Increasing Biofuel Demand Expected to Boost Revenue Growth of Synthetic Biology Market

Thursday 28 July 2022, Amsterdam

The global synthetic biology market was valued at US$13.8 billion in 2021 and is projected to grow at a CAGR of 25.52% during the forecast period 2022-2032.

Increasing Biofuel Demand Expected to Boost Revenue Growth of Synthetic Biology Market
The rise of the synthetic biology sector will be driven by increasing demand for biofuel as a result of the global energy crisis, depletion of fossil resources, and growing pollution. Recent advancements in synthetic biology are paving the way for the production of fourth-generation biofuels, which will utilise microorganisms/crops that have been deliberately created as feedstock. Increased worldwide per capita energy consumption due to rapid industrialization, combined with an increase in global population, is predicted to drive synthetic biology applications in the energy sector.

How has COVID-19 Pandemic Impacted the Global Synthetic Biology Market?
During the COVID-19 pandemic, the market saw a slight slowdown in growth due to reduced manufacturing, which was followed by a lockdown and a labour scarcity. Prices were higher than usual. The synthetic biology market, on the other hand, has a positive impact on the market due to rising demand for vaccine, therapeutic, and diagnostic innovation. This has a substantial impact on the income of the market under consideration. The continuing research into COVID vaccines and medications propels market growth. Pharmaceutical and biopharmaceutical organizations, as well as synthetic biology industry participants, have stepped up to support global research efforts by developing synthetic biology for the production of coronavirus test kits, treatments, and immunizations. Synthetic biology is mentioned in a European Parliament report as one of the emerging technologies. It is capable of combating the COVID-19 pandemic. The National Institute of Health in the United States has also proposed synthetic biology as a method for accelerating vaccine development. Synthetic biology technologies have the potential to change the research and manufacturing of vaccines, medications, and diagnostics by utilising engineering approaches based on a variety of data. Vaccine technologies based on DNA and mRNA, for example, can simplify vaccine development and production. These vaccines are composed of synthetic nucleotide strands that enable proteins to grow in the individual’s own cells, thereby eliciting an immune response. Vaccination candidates can be created fast as a result of the availability of viral sequencing data. As a result, businesses such as Moderna and Inovio have been able to move fast into clinical development. These factors have positively influenced the synthetic biology market.

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What are the Current Market Drivers?

Rising Demand for Enzymes from Numerous End-Use Sectors
Enzymes have several applications in research and biotechnology, and they are employed in a wide range of end-use industries such as food and beverage, industrial, pharmaceutical, and so on. While performing quick chemical processes, enzymes such as dismutase, anhydrase, protease, elastase, catalase, and tyrosinase are extensively used in cell biology. Furthermore, growing paper usage in the packaging industry due to multiple environmental concerns, paired with its ease of use and lightweight, is expected to drive product demand in paper and pulp manufacturing. Rising pharmaceutical demand, significant research efforts, and strong financing initiatives are expected to drive demand for synthetic biology in the future years.

Increase in Research Activities for Synthetic Materials and Products
Shifting production trends toward materials derived from natural plants such as essential oils, rubber, culinary flavors, and fragrances, will aid in the growth of the biology research & development firms. Furthermore, increasing research activities for these products using synthetic biology technologies and engineering tools in order to build, generate, redesign, or transform live beings, genetic materials, and biological systems. In turn, increasing research activities are expected boost the business growth opportunities for this market.

Where are the Market Opportunities?

Surging demand for synthetic biology due increasing drug discovery and therapy
The constant application of synthetic biology in the disciplines of drug discovery, pharmaceuticals, and therapies is advancing biomedicine progress by allowing for improved manufacturing capacity of various treatments while reducing waste levels. This is an important factor that will boost prospects for future industry growth in the global synthetic biology market. Furthermore, various industries, including healthcare, food and beverage, and others, are increasingly embracing synthetic biology for a wide range of applications aimed at improving goods and processes. This surge in demand is also predicted to drive revenue growth in the worldwide synthetic biology industry over the next ten years.

Shifting Adoption Trends Toward Alternative Fuels Expected to Fuel Market Growth
Biofuels are becoming more essential as fuel usage grows and rising concerns towards energy security are increasing. Nearly more than 130 billion tonnes of biomass are produced globally each year. Currently, biofuels are produced from food commodities such as corn, vegetable oils, and sugarcane. As a result, synthetic biology techniques are being increasingly commonly applied in the creation of renewable energy.