全球生化市場，2024-2031年

化學、生物技術、材料和傳統能源公司對進入生物製造生態系統的興趣日益濃厚，透過擴大生物化學品生產，推動了變革性成長。

Frost & Sullivan的這份分析報告檢驗了全球生物化學品市場和生物煉製廠。其主要細分依據是生物煉製廠採用各種製程和技術生產的不同類型的生物化學品。

本研究探討了生物化學生態系的趨勢和動態，包括原料、加工技術、平台技術、生物基中間體/平台化學品、生物基產品和終端應用。分析評估了各種原料類型的適用性，包括食品和非食品競爭性原料、農業/林業殘餘物、工業廢棄物和城市固體廢物（MSW）。本研究旨在識別近年來生物化學市場的整合、重組、聯盟和併購趨勢。此外，本研究也旨在識別生物化學品和生物煉製廠為傳統化學工業企業創造的機會。

分析最後總結了價值鍊和生物化學生態系中相關人員的九大成長機會。它從生物基產品需求、創造性原料和生物化學製程等方面，為化學企業、科技公司和生物煉製廠描繪了發展機會。

報告摘要：全球生化市場

全球生物化學品市場正經歷加速轉型，其驅動力來自永續性目標、原料循環利用和生物製造創新三者的融合。 2024年，該市場規模為318億美元，預計到2031年將達到537億美元，複合年成長率（CAGR）為7.8%。來自化學、生技、材料和傳統能源公司的快速投資，正協助向碳中和化學品生產和具有韌性的生物基價值鏈轉型。

主要市場趨勢：

• 同時生產生質燃料和生物化學品的生物煉製廠正變得越來越一體化。
• 擴大廢棄物衍生材料和循環生物經濟模式的應用。
• 透過化學和生物技術公司之間的策略聯盟加速創新。
• 監管激勵措施和永續性措施正在推動新的生物製造產能。
• 歐洲和北美在技術成熟度方面領先，而亞太地區將因生物煉製廠的擴張而實現最快的成長。

生物化學生態系統正迅速多元化發展，涵蓋生物基聚合物、潤滑劑、塗料和特殊化學品的平台技術。生產乳酸、琥珀酸和夫喃甲醇等高附加價值中間體的生物煉製廠正在全球主要地區擴大生產規模。市場仍處於適度整合階段，由ADM、Corbion、NatureWorks、Avantium和UPM等公司主導，而LanzaTech和Covation 生醫材料等新興企業則以製程創新佔據優勢。

隨著永續性和脫碳成為產業發展的必然趨勢，生質能市場正從利基綠色解決方案轉型為主流生產。投資於原料增值、酵素最佳化和物料平衡整合的相關人員將更有利於掌握全球生物經濟的下一波成長。

市場概況：全球生化市場

生物化學品市場是全球轉型為永續和循環製造的重要基石。生物化學品透過生物、化學或混合製程生產，正在成為包裝、建築、個人護理、紡織和汽車等多個行業中化石基中間體的替代品。

產業轉型：

• 該產業正從傳統的化石原料轉向農業殘餘物、城市垃圾、二氧化碳流和藻類轉變，開闢新的循環經濟道路。
• 化學和生物技術公司的整合正在重組價值鏈，並實現生物基中間體的規模化生產。
• 在資源波動的情況下，原料獨立型技術的興起提供了柔軟性和成本效益。
• 為了提高透明度和消費者信任度，各公司越來越重視生命週期評估 (LCA) 和環境產品聲明 (EPD)。

區域趨勢：

• 在歐盟綠色交易和循環經濟行動計畫的支持下，歐洲持續主導生物製造技術的應用。
• 北美擁有強大的工業生物技術生態系統，透過能源部 (DOE) 和農業部 (USDA) 的資金，投資正在不斷成長。
• 亞太地區正在崛起成為成長最快的市場，這主要得益於日本、韓國和印度政府主導的生物經濟計畫。

擴充的最終用途：

高利潤的應用將集中在個人護理、家庭護理和包裝行業，因為消費者願意接受環境溢價；而汽車和建築應用仍然對成本敏感，隨著生物化學品實現更大的規模經濟效益，這些應用將會擴大。

