Commercialization Strategies for the BioConomy Value Chain
North America will emerge as the leader of the rapidly evolving global bio-based economy, backed by safety and sustainability concerns of fossil fuel feedstocks, volatile prices, long-term availability concerns and greenhouse gas emission reductions initiatives. Government support around the world is robust, with funding programs and/ or renewable innovation hubs in the U.S., Canada, the EU, China, Japan, Korea, Malaysia, New Zealand and Singapore. Two of the biggest initiatives include the USDA’s Biorefinery Assistance Program with up to $600B in loan guarantee authority and the European Joint Undertaking on Bio-Based Industries $6B investments. Consumer demands for greener products are driving increased regulations, retail, brand and OEM policies to incorporate safer, bio alternatives to petrochemicals into their supply chains and shelves.
With all of the positive developments, the industry still faces real challenges in moving to full-scale commercialization. Some companies have erred in trying to commercialize too quickly, particularly in the utilization of IPOs, while a number of companies have exited recently due to other failures, providing valuable lessons learned. Volatility of crude oil prices has had a seesaw effect on the space, with high prices increasing the interest in renewable feedstocks but when prices drop, interest and investment also drop a bit. To survive and thrive, companies must find a way to become cost competitive with the fossil fuel competition, secure long-term feedstocks, make strategic partnerships and reinvigorate private equity interest.
Infocast’s 7th Annual Bio-Based & Sustainable Products Summit returns to layout commercialization strategies for the whole BioConomy value chain so that the industry can reach its full potential. The summit will bring leading consumer brands, OEMs, and retailers together with policy makers, biochemical, biofuel, bioplastic, petrochemical, oleochemical, and tall oil companies, chemical distributors, EPCs, financiers, and other experts to learn, network and respond to growing consumer demand for safer and greener products.