by 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 Overview:
Synthetic spider silk refers to recombinant silk proteins produced through genetic engineering. Spider silk proteins can be extracted and expressed in other organisms like yeast, bacteria, tobacco and plants to produce synthetic spider silk fibers. Spider silk is one of the strongest natural fibers and offers advantages like biocompatibility, high strength, flexibility and toughness. Synthetic spider silk finds applications in textiles, biomaterials, military and defense owing to its properties. It is versatile, renewable and considered a sustainable alternative to existing materials.
Market key trends:
The increasing focus on research and development activities to produce synthetic spider silk fibers through genetic and protein engineering techniques is a key trend driving the market growth. Considerable research is underway to understand spider silk protein structures for mass production. Several startups and companies are working on developing transgenic silkworms and other organisms to produce spider silk proteins on an industrial scale. Advancements in genetic engineering and recombinant DNA technologies are enabling more efficient production of synthetic spider silk. This is expected to increase commercial availability and lower production costs, further propelling the market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants in the synthetic spider silk market face high production costs for setting up facilities. Therefore, the threat is low.
Bargaining power of buyers: The global synthetic spider silk market has numerous buyers from textiles and defense industries. However, the bargaining power of buyers is moderate due to the specialized nature of the product.
Bargaining power of suppliers: A few companies specialize in the production of synthetic spider silk. Therefore, suppliers have significant bargaining power over buyers.
Threat of new substitutes: There exists no close substitute for synthetic spider silk. Substitutes such as nylon and polyester fail to mimic spider silk properties. The threat is low.
Competitive rivalry: The global market is consolidated with the presence of few players. Competition is high based on product differentiation and innovation.
Key Takeaways
The global Synthetic Spider Silk Market Size is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period of 2023 to 2030, due to increasing demand from the textiles and defense industries.
Regional analysis: North America dominates the global market currently due to major presence of key players such as Kraig Biocraft Laboratories and Bolt Threads in the US. Asia Pacific is expected to be the fastest growing market owing to rising research activities in China, India, and South Korea.
Key players operating in the synthetic spider silk market are Kraig Biocraft Laboratories, Spiber Inc., AMSilk, and Bolt Threads. Kraig Biocraft Laboratories specializes in spider silk protein production platform technologies. Spiber Inc. focuses on developing revolutionary proteins using bacterial fermentation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
