LONDON--(BUSINESS WIRE)--The farnesene market is expected to grow by 45.23 thousand MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Growing awareness about the use of eco-friendly lubricants has increased the use of bio-based lubricants as an alternative to petroleum-based lubricants. These lubricants are made from renewable feedstock, such as plant-based oil and sugar, produced through fermentation, ultrafiltration, and crystallization techniques. The demand for such environmentally friendly lubricants is gaining traction in developed economies such as Canada, the US, and Germany. Similarly, developing countries such as China, Japan, and India are also witnessing a surge in the demand for green and sustainable lubricants and other energy-saving resin systems. These factors are significantly influencing the growth of the global farnesene market.
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As per Technavio, the increasing use of farnesene in multifunctional cosmetics, surfactants, and emulsifiers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Farnesene Market: Increasing Use of Farnesene in Multifunctional Cosmetics, Surfactants, and Emulsifiers
The growing consumer demand for multifunctional products has encouraged many market players to incorporate multiple functions in a single offering. For instance, cosmetics manufacturers are introducing products containing both hydrating and antioxidant functionalities to attract consumer interest as well as to drive sales. Similarly, manufacturers of surfactants and emulsifiers are increasing the use of farnesene to offer multifunctional products. The increasing use of farnesene in such end-user applications is expected to have a positive impact on the growth of the global farnesene market.
“Stringent regulations and policies for sustainable products in the marine industry and the increasing use of farnesene in the aviation industry will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Farnesene Market: Segmentation Analysis
This market research report segments the farnesene market by application (cosmetics, flavor and fragrances, lubricants, and performance materials) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The European region led the farnesene market in 2019, followed by APAC, North America, MEA, and South America respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the increasing consumption of beauty and personal care products in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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