生物基化學與工業生物技術的融合定義了下一階段的成長。生質乙醇、生物琥珀酸、乳酸和FDCA（鄰苯二甲酸二苯酯）作為石油化學產品的直接替代品，正日益受到關注。全球產能擴張，特別是來自博雷加德（Borregaard）、斯道拉恩索（Stora Enso）、Chempolis和LanzaTech等公司的擴張，預計將在2030年前進一步鞏固市場成熟度。

分析範圍：全球生化市場

本研究對 2024 年至 2031 年全球生化市場進行了全面分析，評估了原料來源、製程技術和終端用戶產業的成長機會。

研究範圍：

• 原料種類：農業殘餘物、工業廢棄物、都市廢棄物、二氧化碳、非食用生質能
• 主要產品類別：乳酸、琥珀酸、夫喃甲醇、甘油、生物乙二醇、FDCA
• 製程技術：熱化學、生物化學、混合催化轉化工藝
• 終端用戶產業：包裝、汽車、個人護理、建築、紡織
• 涵蓋區域：美洲、歐洲、亞太地區、中東、非洲和南亞（MEASA）

除外情況：

本研究不包括專門的生質燃料煉油廠，但同時生產生質燃料和生物化學品的混合設施，只要有助於提高化學原料的價值，就會納入分析。

數據和預測是基於弗若斯特沙利文專有的成長機會分析，該分析結合了原料經濟性、製程產量和碳強度指標的初步研究、財務基準和情境建模。

收入預測：全球生化市場

2024年全球生化產品市場價值為318億美元，預計2031年將達到537億美元，複合年成長率為7.8%。

各地區成長前景：

• 歐洲：38% 的佔有率由循環經濟政策推動。
• 北美：佔 33% 的佔有率，由美國能源部/農業部計畫提供支援。
• 亞太地區：由於私人投資增加和原料供應擴大，預計該地區將以最高的複合年成長率（10.2%）成長。

政府獎勵、不斷增加的私人資本流入以及原料供應商與生物製藥企業之間的垂直整合將支撐收入成長。到2031年，生物聚合物和生物中間體的大規模產能擴張預計將顯著提升市場規模和成本競爭力。

細分市場分析：全球生化市場

依產品類型：

• 乳酸/PLA：對生物分解性塑膠和塗料的高需求佔據了最大的市場佔有率。
• 琥珀酸/乙醯丙酸：汽車和工業應用領域成長最快的酸。
• 夫喃甲醇和FDCA：呋喃腈類產品和永續包裝材料的關鍵中間體。
• BioMEG 和甘油：聚合物、潤滑劑和個人保健產品配方中必不可少的成分。

按原料分類：

• 農業和林業廢棄物：佔45%。因其擴充性和可獲得性而備受好評。
• 工業廢棄物和都市固體廢棄物：佔27%。具有促進循環經濟發展的巨大潛力。
• 藻類、海藻和二氧化碳：處於研發階段的新型原料。

依工藝技術：

• 生物（發酵）：市佔率 52%。
• 熱化學轉化：佔 29%，在提高木質素價值方面發揮關鍵作用。
• 催化/混合製程：市場佔有率 19%，具有高度擴充性和能源效率。

按應用領域：

• 包裝：佔30%的佔有率，主要受塑膠法規驅動。
• 個人護理和家庭護理：市場佔有率為 24%，這主要得益於主導對永續性的關注。
• 汽車和建築：總合佔 18% 的佔有率，預計由於對綠色材料的需求不斷成長而成長。

成長要素：全球生化市場

• 企業永續發展政策：大型化學和消費品公司正在努力實現淨零排放生產，從而推動了對生物基替代品的需求。
• 政府獎勵和政策促進因素：歐盟綠色交易和美國通貨膨脹控制法案正在推動綠色化學的發展。
• 循環利用原料：有效利用農業、林業和城市系統中的廢棄物，提高資源利用效率。
• 技術創新：酶轉化、微生物工程和催化製程的進步正在提高產量和經濟效益。
• 消費者意識：消費者越來越偏好選擇更安全、更環保的產品，這推動了化妝品和家居用品領域生物基產品的普及。
• 策略聯盟：生技公司與傳統化學品製造商之間的合作正在加速市場滲透。

