Energy Industry
Industry: Email Alert RSS FeedMcKinsey Says Biofuels Will Drive $125 Billion of Chemical Industry Sales
Renewable Fuel News, July, 2006 by Anonymous
The accelerating of the ethanol and biodiesel industry will spur extraordinary growth within the chemical industry in the next three years, accounting for as much as $125 billion in sales by 2010, a global consulting firm said last week.
In a plenary session at the third annual World Congress on Industrial Biotechnology and Bioprocessing, Jens Riese, a partner at McKinsey & Company, forecast that biofuel-driven biotechnology will account for 10% of chemical industry sales in the next few years.
Already as of 2005, industrial biotechnology - counting products made from bio-based feedstocks or through fermentation or enzymatic conversion - accounts for 7% of sales and $77 billion in value within the chemical sector, Riese said.
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