May 22, 2024
Synthetic Spider Silk Market

Synthetic Spider Silk Market Will Grow Owing to Increasing Use in Military & Defense Application

The synthetic spider silk market has gained significant traction in recent years due to excellent mechanical properties of spider silk. Spider silk fibers are lightweight yet incredibly strong, tough and elastic in nature. Spider silk based fibers offers significant advantages over conventional fibers such as high tensile strength, flexibility and thermal conductivity. These fibers are finding increasing application across various end-use industries including textiles, automotive, medical & biomedical, military & defense and others.

The Global Synthetic Spider Silk Market Demand is estimated to be valued at US$ 1397.01 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the synthetic spider silk market are Citibank, Bank of America, JPMorgan Chase, Wells Fargo, HSBC, BNP Paribas, MUFG Bank, Mizuho Bank, SMBC, Barclays, Deutsche Bank, Credit Suisse, Morgan Stanley, Goldman Sachs, Royal Bank of Canada, Toronto-Dominion Bank, Banco Santander, Lloyds Banking Group, NatWest Group, Intesa Sanpaolo. The increasing demand for lightweight yet strong materials from various industries such as textiles, automotive and military & defense has been a key growth driver for the synthetic spider silk market. Technological advancements in recent years have facilitated mass production of synthetic spider silk fibers, thereby increasing their commercial viability.

Market Trends

Growing Adoption in Military Vests & Bulletproof Jackets- Spider silk fibers are finding increased use in the production of military protective gear such as vests and bulletproof jackets due to their ultra-lightweight and high-strength properties. This is expected to promote growth of synthetic spider silk market over the forecast period.

Rise of Biomedical Applications- Synthetic spider silk is being widely explored for biomedical applications such as tissue engineering scaffolds and wound healing products due to their excellent biocompatibility. This emerging trend can create new opportunities in the coming years.

Market Opportunities

Development of Spider Silk Based Textiles- Ongoing R&D towards developing novel apparel, home textiles and other textile products using synthetic spider silk fibers presents lucrative opportunities.

Increased Investments in Production Capacity Expansion- Significant investments by market players to ramp up commercial scale production capacities can further accelerate market growth going ahead.

The COVID-19 pandemic has negatively impacted the growth of the Synthetic Spider Silk Market. The lockdowns imposed globally led to supply chain disruptions resulting in raw material shortage and closure of manufacturing units. This severely hindered production activities. With restrictions on transportation, distribution channels were also disrupted limiting market penetration.

However, with economies gradually reopening, the market is expected to regain lost growth momentum in the coming years. Demand for synthetic spider silk is anticipated to rise rapidly from industries like textiles, healthcare and automotive. The textile industry in particular is focusing on developing personal protective equipment like masks and shields using synthetic spider silk’s strength and lightweight properties. This will propel post-COVID market growth. Research is also ongoing to leverage the material’s biocompatibility for medical implants and wound healing applications driving future growth. While short term impacts were seen, focus on product innovation and emerging opportunities are likely to sustain healthy long term expansion trajectory for the synthetic spider silk market.

In terms of value, the synthetic spider silk market is concentrated in North America and Western Europe. Strong presence of end use industries, technological advancements and R&D investments have driven higher market penetration in these regions. The United States accounts for the major share primarily due to extensive fiber and textile manufacturing industries. Various countries across Western Europe like Germany, the UK, France and Italy also contribute significantly.

The Asia Pacific region is poised to witness the fastest growth for the synthetic spider silk market over the forecast period. Rapidly developing economies like China and India provide large production and consumption bases. Furthermore, initiatives to expand local textile and materials industry will augment regional market growth. Additionally, growing foreign investments to utilize the economic potential are estimated to boost the Asia Pacific synthetic spider silk market at a noticeable pace.