成長抑制因素：全球生化市場

• 原料供應不均衡：原料的品質和供應情況的變化給規模化生產帶來了挑戰。
• 生產成本高：生化產品仍比化石基替代品更昂貴，限制了其競爭力。
• 規模經濟有限：目前生質燃料為中心的基礎建設能力超過了生化生產能力。
• 監管碎片化：各地區缺乏統一的指令和認證標準，減緩了擴張速度。
• 技術商業化差距：試點階段的技術難以過渡到全面生產。
• 消費者價格敏感度：像汽車業這樣對成本敏感的產業，如果沒有補貼和環境獎勵，其普及程度將會很低。

競爭格局：全球生化市場

生物化學市場集中度適中，由大型化學公司、專業生物技術公司和新興的以永續性為中心的Start-Ups組成。

主要企業：

• 嘉吉、ADM、科比昂、NatureWorks 和 Avantium 是乳酸、琥珀酸和 FDCA 的主導生產商。
• UPM、Borregaard 和 Stora Enso 正在利用其林業專業知識進行木質素的增值轉化和纖維素中間體的生產。
• Neste正在將生物化學品整合到其可再生燃料業務中。
• LanzaTech是二氧化碳制化學品技術的主導。
• Convation 生醫材料和 Genomatica 是高附加價值生物中間體開發領域的領導者。

策略趨勢：

• 原料整合：林業和農業生產者之間的直接合作確保了供應安全。
• 授權和合作：生物技術創新者和領先的製劑製造商之間的技術共用加速了商業化進程。
• 區域擴張：歐洲和美國公司正在投資亞太地區的生物煉製廠，以獲得市場准入。
• 永續發展品牌：推廣透明的生命週期評估（LCA）和認證，以解決有關「綠色清洗」的擔憂。

新興優先領域：

• 用於高性能添加劑的高附加價值木質素。
• 利用微生物發酵進行二氧化碳基生化合成。
• 藻類和海藻衍生的生物產品正進入早期商業化階段。

到 2031 年，競爭差異化將取決於原料柔軟性、碳效率和戰略生態系統夥伴關係，這將使生物化學品成為全球工業脫碳的關鍵驅動力。

目錄

調查範圍

• 分析範圍
• 市場區隔

成長環境：生化市場的變化

• 為什麼成長變得越來越困難
• The Strategic Imperative 8
• 三大戰略挑戰對生物化學產業的影響

生化市場生態系統

• 市場概況及簡介
• 調查範圍概述
• 生物化學生態系統
• 價值鏈
• 價值鏈分析
• 市場一體化
• 匯聚的生物化學生態系統
• 參與生物煉製廠系的公司

議程

• 原料來源
• 原物料採購能力
• 基於關鍵參數的原料評價
• 關鍵工藝技術
• 工藝技術
• 透過不同途徑進行生化生產
• 製程技術趨勢
• 資本投資
• 誰將運營生物煉製廠？
• 生物製品及最終用途
• 生化市場的主要競爭因素
• 競爭環境
• 生物化學品和主要企業
• 案例研究：Chempolis
• 案例研究：博雷加德
• 案例研究：斯道拉恩索
• 案例研究：蘭扎科技

生化市場成長的來源

• 成長指標
• 成長要素
• 成長抑制因素
• 成長抑制因素因素分析
• 預測考量
• 收入預測
• 按業務板塊分類的收入預測
• 收入預測分析
• 主要成長機會概述
• 為生物化學生態系中各相關人員規劃成長機會

生化市場成長機會整體情況

• 成長機會1：化工企業策略性地將自身重新定位為生物化學企業
• 成長機會2：生物加工領域對製程化學品的需求不斷成長，創造了策略性市場機會。
• 成長機會3：生物基產品製造將推動對特種添加劑的需求激增
• 成長機會 4：原物料公司策略性地多元化發展，進軍生物化學製造領域
• 成長機會 5：最佳化城市垃圾的收集、分類和分配，以開發生化原料
• 成長機會 6：透過策略性原物料供應開發額外收入來源
• 成長機會7：提高木質素價值為木質纖維素原料加工業者創造機會
• 成長機會 8：幫助生技公司從生物製造融合中獲益
• 成長機會9：專注於研發生產高附加價值產品的公司

附錄與未來工作

• 成長機會帶來的益處和影響
• 未來計劃
• 圖表清單
• 免責聲明

作者：Soundrya Gowrishankar

Increasing Interest from Chemical, Biotech, Feedstock, and Traditional Energy Companies in Entering the Biomanufacturing Ecosystem is Driving Transformational Growth by Boosting Biochemical Production

This Frost & Sullivan analysis examines the biochemicals market and biorefineries across the world. The primary segmentation is by the different types of biochemicals produced in biorefineries using a wide range of processes and technologies.

