has updated the market report for Synthetic spider silk Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Synthetic spider silk Market products.
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A report on Synthetic spider silk Market has recently been added into the repository of market research reports of Kenneth Research. The report, which is calculated for the forecast period 2021 2025, provides an in-depth analysis on the opportunities, latest trends, challenges and the growth drivers that are associated with the growth of the market. The market is thriving on account of the growing need for chemicals that are less toxic, backed by the stringent government regulations to regulate chemical pollution. It is estimated that more than 3 million tons of toxic chemicals have been released by industries till date in the year 2021. On the other hand, it is estimated that every second, around 300kgs of toxic chemicals are released into water, land and air by the industrial facilities. Further, the market is projected to grow on account of the growing trade in chemicals worldwide.
The European Union recorded to be the largest exporter of chemical products around the globe in the year 2019. The region was also the second largest importer of chemical products after the United States in the same year. The exports of chemicals in Europe, according to the statistics by Eurostat, grew from USD 323.49 billion in 2010 to USD 504.83 billion in 2020. Moreover, the imports of chemicals in the region grew from USD 205.64 billion in 2010 to USD 285.91 billion in 2020.
Further, synthetic spider silk is also stronger and flexible compared to KEVLAR. Favorable mechanical properties of synthetic spider make them ideal for tendon or ligament replacement/ repairing. In addition, synthetic spider silk finds fair application in airbags, tire cords, athletic gears and various others.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Demand for synthetic spider silk in North America is expected to surge in the coming years, with U.S. leading the growth of the market. U.S. has the highest military spending, which amounted to US$ 610 billion in 2017. Synthetic spider silk is widely used to manufacture bulletproof vests, and due to this factor, the growth in demand for synthetic spider silk in the defense industry is expected to exhibit a positive growth trajectory in the coming years.
Further, the automotive sector is expected to exhibit a lucrative platform for the growth of the synthetic spider silk industry in the coming years. According to Insights and Reports, passenger car and truck sales in the U.S. crossed 17 million in 2016, up from 16.8 million in the previous year. Synthetic spider silk finds fair application in the manufacture of airbags, seatbelts, and tire cords among others.
Moreover, in 2018, Stella Nina McCartney, a fashion designer based in London, formed a partnership with Bolt Threads, one of the key manufacturers of synthetic spider silk to incorporate the material in apparels and luxury products. These factors are expected to propel the demand for synthetic spider silk in the coming years.
The demand for synthetic spider silk is expected to witness a massive surge in Asia Pacific in the coming years on account of the rising automotive industry in the region. India and China are expected to continue leading the market throughout the forecast period.
According to Insights and Reports, China accounted for more than 35% of the global passenger car production in in 2017. Further, the government of India has passed a mandate to incorporate airbags in every production vehicle in the country from April 2019. These factors are expected to bolster the demand for synthetic spider silk market in Asia Pacific in the coming years.
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Notable players operating in the field of synthetic spider silk market are inclusive of Kraig Biocraft Laboratories, Bolt Threads, AMSilk and Spiber Inc.
About Kenneth Research:-
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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Darlene Dooley
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