Along with the challenges facing the coatings industry during the global economic downturn, coatings manufacturers have seen increased volatility in raw material prices, due in part to the rise in crude oil prices and geopolitical issues in some oil-producing countries. Additionally, environment-conscious consumers and increased government regulations have pushed the need for more sustainable, environment-friendly coatings. One homegrown answer to these challenges is the development and use of industrial bio-technology, which allows coatings producers to replace poor environmental-footprint raw materials with bio-based alternatives. Additionally, the development of industrial biotechnology in the United States can help wean the country off of foreign oil and provide high-value rural employment opportunities.
Currently producing a variety of bio-based products from biomass sources, the renewable chemicals industry is poised to make even more progress in the coming years. The industry is capitalizing on opportunities afforded by America’s historic manufacturing base, industry’s commitment to research and development of industrial biotechnologies, and stable government policies that drive investment and commercialization of new renewable products.