The study explores the trends and dynamics in the biochemicals ecosystem, including feedstocks, processing technologies, enabling technologies, bio-based intermediates/platform chemicals, bio-based products, and end applications. The analysis assesses the competence of different types of feedstocks, including food/non-food competing feedstocks, agricultural/forest residues, industrial wastes, and municipal sewage waste (MSW). The study aims to uncover the level of integration, consolidation, partnerships, and mergers and acquisitions (M&A) trends in the biochemicals market in recent years. It also aims to identify the opportunities that biochemicals and biorefineries are creating for companies in the traditional chemical industry.

The analysis concludes by summarizing 9 growth opportunities for stakeholders across the value chain and around the biochemicals ecosystem. Opportunities are mapped for chemical companies, technology companies, and biorefineries in terms of demand for bio-based products, creative feedstocks, and biochemical processes.

Report Summary: Global Biochemicals Market

The global biochemicals market is undergoing accelerated transformation driven by the convergence of sustainability goals, feedstock circularity, and biomanufacturing innovation. Valued at USD 31.8 billion in 2024, the market is projected to reach USD 53.7 billion by 2031, growing at a CAGR of 7.8%. The surge in investment from chemical, biotech, feedstock, and traditional energy companies underscores a shift toward carbon-neutral chemical production and resilient bio-based value chains.

Key Market Insights:

• Increasing integration of biorefineries that co-produce biofuels and biochemicals.
• Growing adoption of waste-based feedstocks and circular bioeconomy models.
• Strategic partnerships among chemical and biotech firms accelerating innovation.
• Regulatory incentives and sustainability commitments driving new biomanufacturing capacity.
• Europe and North America lead in technological maturity, while Asia-Pacific exhibits fastest growth due to expanding regional biorefineries.

The biochemical ecosystem is rapidly diversifying-incorporating platform technologies for bio-based polymers, lubricants, coatings, and specialty chemicals. Biorefineries producing value-added intermediates such as lactic acid, succinic acid, and furfural are scaling up operations across key global regions. The market remains moderately consolidated, led by ADM, Corbion, NatureWorks, Avantium, and UPM, with emerging players like LanzaTech and Covation Biomaterials leveraging process innovation.

As sustainability and decarbonization become industrial imperatives, the biochemicals market is shifting from niche green solutions to mainstream manufacturing enablers. Stakeholders investing in feedstock valorization, enzyme optimization, and mass-balance integration are best positioned to capture the next growth wave in the global bioeconomy.

Market Overview: Global Biochemicals Market

The biochemicals market represents a cornerstone of the global transition toward sustainable and circular manufacturing. Biochemicals-produced through biological, chemical, or hybrid processes-are emerging as substitutes for fossil-based intermediates in multiple industries such as packaging, construction, personal care, textiles, and automotive.

Industry Transformation:

• The sector is evolving from traditional fossil feedstocks to agricultural residues, municipal solid waste, CO? streams, and algae, unlocking new circular pathways.
• Integration between chemical and biotech companies is reshaping the value chain, enabling scalable production of bio-based intermediates.
• A rising number of feedstock-agnostic technologies are allowing flexibility and cost efficiency amid resource variability.
• Companies are emphasizing Life Cycle Assessments (LCA) and Environmental Product Declarations (EPDs) to strengthen transparency and consumer trust.

Regional Trends:

• Europe continues to lead biomanufacturing adoption, supported by the EU Green Deal and Circular Economy Action Plan.
• North America is scaling investments through DOE and USDA funding, with strong industrial biotechnology ecosystems.
• Asia-Pacific is emerging as the fastest-growing market, driven by government bioeconomy programs in Japan, South Korea, and India.

End-Use Expansion:

High-margin adoption is concentrated in personal care, home care, and packaging, where consumers accept green premiums. In contrast, automotive and construction applications remain cost-sensitive and will scale as biochemicals achieve greater economies of scale.

The convergence of bio-based chemistry and industrial biotechnology is defining the next phase of growth. Bioethanol, bio-succinic acid, lactic acid, and FDCA are gaining traction as drop-in replacements for petrochemical equivalents. Global capacity expansions-particularly by Borregaard, Stora Enso, Chempolis, and LanzaTech-are expected to strengthen the market's maturity by 2030.

