WASHINGTON, July 13 /PRNewswire/ -- Jens Riese, a partner at McKinsey &
Company, presented up-to-date data and projections for adoption of
industrial biotechnology within the biofuels and chemicals industries, in a
plenary titled "Industrial Biotechnology -- Turning Potential into
Profits," today at the third annual World Congress on Industrial
Biotechnology and Bioprocessing.
McKinsey & Company predicts that by 2010 industrial biotechnology will
account for 10 percent of sales within the chemical industry, accounting
for $125 billion in value. Riese said that McKinsey & Company has 90
percent confidence in this projected growth, based on the current value of
industrial biotechnology. Already as of 2005, industrial biotechnology --
counting products made from biobased feedstocks or through fermentation or
enzymatic conversion -- accounts for 7 percent of sales and $77 billion in
value within the chemical sector.
Much of the projected growth in adoption of industrial biotechnology is
attributable to biofuels -- ethanol and biodiesel -- as production is
rapidly increasing to meet demand driven by government mandates. Other
areas projected to grow rapidly include pharmaceutical ingredients,
polymers, and enzymes. However, Riese stressed, to meet future demand and
maintain growth, biofuel production will have to adopt biotechnology
processes that make use of broader feedstocks, including cellulose biomass.
"To meet demand just from mandated usage, we need to do something
different. The key to expanding biofuel production is tapping into new
agricultural feedstocks," Riese said.
The World Congress, continuing through July 14, 2006 at the Toronto
Westin Harbour Castle Hotel, is hosted by the Biotechnology Industry
Organization (BIO), American Chemical Society, the National Agriculture
Biotechnology Council, the Agri-Food Innovation Forum, the Chemical
Institute of Canada, BIOTECanada and EuropaBIO.
BIO represents more than 1,100 biotechnology companies, academic
institutions, state biotechnology centers and related organizations across
the United States and 31 other nations. BIO members are involved in the
research and development of healthcare, agricultural, industrial and
environmental biotechnology products.
SOURCE Biotechnology Industry Organization
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Related links:
http://www.bio.org/
CONTACT:
Paul Winters of Biotechnology Industry
Organization, +1-202-962-9237, +1-202-359-6571 (mobile) or
pwinters@bio.org
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