The impact of biotechnology on the chemical industry in the 21st century

Although the overall size of the industrial chemicals business is US$1.4 trillion worldwide, growth has slowed in some market segments. In order to reestablish and sustain growth, materials with higher information content and improved economics based on renewable resources will be required. These challenges have motivated the pursuit of biotechnology by several traditional chemical companies, such as DuPont, Dow, BASF and Monsanto. Even though each company might differ in their strategic approach, their common goal is the same: to create high-value materials using biotechnology.