Global White Biotechnology Market Makes Rapid Progress with Worldwide Thrust on Sustainability20 Apr 2016
The use enzymes and living cells for the production of easily biodegradable chemicals and industrial-use substances is known as white biotechnology. In its new report, Transparency Market Research studies the future of the global white biotechnology market and provides forecasts in terms of revenue and growth rate. The TMR report is titled, ‘White Biotechnology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019.’
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White biotechnology helps produce materials and substances that besides being biodegradable, also consume less energy during their production and create lower amounts of waste. As nations move forward with a thrust on sustainability, the global white biotechnology market is poised for healthy growth. According to the report, emergent applications of white biotechnology have provided a conducive environment for the growth of this market. It is widely being used in consumer chemicals, base chemicals, specialty chemicals, and other materials.
The need for white biotechnology has risen considerably on account of pressing environmental issues such as overburdened landfills, the growing volume of non-biodegradable waste produced by people worldwide, and the tightening of environmental regulations worldwide. Moreover, mounting concerns about the unabated exploitation of oil reserves is indirectly helping the growth of the global white biotechnology market since many synthetic and non-biodegradable materials are derived from oil.
Several advances in white biotechnology have had a positive impact in the pharmaceuticals and chemicals industry. However, given the remarkable potential of white biotechnology, its applications can be widened to cover numerous other industry verticals. That’s because white biotechnology helps industries produce eco-friendly and sustainable products – a factor that also wins them favor with regulatory authorities.
Thus, the combined economic and ecological benefits preferred by white biotechnology will help this market register a healthy compounded annual growth rate (CAGR) in the years ahead.
The market will, however, face headwinds in the form of the high cost of deploying white biotechnology programs, especially the costs associated with the use of genetically modified organisms. This could deter companies from venturing confidently into the white biotechnology space. Over the next few years, the use of white biotechnology will dramatically rise in the production of materials such as bioplastics, biocomposites, and biomaterials. It is thus only a matter of a few years before products such as clothing, packaging materials, and consumer goods are customarily made using innovative biodegradable materials.
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From the regional standpoint, the global white biotechnology market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. According to the report, North America will spearhead the growth of the white biotechnology market. This market also benefits from the remarkably high degree of awareness about green and sustainable products that exists among consumers. At the same time, Asia Pacific, being a key manufacturing hub for many industries, holds immense growth potential.