DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "White Biotechnology Market Analysis By Product (Biofuels, Biomaterials, Biochemicals, Industrial Enzymes), By Application (Bioenergy, Food & Feed Additives, Pharmaceutical ingredients, Personal Care & Household Products) And Segment Forecasts To 2024" report to their offering.
The global white biotechnology market is expected to reach USD 487.08 billion by 2024
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.
Rising biodiesel demand as a raw material for the manufacturing of resins, and polymers will fuel industry growth over the forecast period. 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.
Further key findings from the report suggest:
- Global white biotechnology market demand was 203.28 billion in 2015 and is expected to grow at a CAGR of 10.2% from 2016 to 2024.
- The biofuels segment is expected to grow at a CAGR of over 9% from 2016 to 2024. Advantages such as the ability to use directly in any unmodified diesel engine coupled with reduced particulate emissions are likely to fuel the growth of this industry over the next eight years.
- Food and feed additives application are expected to register a CAGR of around 10% from 2016 to 2024 accounting for over 20% of the total revenue in 2015. Rising use of this technology in improving the texture, edibility and extending the shelf life of perishable food products is expected to drive the growth over the forecast period.
- Biochemicals held the significant share, owing to its 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.
- Asia Pacific accounted for a significant share of over 20% in 2015. The ready availability of biobased raw materials coupled with cheaper manufacturing costs is expected to fuel the growth. The region is also projected to witness a growth of over 8% from 2016 to 2024.
- The industry is fragmented with a large number of major manufacturers present across the globe primarily in Europe and North America. Leading companies present in the global white biotechnology include DSM, Bayer, DSM, Evonik, Dow Chemicals, Henkel, BASF, DuPont, and LANXESS.
For more information about this report visit http://www.researchandmarkets.com/research/snwnpw/white