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HOME About the Bioeconomy "Industrial biotechnology", i.e., the development of alternative energy and biobased products from living sources, uses the technologies developed for new drug and therapeutic discovery in order to transform agricultural and forestry materials into consumer products for U.S. and global markets. These new products include biofuels (biodiesel and ethanol) as well as thousands of other products ranging from high fashion clothing to industrial plastics and fine chemicals. A recent McKinsey & Co. study projected that the world market for industrial biotechnology would reach $125 billion by 2010. The current federal plan calls for 35 billion gallons of biofuel production by 2017, a 4-fold increase over today's levels in production and in new jobs created. Provisions in the Farm Bill support these goals. The global clean energy market was $55.4 billion in 2006 and is expected to grow to $226.5 billion by 2016 with biofuels alone accounting for over 25% of that amount. In 2006 over $2 billion in venture capital was invested in this sector in the U.S. alone, and new developments are in the headlines daily. Indeed, every sector of industry is being affected with new chemicals, plastics, functional fluids, novel composites, and thousands of other products in the pipeline. The biobased product industry creates jobs, saves energy and water in the manufacturing, and provides healthy products for consumers. Biobased Companies Operating in Tennessee BioDimensions Buckeye Technologies Inc. Buckman Laboratories DOE Bioenergy Science Center DuPont Tate & Lyle BioProduct Ethanol Grain Processors, LLC. FBA Consulting Floratine Biosciences International Paper Mascoma Corporation Memphis Biofuels LLC. Stoneville Pedigreed Seed Co. Sustainable Oils LLC Tennessee Biotechnology Assoc. |
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