Global biotechnology market expected to post ten-fold growth
- Publisher
- Elsevier Science
- Year
- 2003
- Weight
- 31 KB
- Volume
- 2003
- Category
- Article
- ISSN
- 1351-4180
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✦ Synopsis
Biotech likely to be primary driver of innovation in the chemical industry
A new industrial revolution is taking place as biotechnology becomes an increasingly important catalyst for innovation in the chemical industry. According to one speaker at a recent briefing in New York on industrial biotechnology, "The Third Wave in Biotechnology", biotech is now the key driver in the chemical industry for the next 10 years. The effect of biotech is expected to be substantial, in particular in fine chemicals and some speciality chemicals areas. Around 20%, or $280 bn, of the entire chemicals market of $1400 bn in 2010 could be affected by biotech. Biotechnology has the potential to represent 60% of fine chemicals sales in 2010 (or $90 M), 10-15% of polymer sales ($370 M) and 10-15% of bulk chemical sales ($380 M). With petroleum feedstocks increasing in price and subsidies for renewable resources, there is a strong incentive to develop green processes. 2002 was also a watershed year for biotechnology on the legislative front.