Biotechnology has become the new favorite of multinational companies

Several industry giants such as BASF, Solvay and Covestro have entered the biotechnology field.

Biotechnology has already played an important role in the production of vaccines and antiviral drugs, and is gradually making efforts in the manufacture of advanced materials, bioplastics, and agrochemicals and cosmetics. Biotech is doing exceptionally well in 2021, with huge market growth for applications related to vaccine and antiviral drug development. In 2021, the sales revenue of biotechnology will reach 216.7 billion US dollars, a substantial increase of 35% compared with 2020. This number will increase in the future. By the end of 2030, synthetic biology technology will account for more than one-third of global manufacturing output; by 2040, the annual economic impact of biotechnology will exceed 2 trillion euros.

Multinational companies are working to develop biochemical technologies.

In May 2022, Solvay launches a new business platform to develop sustainable solutions using renewable raw materials and biotechnology. The platform combines several of Solvay's existing businesses to help meet society's growing demand for sustainable solutions by increasing the share of renewable carbon in the company's product range and exploiting new business opportunities arising from biotechnology.

Meanwhile, white biotechnology, or biotechnology for industrial purposes, has become an increasingly important part of BASF's strategy, BASF said.

Chemicals being produced using white biotechnology methods include biopolymers, vitamins, enzymes, crop protection products, fragrances and fragrances, and active ingredients for detergents and cosmetics, BASF said. The company has produced more than 3,000 biotechnology-related products. In 2021, these businesses will contribute sales of more than 3.5 billion euros to BASF.

Covestro is another chemical producer keen on industrial biotechnology. The company announced in November 2022 that it is expanding its capacity in industrial biotechnology. Companies will use more microbes and enzymes to make their products and processes more sustainable. Covestro is working on the production of fully bio-based aniline and will develop a new recycling process for wastewater based on biotechnology.

Geno is a biological company that uses biotechnology to provide plant-based active ingredients in the fields of personal care, beauty, home care and industrial cleaning. The company recently said that L'Oréal has joined Geno to lead the development of clean ingredients that can replace palm oil and fossil raw materials for the production of cosmetics, personal care and cleaning products. Unilever and Kao are also participating in the joint effort.

It is reported that the consortium of companies will use Geno's biotechnology platform to use proprietary engineered microorganisms to ferment plant sugars to produce biosurfactants. The active ingredients will be used in a range of L'Oréal products and will help the company achieve its goal of 100% eco-designed formulations. By 2030, 95% of L'Oréal's active ingredients will come from renewable plant-based sources.