Biofuels to drive growth in global white biotechnology market until 2024

The global white biotechnology market is expected to reach $487.08 billion (€442.5bn) by 2024, growing at a compound annual growth rate of 10.2% with biofuels spearheading the market.

According to the new report by Grand View Research, rising awareness and emphasis for the adoption of greener and environment-friendly technologies in various end-use industries is expected to drive the market over the next eight years.

Biofuels accounted for over 35% of the market in terms of revenue on account of rising government regulations to include the product in combination with conventional energy sources, including diesel and gasoline.

Growing product use in the agricultural sector is likely to drive the demand over the next eight years, and the biofuels segment is expected to grow at a CAGR of over 9% from 2016 to 2024.

Rising biodiesel demand as a raw material for the manufacturing of resins and polymers will fuel industry growth over the forecast period.

Advantages such as the ability to use the product directly in any unmodified diesel engine coupled with reduced particulate emissions are likely to fuel industry growth.

Volatility of crude oil prices is expected to encourage various manufacturers in the market to increase biofuel production over the next eight years, which in turn will propel technology demand.

Increasing technology use in the manufacturing of various high-value products, such as base chemicals, consumer chemicals, and specialty chemicals, is expected to positively impact industry growth.

In addition, rising concerns regarding depletion of oil reserves and non-degradability of synthetic resources derived from oil are expected to boost the adoption of this technology in various regions, particularly North America and Europe.

Asia-Pacific accounted for a significant share of over 20% in 2015, and the ready availability of bio-based raw materials, coupled with cheaper manufacturing costs, is expected to stoke growth in the region to over 8% from 2016 to 2024.

Biochemicals held the significant share, owing to their wide application scope in the chemical production process.

Growing application scope of this technology on account of its use in efficient processing of chemicals is expected to drive the demand over the forecast period.

Leading companies present in the global white biotechnology include DSM, Bayer, Evonik, Dow Chemicals, Henkel, BASF, DuPont, and Lanxess.