Global sales of this segment range from $13.5 billion to $20 billion, with the US accounting for approximately 20 percent of those sales, or $2.7 billion to $4 billion.
Biobased chemistry is a subcategory of industrial biotechnology. It includes the manufacture of chemical products using enzymes, micro-organisms, fermentation, or bio-catalysis at any stage of production, and also includes the manufacture of chemical products from renewable resources.
ACC said many of the benefits of this maturing industry have yet to be realized. Lower greenhouse gas (GHG) emissions, reduced volatile organic compound (VOC) emissions and other air pollutants, as well as reductions in energy needs can be achieved through biobased chemistry. Other potential benefits include energy diversity and security, and the growth of domestic manufacturing and associated job creation.
Currently, the network includes 19 member companies.