New York, NY -- (SBWIRE) -- 12/28/2020 -- The industrial biotechnology process is cost effective as it has low cost curves in comparison to other chemical processes that are majorly based on the use of fossil fuels. The process also has relatively lesser energy needs and lesser number of production steps.

Market Drivers
The industrial biotechnology market size is forecast to reach USD 576.89 billion by 2026. This can be mainly due to the increase in usage of manufacturing biofuels. Based on statistical data, increase in use of technology across several industries due to its multiple advantages such as efficient production methods, environmental friendliness, new raw material chains, reduced manufacturing costs, low waste generation, and raw material consumption is expected to have a positive impact on the market in the coming years.

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Key participants include BASF, Amyris, Borregaard, BioAmber, Codexis, Evolva, Fermentalg, Gevo, Global Bioenergies, Deinove, Metabolic Explorer, Novozymes, and Solazyme

Regional Outlook
The types of biofuel are bioethanol and biodiesel. The increasing use of biodiesel in its pure form in the automotive industry especially in the U.S. and European countries to decrease the level of hydrocarbons, particulates, and carbon monoxide is anticipated to influence demand during the forecast period. Europe is expected to register the highest CAGR of 10% during the forecast period. The increasing use of biomass is expected to have a positive impact on the environment and increase economic growth.

For the purpose of this study, Reports and Data have segmented the global Industrial biotechnology Market on the basis of Type, Raw material, application, and region:

Type Outlook (Revenue, USD Million; 2016-2026)
- Biofuel
- Biochemical
- Biomaterial
- BioType

Raw Material Outlook (Revenue, USD Million; 2016-2026)
- Grains & Starch Crops
- Agricultural Residues
- Food Waste
- Forestry Material
- Animal By-Type
- Energy Crops
- Urban & Suburban Waste

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Application Outlook (Revenue, USD Million; 2016-2026)
- Food & Feed
- Pharmaceuticals
- Pulp & Paper
- Textile
- Bio Energy

Geographically, the market is spread over the key regions of the world, such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The regional analysis section covers the analysis of the production and consumption patterns, revenue contribution, import/export, supply and demand dynamics, market share, and growth rate of market in each region. The report also covers the analysis of the countries in the respective regions to impart a better understanding of the Industrial Biotechnology market's regional spread.

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