Albany, NY -- (SBWIRE) -- 06/09/2017 -- Applications across Energy Industry to Offer Favorable Returns
Application-wise, the energy segment is presently the largest contributor to the global white biotechnology market. In 2015, the segment accounted for a share of over 32% of the global market, which is expected to rise moderately by 2024. The pharmaceutical industry is the second-largest application area, accounting for a nearly 29% share in the global market in 2015. The energy segment held the most prominent position in the global white biotechnology market owing to the increased demand for bioenergy in developed economies.
The increased ease of application of white biotechnology has also made it more easily replaceable across applications that prominently used non-renewable energy sources. Additionally, the increased awareness regarding the cleaner nature of white biotechnology products have also increased their adoption across the energy industry in the past few years. Over the period between 2016 and 2024, the segment is expected to retain its dominance and expand at a healthy 4.8% CAGR.
The white biotechnology market has been segmented based on product, application, feedstock, and region. Based on product, the market has been segmented into biochemical, biofuel, biomaterial, and bioproduct. In terms of application, the market has been categorized into food & feed, pharmaceuticals, pulp & paper, textile, energy, and others. Based on feedstock, the market has been segmented into grains & starch crops, agricultural residues, food waste, forestry material, animal by-product, energy crops, and urban & suburban waste.
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Government Initiatives Aimed at Raising Awareness and Increasing Usage to Fuel Global White Biotechnology Market
The vast environment-related benefits linked with the use of white biotechnology products across a number of application areas has led to the increased focus on the field's development from industries as well as government bodies in the past few years. Most governments have either already allocated or are in the process of allocating substantial budgets for the implementation of white biotechnology technology in the industrial sector. Focus has also improved on attempts for increasing the production of biofuel, one of the most notable products of the field of white biotechnology, with the aim of reducing dependence on oil and gas imports, especially in countries with no or very sparse oil reserves. Strict emission norms are also compelling industries to adopt white biotechnology across an increasing number of application areas.
These factors are expected to have a significant impact on the overall development of the global white biotechnology market in the next few years. At the same time, the market is also expected to benefit from rapid technological developments in the field of production of white biotechnology products, making them cheaper and competitively priced as compared to conventional alternatives, such as, for instance, fossil fuels.
Declining Fertility of Agricultural Lands and Unevenness in Feedstock Supply to Hinder Market's Growth
To exploit the opportunity of the rising demand for bio-crops to its fullest, the trend of increased usage of fertilizers and pesticides with the view of improving yield has gained prominence in the past few years. The irresponsible use of fertilizers has stripped agricultural lands of their fertility to a huge extent. This issue is expected to have a direct impact on the overall production of bio-crops, the central determinants of the overall development of the white biotechnology market, hindering the overall growth prospects of the global market to a large extent.
Nevertheless, the fact that less productive lands could be used for the production of biofuel crops will enable the market get sustained gains in the next few years. Transparency Market Research estimates that the global white biotechnology market, which had a valuation of US$178.1 bn in 2015, will expand at a healthy CAGR of 4.5% over the period between 2016 and 2024 and rise to a valuation of US$262.3 bn by 2024.
Among the key product varieties available in the global white biotechnology market, the segment of biofuel dominated, accounting for a significant 38.16% share in 2015. The segments of biochemical and biomaterial held nearly 30% and 18% share in the global market, respectively, in the same year.
Geography-wise, North America stood as a leading market, accounting for a share of over 35% in the global market in terms of revenue. In terms of application, the energy industry emerged the one with the most promising returns and accounted for a share of nearly 33% share in the market's overall revenues in 2015.
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