Scope of Analysis: Global Biochemicals Market

This study provides a comprehensive analysis of the global biochemicals market for the period 2024-2031, evaluating growth opportunities across feedstock sources, process technologies, and end-use industries.

Scope Coverage:

• Feedstock Types: Agricultural residues, industrial waste, municipal waste, CO?, and non-food biomass.
• Key Product Segments: Lactic acid, succinic acid, furfural, glycerol, bio-MEG, and FDCA.
• Process Technologies: Thermochemical, biochemical, and hybrid catalytic conversion processes.
• End-Use Industries: Packaging, automotive, personal care, construction, and textiles.
• Geographies: Americas, Europe, Asia-Pacific, and MEASA.

Exclusions:

Biofuel-only refineries are excluded from this study's scope. However, hybrid facilities that co-produce biofuels and biochemicals are analyzed where they contribute to chemical feedstock value.

Data and forecasts are supported by Frost & Sullivan's proprietary Growth Opportunity Analytics, combining primary interviews, financial benchmarking, and scenario modeling of feedstock economics, process yields, and carbon intensity metrics.

Revenue Forecast: Global Biochemicals Market

The global biochemicals market was valued at USD 31.8 billion in 2024 and is projected to reach USD 53.7 billion by 2031, reflecting a CAGR of 7.8%.

Regional Growth Outlook:

• Europe: 38% share, driven by circularity mandates.
• North America: 33% share, supported by DOE/USDA programs.
• Asia-Pacific: Fastest CAGR (10.2%) with increasing private investments and feedstock availability.

Revenue growth will be supported by government incentives, rising private capital inflows, and vertical integration among feedstock suppliers and biomanufacturers. By 2031, large-scale capacity expansions in biopolymers and bio-intermediates will significantly boost market output and cost competitiveness.

Segmentation Analysis: Global Biochemicals Market

By Product Type:

• Lactic Acid & PLA: Largest share, driven by high use in biodegradable plastics and coatings.
• Succinic & Levulinic Acid: Fastest-growing for automotive and industrial applications.
• Furfural & FDCA: Key intermediates for furanics and sustainable packaging materials.
• Bio-MEG & Glycerol: Integral to polymer, lubricant, and personal care formulations.

By Feedstock:

• Agricultural Residues & Forest Waste: 45% share; valued for scalability and availability.
• Industrial & Municipal Waste: 27% share; strong circularity potential.
• Algae/Seaweed & CO?: Emerging feedstocks under R&D development.

By Process Technology:

• Biological (Fermentation): 52% market share.
• Thermochemical Conversion: 29% share, with strong role in lignin valorization.
• Catalytic & Hybrid Methods: 19% share; high scalability and energy efficiency.

By End-Use Sector:

• Packaging: 30% share, propelled by regulations on plastics.
• Personal Care & Home Care: 24% share, supported by consumer-driven sustainability.
• Automotive & Construction: 18% combined; growth driven by green materials.

Growth Drivers: Global Biochemicals Market

• Corporate Sustainability Mandates: Large chemical and consumer goods firms aim for net-zero production, driving demand for bio-based alternatives.
• Government Incentives & Policy Push: The EU Green Deal and US Inflation Reduction Act are promoting green chemistry.
• Circular Feedstock Utilization: Valorization of waste from agriculture, forestry, and municipal systems enhances resource efficiency.
• Technological Innovation: Advancements in enzymatic conversion, microbial engineering, and catalytic processes improve yield and economics.
• Consumer Awareness: Preference for safer, eco-friendly products expands bio-based adoption in cosmetics and home care.
• Strategic Collaborations: Partnerships between biotech innovators and traditional chemical manufacturers accelerate market penetration.

Growth Restraints: Global Biochemicals Market

• Feedstock Supply Inconsistency: Variability in raw material quality and availability challenges scaling.
• High Production Costs: Biochemicals remain costlier than fossil-based alternatives, limiting competitiveness.
• Limited Economies of Scale: Biofuel-focused infrastructure currently overshadows biochemical production capacity.
• Regulatory Fragmentation: Lack of unified mandates and certification standards across regions slows expansion.
• Technology Commercialization Gaps: Pilot-stage technologies struggle to transition into full-scale manufacturing.
• Consumer Price Sensitivity: Adoption in cost-sensitive industries like automotive remains limited without subsidies or green incentives.

