Approximately 89 million metric t of organic chemicals and lubricants, the majority of which are fossil based, are produced annually in the United States. The development of new industrial bioproducts, for production in stand-alone facilities or biorefineries, has the potential to reduce our dependence on imported oil and improve energy security. Advances in biotechnology are enabling the optimization of feedstock composition and agronomic characteristics and the development of new and improved fermentation organisms for conversion of biomass to new end products or intermediates. This article reviews recent biotechnology efforts to develop new industrial bioproducts and improve renewable feedstocks and key market opportunities.