Future Looks Good for Biomaterials and Bioproducts According to KMI Report

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In India, Key Market Insights published a report forecasting the biotechnology market focusing on biochemical, biomaterial, biofuel and bioproducts industries to 2021. The report forecasts that rising consumer demand for green chemicals is helping to increase renewable biochemicals technologies and production, more so than traditional chemicals. Sustainability targets by automotive and consumer goods sectors are also responsible for the forecasted increase in fuel technology. Biofuels led the biotech market in 2015 at 38.16% of the share, but they see other applications in pharmaceuticals, food and feed, paper, energy, and textiles to increase market share in the coming years.