Synthetic Spider Silk Market is Estimated To Witness High Growth Owing To Properties Similar To Natural Spider Silk

The 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 manufactured spider silk fibers produced through genetic engineering techniques. Natural spider silk is one of the strongest fibers known, being tougher than steel and more elastic than nylon or Kevlar. Synthetic spider silk is being produced to mimic the exceptional properties of natural spider silk such as high tensile strength, elasticity, thermal stability, and biocompatibility. This has increased its demand across various industries such as textile, automotive and medical.

Market key trends:
The increasing demand for lightweight and high-performance materials from industries such as automotive, aerospace and military is boosting the growth of synthetic spider silk market. Spider silk fibers have high strength-to-weight ratio and are five times stronger than steel on an equal-weight basis. Owing to properties similar to natural spider silk, synthetic spider silk finds various applications including bulletproof vests, parachutes, medical implants and tires. Researchers are also exploring applications of synthetic spider silk in regenerative medicines due to its biocompatible properties. Several companies are engaged in research and development of mass production techniques to develop affordable spider silk for commercial use.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as production of synthetic spider silk requires significant capital investment and high research costs. However, growing applications are attracting new companies.
Bargaining power of buyers: The bargaining power of buyers is high as the market is fragmented with a large number of buyers and synthetic spider silk can be substituted by other synthetic fibers. Buyers can negotiate for low prices and better quality.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials. However, scientists and technicians with expertise in genetic engineering command premium salaries which increases suppliers’ power.
Threat of new substitutes: Threat from substitutes is moderate as synthetic spider silk offers superior properties over petroleum-based synthetic fibers but advanced materials from biomass pose competition.
Competitive rivalry: is high owing to increasing product innovations.

SWOT Analysis
Strength: Synthetic spider silk mimics natural spider silk properties and has applications in textiles, defense, healthcare etc. It is biocompatible and biodegradable.
Weakness: High production costs, requires genetic engineering expertise. Process optimization challenges remain.
Opportunity: Growing demand from end-use industries, supportive government regulations and funding. Potential in medical implants, drug delivery, and soft robotics.
Threats: Technology access and expertise barrier for new entrants. Stringent regulations for medical applications.

Key Takeaways
The global Synthetic Spider Silk Market Size is expected to reach US$ 1212.68 Mn by 2030, expanding at a CAGR of 6.1% over the forecast period. Increasing demand from textile, automotive and defense industries is expected to drive the market.
Regional analysis - North America dominates the global market currently owing to presence of major players and high defense spending. Asia Pacific exhibits highest growth potential with growing textile industry in 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 transgenic silkworms for producing spider silk proteins. Spiber is working on brewing synthetic spider silk using fermentation.

Read More: https://www.rapidwebwire.com/synthetic-spider-silk-market-demand-growth-and-regional-outlook/