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material sector is anticipated to witness a significant growth with a healthy CAGR of 40 % over the estimated years.
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Geographically, the market is categorized as the Middle East & Africa( MEA), Asia-Pacific, Europe, North America, and Latin America. The European farnesene market dominated the overall market in 2015 and generated the revenue of over USD 15 million. Increased focus on utilizing sustainable products obtained from biomass along with some environment measures to control GHG emissions is said to be a key driver for the region.
The APAC region is expected to grow rapidly at a CAGR of over 28 % from 2016 to 2024. Rising disposable expenditure capacity along with the presence of a number of large-scale manufacturing companies is also likely to boost the market growth. The Latin American region is estimated to have huge gains over the next eight years. Favorable weather conditions in Centre-South and North-East parts of the Brazil for sugarcane crop harvesting is likely to positively impact the product demand.
The major companies operating in the global farnesene market include Amyris, Inc.; Intrexon Corp.; and Chromatin, Inc. Among these, the Amyris, Inc. dominated the overall market. Chromatin Inc. and Intrexon Corp. emerged the potential commercial manufacturers.
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