Competitive Landscape: Global Biochemicals Market

The biochemicals market is moderately consolidated, featuring a mix of large chemical corporations, biotechnology specialists, and emerging sustainability-driven startups.

Key Players:

• Cargill, ADM, Corbion, NatureWorks, and Avantium dominate production of lactic acid, succinic acid, and FDCA.
• UPM, Borregaard, and Stora Enso leverage forestry expertise for lignin valorization and cellulose-based intermediates.
• Neste integrates biochemicals within its renewable fuels business.
• LanzaTech leads in CO?-to-chemical conversion technologies.
• Covation Biomaterials and Genomatica pioneer high-value bio-intermediates.

Strategic Trends:

• Feedstock Integration: Direct collaboration between forestry and agricultural producers ensures supply stability.
• Licensing & Partnerships: Technology sharing among biotech innovators and large formulators accelerates commercialization.
• Regional Expansion: European and U.S. firms invest in APAC-based biorefineries for market proximity.
• Sustainability Branding: Companies promote transparent LCAs and certifications to combat greenwashing concerns.

Emerging Focus Areas:

• Lignin valorization for high-performance additives.
• CO2-based biochemical synthesis through microbial fermentation.
• Algae and seaweed bioproducts entering early commercialization.

By 2031, competitive differentiation will depend on feedstock flexibility, carbon efficiency, and strategic ecosystem partnerships-positioning biochemicals as a critical enabler of global industrial decarbonization.

Table of Contents

Research Scope

• Scope of Analysis
• Market Segmentation

Growth Environment: Transformation in the Biochemicals Market

• Why Is It Increasingly Difficult to Grow?
• The Strategic Imperative 8
• The Impact of the Top 3 Strategic Imperatives on the Biochemicals Industry

Ecosystem in the Biochemicals Market

• Market Overview and Introduction
• Snapshot of Research Coverage
• Biochemicals Ecosystem
• Value Chain
• Value Chain Analysis
• Market Integration
• Converging Biochemicals Ecosystem
• Companies Involved in the Biorefinery Ecosystem

Agenda

• Sources of Feedstock
• Feedstock Competence
• Feedstock Evaluation Based on Key Parameters
• Key Process Technologies
• Process Technologies
• Biochemical Production through Different Routes
• Process Technology Trends
• Capital Investments
• Who Operates Biorefineries?
• Bioproducts and End Applications
• Key Competitive Aspects in the Biochemicals Market
• Competitive Environment
• Biochemicals and Key Companies
• Case Study: Chempolis
• Case Study: Borregaard
• Case Study: Stora Enso
• Case Study: LanzaTech

Growth Generators in the Biochemicals Market

• Growth Metrics
• Growth Drivers
• Growth Restraints
• Growth Restraint Analysis
• Forecast Considerations
• Revenue Forecast
• Revenue Forecast by Segment
• Revenue Forecast Analysis
• Summary of Key Growth Opportunities
• Growth Opportunities Mapped to Various Stakeholders in the Biochemicals Ecosystem

Growth Opportunity Universe in the Biochemicals Market

• Growth Opportunity 1: Chemical Companies Strategically Repositioning Themselves as Biochemical Companies
• Growth Opportunity 2: Rising Demand for Process Chemicals in Bioprocessing Creating Strategic Market Opportunities
• Growth Opportunity 3: Manufacturing Bio-Based Products Driving a Surge in Specialized Additives Demand
• Growth Opportunity 4: Feedstock Companies Strategically Diversifying into Biochemical Manufacturing
• Growth Opportunity 5: Optimizing Municipal Solid Waste Collection, Sorting, and Distribution for Biochemical Feedstock Development
• Growth Opportunity 6: Industries Developing Additional Revenue Streams through Strategic Feedstock Supply
• Growth Opportunity 7: Lignin Valorization Creating Opportunities for Lignocellulosic Feedstock Processing Companies
• Growth Opportunity 8: Biotech Companies Positioning Themselves to Benefit from Biomanufacturing Convergence
• Growth Opportunity 9: Companies Focusing on R&D to Produce Higher-Value Products

Appendix & Next Steps

• Benefits and Impacts of Growth Opportunities
• Next Steps
• List of Exhibits
• Legal Disclaimer

Author: Soundarya Gowrishankar