Production of biomaterials will grow faster than biofuels and increasing biofuel capacity is highly reliant on technology from innovative startups. These are some of the conclusions in a report just issued by Lux research on the biofuel and biomaterial markets.
Biomaterials can be used instead of plastics and polymers currently produced from petroleum, but at current capacity the materials can replace a mere 1 percent of plastics. Lux research expects this market to grow by a minimum of 17.7 percent per year, driven by big corporations. Petroleum is used in a bewildering array of products and packaging, but fluctuations in oil prices make it difficult for companies to predict the cost of materials. Bio-based fibers for textiles and acetate, used for things like pens and toothbrushes, dominate the bio-based materials scene, accounting for 39 percent and 24 percent of the current $10.7 billion market.
To read the full, original article click on this link: 2015: The future of biofuels and materials | VentureBeat
Author: Ciara Byrne
