By 2028, the market is expected to grow at a CAGR of 9% in terms of value and reach USD 700.98 Billion
Industrial development by using biological constituents is called Industrial Biotechnology. It includes a set of sustainable development processes by which different materials and products are made. Various microbes and enzymes are used in these processes to get the required output. Industrial biotechnology saw a variety of changes in recent years. Different big companies entered this market to serve and earn. A huge spectrum of products is now made with the help of industrial biotechnology including dyes, plastic, paper and polymer. Biofuels are also made with industrial biotechnology processes.
Industrial biotechnology is using sustainable alternatives for existing industrial processes. As a result, industries don't have to worry about being nature-unfriendly. It is the same as the petrochemical industry but using biological methods. Adapting different disciplines like biochemistry, microbiology, genomics, proteomics, bioinformatics, systems biology and process engineering makes industrial biotechnology better and helps in competitive growth.
Need of Industrial Biotechnology
The desire for rapid and easy development took industries to another level. The number of resources exploited was enormous. Industries dumped their waste into the river which increased pollution. Agriculture also changed dramatically as people started using HYB seeds and chemical-based fertilizers. This made groundwater polluted and very hard to use. The use of CFCs and other greenhouse gases increase global warming.
As a result of all of the above factors, industrial biotechnology is in high demand. We need to adapt industrial biotechnology so that we can attaining sustainable development, animal diversity and many more such things. It will help in creating a more sustainable environment and nature friendly.
Industrial biotech has a lot of benefits like environmental friendliness, efficient production methods, new raw material chains, low waste generation, reduced manufacturing costs, and raw material consumption etc. It tries to make a broad range of products with microbes and natural pathways. Industries are now trying to get focused on natural products for fulfilling the markets.
Future Growth Perspective
By 2028, the market is expected to grow at a CAGR of 9% in terms of value and reach USD 700.98 Billion. Sectors include Biofuel, Biochemical, Biomaterial, and Bioproduct. A market share of 38.70% is accounted for by biofuels produced from industrial biotechnology in 2018. Application for The pharmaceutical sector is expected to grow at a CAGR of 10.2% over the forecast period, making it one of the fastest-growing forms of industrial biotechnology.
With the advancement of technology, biopharmaceuticals are now manufactured more efficiently. They will be used to make antibodies particularly for cancer treatment, which were formerly impossible to manufacture by chemical synthesis.
Due to the enhanced demand from the automotive industry, the industrial biotechnology market is growing rapidly. A CAGR of 10% is anticipated for the raw material food starch during the forecast period. Within the next few years, one trend that will increase the market size will be the increasing use of industrial biotechnology in the flavour and fragrance industry.
With consumers becoming more aware of chemically flavoured and fragranced goods, the demand for natural flavours is growing. Biotechnology produces natural ingredients that are incorporated into traditional techniques such as cheese-making, yoghurt-making, and bread-making, which will propel the market.
Pharma ingredients, food and feed additives, bioenergy, cosmetics, and household products are among the many applications for this industry. Bioenergy is projected to be the largest application in 2018, holding a market share of 39.30% due to its low environmental impact. Furthermore, the pharmaceutical industry uses industrial biotechnology extensively to produce active pharmaceutical ingredients (APIs), antibodies, and other complex biomolecules. As a result of the overwhelming presence of new entrants in the market, established manufacturers, and suppliers, the industry is highly competitive.