A white paper has been released, detailing the extent and impact the advanced biofuels and bio-based chemicals industry in the future on the region of Minnesota, US.
The BioBusiness Alliance of Minnesota, the association behind the research, says the demand for safer materials, volatile petroleum prices and policies requiring consumption of advanced biofuels will all affect the domestic growth of biofuels.
However, it is expected that the industry will grow to one worth billions of dollars thanks to the progress being made.
'Biotechnology is a growing industry that creates high quality jobs and contributes to a healthy economy,' says Jim Greenwood, CEO of the Biotechnology Industry Organization (BIO). 'Utilising US leadership in biotechnology, agricultural productivity and manufacturing innovation to build a bio-based economy will generate additional jobs in manufacturing, agricultural production and forestry, transportation and distribution, and construction. It will also help states to capture a share of the $230 billion in worldwide economic growth expected from bio-based manufacturing.'
Because Minnesota has natural resources, established supply chains and R&D capabilities, it is expected to be a hotspot for biofuels' growth. By 2025, BIO alone is expected that the region will directly and indirectly employ more than 13,000 people in the bio industrial processing industry.
'Biofuels and bio-based chemicals show great growth potential as a clean technology industry in our state. DEED is committed to realising that potential. Our doors are open for companies to grow in Minnesota,' says Mark Phillips, commissioner of the Minnesota Department of Employment and Economic Development (DEED).