Specific michigan industries that could benefit from the bioeconomy

• The chemical industry is a $1 trillion industry and is expected to grow to $1.4 trillion within a few years. Biochemical production could easily reach $160 billion to $280 billion within a few years. If Michigan could position itself for its fair share of this market, it would have substantial impacts on economic activities and jobs.
• The U.S. plastic film industry is valued at $17.8 billion annually and is growing about 14 percent per year. Bioplastics could make significant progress in replacing petroleum-based plastics, and Michigan could position itself for a share of this and related markets.
• The wood products industry accounts for 10 percent of the state's manufacturing jobs (about 154,000 jobs) and generates $12 billion in annual revenue. During the past several years, the industry has lost 20,000 jobs and more than 300 businesses or manufacturing facilities. Developing a wood cellulosic ethanol industry could be critical to keeping the rest of the industry's jobs and economic activity in the state.