17 June 2013 23:02 [Source: ICIS news]
MONTREAL, Canada (ICIS)--Industrial biotechnology has the potential to contribute €24bn ($32bn) to EU market development in 2030, a European trade group official said on Monday.
On the low scenario, the industry’s market development potential in 2030 is estimated at €16bn, said Joanna Dupont-Inglis, director of industrial biotechnology at EuropaBio.
The projections are provided in the first draft of the “bio-Roadmaps” through a European Commission-funded initiative called BIO-TIC, she said at the World Congress on Industrial Biotechnology conference.
The first draft will be released in a few days, and the document will be “fine-tuned” over the next two years, Dupont-Inglis said. The second draft is expected to be completed in March 2014 before the final draft is released in July 2015.
In a breakdown of the segments, chemical building blocks are projected to contribute a low of €4.0m and a high of €6.3m to market development.
Bioplastics and biopolymers market development estimates are €4.3m on the low scenario and €10.3m on the high scenario.
With biosurfactants, market development contributions could reach a low of €1.0m and a high of €1.3m.
In addition to the market potential, the bio-Roadmaps provide insight on research and development (R&D) priorities and non-technological hurdles of industrial biotechnology innovation.
The World Congress on Industrial Biotechnology conference runs through Wednesday.
($1 = €0.75)
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