Renewable chems: $19.7 billion by 2016, says Lux

December 19, 2011 |

In Masschusetts, Lux Research has recently published a report indicating that the bio-based chemicals industry will double in market potential to $19.7 billion in 2016, according to Lux Research. The global capacity for 17 major bio-based materials doubled to 3.8 million tons this year, but over the next five years will climb to 9.2 million tons. This, Lux dubbed as a “tipping point” where critical scale will eagle the bio-based alternatives industry to compete with petroleum products. The report also predicts consolidation within sectors of bio-based materials manufacturing.

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