Rising Energy Needs to Bolster Demand for White Biotechnology Products - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 11/14/2016 -- Market Research Reports Search Engine (MRRSE) has announced the addition of a new market research report to its repository. The publication is titled "White Biotechnology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024."
The report offers an in-depth analysis of the growth trajectory of the global white biotechnology market along with the predominant trends. It also presents an evaluation of the dynamics that are anticipated to drive or inhibit the market over the forthcoming years. The key strategies, shares, and products of the key players have also been highlighted in the report.
According to the report, the global white biotechnology market is expected to exhibit a CAGR of 4.5% from 2016 to 2024. In 2015, the market was worth US$178.1 bn and is likely to rise to a valuation of US$262.3 bn by the end of 2024.
White Biotechnology Vendors to Gain Favorable Returns from Rising Applications
The energy sector emerged as the leading application segment in the global white biotechnology market and held a share of approximately 32.0% in 2015. It is expected that the market for white biotechnology in the energy sector will experience moderate growth until 2024. The energy sector was closely followed by the pharmaceutical industry, with a share of nearly 29.0% in 2015. The application of white biotechnology in the energy sector is expected to gain momentum over the next couple of years owing to the mounting demand for bioenergy in emerging economies.
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Several industries are employing white biotechnology as it is easy to use and is a potential substitute for non-renewable sources. The large-scale adoption of white biotechnology can be attributed to the growing awareness among consumers regarding the safety and clean characteristics of the products.
Asia Pacific Market to Witness Promising Growth whereas North America to Maintain Lead
At present, North America leads the global white biotechnology market and accounted for a share of 35.0% in 2015. The primary factor driving the market for white biotechnology in North America is the rising amount of funds and investments by the government for on-the-field research and development projects. Furthermore, the growing demand for green consumer products across North America is a factor that is expected to bode well for the market in the region. North America is expected to maintain its lead until 2024, owing to the rising number of applications across various end-use industries such as feed, energy, food, and pharmaceuticals.
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However, Asia Pacific is expected to lead in terms of growth exhibiting a CAGR of 5.0% from 2016 to 2024. The growth of the white biotechnology market in Asia Pacific can be attributed to the mounting demand for renewable sources of energy across emerging economies. The large-scale availability of raw materials in the region to produce white biotechnology products is further expected to drive the market.
A few of the key players operating in the market are Lesaffre, Cornbin, DuPont, Cargill Inc., BASF SE, Novozymes, and Archer Daniels Midland Company.
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