18 June 2013 03:50 [Source: ICIS news]
MONTREAL, Canada (ICIS)--The biobased sector has the potential to contribute $230bn (€173bn) to the global economy by 2020, the CEO of a biotechnology trade group said on Monday.
Production and use of advanced biofuel could displace at least 15bn gal/year of gasoline and diesel fuel by 2022 – the equivalent of 475m bbls of oil, said James Greenwood, president and CEO of the Biotechnology Industry Organization (BIO).
In the renewable chemicals sector, planned production capacity for biopolymers will grow in 2020 to 12m tonnes, representing 3% of the total polymers market of 400m tonnes, he said at the World Congress on Industrial Biotechnology conference.
Additionally, industrial biotechnology has the potential to save up to 2.5bn tonnes/year of carbon dioxide (CO2) if the industry can realise the vision of biorefineries that produce multiple product streams and reuse waste streams, Greenwood added.
“Future growth potential is significant when we consider the size of the global market,” he said. “Any potential share of that market would generate significant domestic economic and job growth benefits.”
The World Congress on Industrial Biotechnology conference runs through Wednesday.
($1 = €0.75)
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