23 January 2003 17:53 [Source: ICIS news]
HOUSTON (CNI)--The global industrial biotechnology market is poised for ten-fold growth this decade and should be worth $100bn (Euro92.5bn) by 2010 - up from a range of $6bn-10bn in 2001, McKinsey & Company was reporting Thursday.
The consultancy's latest report on industrial biotechnology is being released today in New York City at a one-day conference on the subject for financial analysts, hosted by the US Biotechnology Industry Organization (BIO).
BIO calls industrial biotechnology the "third wave" of biotechnology development, following its earlier inroads in pharmaceuticals and agriculture.
BIO's president, Carl Feldbaum, said: "Industrial biotechnology is transforming the way we manufacture a wide variety of industrial and consumer goods. Most importantly, it is doing so in a way that creates significant environmental benefits."
The Washington, DC-based organisation believes it is not widely known that biotechnology is now being applied to turn "nature's most abundant crops" into environmentally sound fuels, chemicals and consumer materials.
BIO said examples include:
Feldbaum said: "If more companies adopt this technology in the future, industrial biotechnology could reduce pollution more than all of the command and control regulations currently in place."
BIO told CNI it is expecting as many as 200 members of the financial community to attend Thursday's conference, which is featuring presentations from a wide range of experts.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|