Share of Renewable Chemicals in White Biotechnology Market to Continue to Rise
OREANDA-NEWS. White biotechnology, also sometimes called industrial biotechnology, aims to transform today's highly hydrocarbon-based processes and operations to bioprocesses and biofeedstocks, leading to the production of industrial products that biologically break down much easily, require less energy, and produce less waste while their production. These products, which have also sometimes demonstrated better performance than products manufactured with the help of chemical processes and oil-based raw materials, lead to vast oil water and energy savings. The vast benefits of white biotechnology have drawn attention from across the world and the industry is witnessing a substantial rise in investments for further research and development.
Transparency Market Research estimates that the global white biotechnology market will exhibit a healthy 4.5% CAGR from 2016 through 2024. At this rate, the market, which valued at US$178.1 bn in 2015, is expected to rise to US$262.3 bn by 2024.
In this blog post, Transparency Market Research analysts highlight some of the market's most promising trends and developments.
Which area of application of white biotechnology earns it the most promising returns?
The application area of biofuels is undoubtedly the one that has observed the most attention for a long time and is expected to remain one of the most popular fields for research in the next few years as well. Rising concerns regarding the harsh impacts of burning oil-based fuels on the environment, rising concentration of oil-based non-degradable synthetic consumer goods in land-fills, and fluctuating prices of crude oil are prompting the production of fuels from biomass and renewable resources.
Many countries across the globe have started using pure ethanol or a conventional fuel having a sizeable proportion of ethanol as a substitute for gasoline in automobiles. The number of fuel plants producing ethanol, and consecutively the overall global production capacity of the fuel have increased at a satisfactory pace in the past few years.
Q. What other areas than biofuels are undergoing commercialization in the white biotechnology area?
Other than the field of biofuels, which currently accounts for nearly 40% of the overall market, the segment of biochemical is gaining an increased level of attention from industries. Vast funds and research and development efforts are being devoted to bring enhancements in existing renewable chemical technologies and production capacities are being continuously expanded.