Selbyville, Delaware, Oct. 05, 2021 (GLOBE NEWSWIRE) —
The farnesene market revenue is expected to cross USD 485 million by 2027, according to a new research report by Global Market Insights Inc. Changes in lifestyles and consumer preferences will support the market growth. For instance, millennials are exhibiting a shift toward natural ingredients in the food & beverages and cosmetic & personal care industries owing to the rising concerns regarding synthetic ingredients/chemical compounds and their side effects. Many natural sources of farnesene have extensively been used in the personal car & cosmetic industry for natural feel and good effect on the skin.
Farnesene industry from performance materials application is set to surpass USD 95 million by 2027 growing at a CAGR of over 8% between 2021 and 2027. Farnesene is the renewable building block for the market; its molecular structure makes it unique and attractive as a support for specialty chemical applications. It has wide applications including foams, coatings & sealants, emulsifiers, adhesives, surfactants, stabilizers, oligomers & polymers, and resins, boosting its market expansion.
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Some major findings of the farnesene market report include:
- The cosmetics & personal care application of farnesene accounted for the highest share of over 35% in 2020 and is set to record a significant CAGR owing to the growing demand for natural ingredients in the cosmetic & persona care industry.
- Farnesene market from fuels and lubes application exceeded USD 70 million in 2020 at is set to record over 4% CAGR owing to the increasing government support for bio-based fuels and lubricants.
- The performance materials application segment is set to record around 8% CAGR in the coming years owing to there is a continuous increase in the demand for performance materials in various industries including construction and automotive.
- Latin America region exceeded USD 30 million in 2020 and is anticipated to show profitable CAGR in the coming years owing to strong consumer base in Latin America dominated by Brazil.
Browse key industry insights spread across 150 pages with 86 market data tables and 36 figures & charts from the report, “Farnesene Market Forecasts By Application (Cosmetics & Personal Care, Performance Material, Flavors & Fragrances, Fuels & Lubes), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
North America farnesene market accounted for over USD 55 million in 2020 and is projected to register a lucrative growth in the coming years. Bio-renewable farnesene is used to form unique adhesives that are highly moisture-resistant with low temperature flexibility and excellent impact resistance; therefore, the rising demand for adhesives in the region pertaining to the shifting preference to electric vehicles in the U.S. is anticipated to stimulate the North American market statistics.
Adhesives allow the attachment of various automotive panels in a durable, flexible, and safe manner while ensuring aesthetic features. Moreover, the extreme durability and superior strength of these products make them suitable for transmission, radiators, and batteries, stimulating the market size. The growing demand for adhesive in the North America region will support the demand for farnesene.
Browse the Toc of this report @ https://www.gminsights.com/toc/detail/farnesene-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.