Industrial biotechnology
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Industrial biotechnology (also known as white biotechnology) is the practice of using cells or components of cells like enzymes to generate industrially-useful products. The Economist speculated (as cited in the Economist article listed in the "References" section) industrial biotechnology might significantly impact the chemical industry. The Economist also suggested it might enable economies to become less dependent on fossil fuels.
An example would be that of industries growing fungus to produce anitbiotics, e.g. penicillin from the penicillium fungi. Genencor International, Novozymes and Diversa are examples of companies that specialize in industrial biotechnology.
A significant problem in industrial biotechnology is waste production. A cell may be used to generate desirable carbon dioxide, other cells, and other molecules. It will use energy to accomplish its industrial purpose. Yet it will also use some energy to generate waste (like acetic acid) instead of the desired product or products. Decreasing waste production is a significant goal in industrial biotechnology. Metabolic engineering may help reach that goal.