Synthetic Spider Silk Market Research Report

Market Overview

Market size for synthetic spider silk was estimated to be $1.09 billion in 2020; by 2030, it is anticipated to grow to $7.02 billion, with a CAGR of 19.4%.

An essential substance, synthetic spider silk is utilised in coatings, cosmetics, and apparel. Ropes, nets, seat belts, parachutes, rust-free panels on cars or boats, biodegradable bottles, bandages, surgical thread, prosthetic tendons or ligaments, supports for weak blood arteries, and bulletproof gear are all made from synthetic spider silk. The most adaptable and high tensile strength material is synthetic spider silk. Moreover, it is thought to have antibacterial characteristics and speed up healing because silk is a rich source of vitamin K, which aids in blood clotting.

The demand for synthetic spider silk is anticipated to increase due to the quick development of the textile, healthcare, and defence industries in developing nations throughout Asia-Pacific, Europe, and LAMEA. This, in turn, is anticipated to fuel the market’s expansion over the course of the forecast period. The demand for synthetic spider silk is also anticipated to expand due to consumers’ increased knowledge and use of biodegradable products, which is anticipated to spur market expansion in the next years.

Technology, application, and geographic regions make up the segments of the global market for synthetic spider silk. Market segments include genetically modified E. coli fermentation, genetically modified silkworm, genetically modified yeast fermentation, and others, depending on technology. It is divided into automotive, defence, healthcare, textile, and other categories based on application. It is examined from the perspectives of North America, Europe, Asia-Pacific, and LAMEA.

The top manufacturers of synthetic spider silk are extensively profiled in the global market. Kraig Biocraft Laboratories, Inc., AMSilk GmbH, Bolt Threads, Spiber, Inc., Seevix, Inspidere BV, Technology Holding LLC, Spintex Engineering Ltd., and Spiber Technologies SE are a few of the leading market participants.

To maintain their position as leaders in the market for synthetic spider silk, the major players are implementing a variety of initiatives, including product launches, agreements, partnerships, and investments.

For instance, Kraig Biocraft Labs, Inc. invested in new equipment installation at the production facility in Vietnam in June 2021. The goal of this investment was to improve production at the aforementioned production facility.

Moreover, in November 2018, Kraig Biocraft Labs, Inc. created a genetically modified silkworm strain for the United States Army’s protective textile applications. This improvement improved the company’s standing in terms of end-user performance requirements.

Based on the effects of the drivers, restraints, and opportunities, the market for synthetic spider silk is assessed and estimated. This report’s study period is 2021-2030. Based on a regional analysis, the examination of the synthetic spider silk market’s growth potential and constraints is included in the report. In order to ascertain the effects of suppliers, rivals, new entrants, substitutes, and purchasers on the market growth, the study covers Porter’s five forces analysis of the industry.

Synthetic spider silk market, by technology

Due to advantages related to genetically modified E. coli bacteria fermentation, such as high-density fermentation and enhanced product quality, this technology category accounted for the biggest market share for synthetic spider silk in 2020. Moreover, the market is anticipated to develop during the projected period due to an increase in demand for synthetic spider silk from sectors including healthcare, textile, and automotive.

Synthetic spider silk market, by application

According to application, the automobile industry will hold the largest market share in 2020. The increase in demand for synthetic spider silk in vehicle interior applications including seats, coverings, and airbags is responsible for this. The demand for synthetic spider silk in the production of automotive interior products is also anticipated to be fueled by the swift expansion of the automotive industry and the surge in vehicle production and sales in Asia-Pacific and Europe. This, in turn, is anticipated to fuel market growth in the near term.

Synthetic spider silk market, by region

In terms of revenue, Asia-Pacific accounted for the largest portion of the market for synthetic spider silk in 2020, and it is predicted that it will continue to hold this position throughout the forecast period. This is linked to the region’s large consumer base and rising demand for textile items. Additionally, it is anticipated that the demand for automobile interiors in the automotive sector will come from electric vehicles, which will subsequently increase the demand for textiles made of synthetic spider silk.

COVID-19 impact on the market

The COVID-19 pandemic-related lockdown led to a temporary prohibition on manufacturing, processing, and import/export across a variety of businesses, which reduced the need for synthetic spider silk. Due to this, market growth contracted in 2020’s second, third, and fourth quarters. However, a COVID-19 immunisation effort has started in several economies, which is likely to strengthen the world economy, and the synthetic spider silk industry is expected to rebound by the first quarter of 2021.