Industrial biotechnology is the application of biotechnology principles and techniques to develop new products or improve existing products and processes in a variety of industrial sectors. This field has enormous potential for developing innovative solutions to address some of the significant global challenges, such as the depletion of fossil resources, climate change, food security, and public health. In this paper, we discuss the future research and challenges of industrial biotechnology, focusing on key areas such as synthetic biology, bioprocessing, biomaterials, and bioremediation.