Wilmington, Delaware, United States, , April 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The bio-refinery market was valued at US$ 122.0 Bn in 2022 and is estimated to expand at a CAGR of 9.1% during the forecast period from 2023 to 2031.
An increase in practice of conversion of waste into energy to meet energy needs is driving the bio-refinery market. At present, energy requirements of various end-use industries are dependent on fossil fuels. The need to lower greenhouse gas emissions and reduce dependence on fossil fuels is likely to augment market size.
A rise in awareness about the effective utilization of biomass to produce value-added chemicals and energy products for future sustainability is expected to propel market expansion during the forecast period.
Growth Drivers
- Increase in practice of conversion of waste into energy to reduce the dependence on fossil fuels for energy needs is driving the bio-refinery market
- Advantages of efficient and cost-effective production processes due to technological advancements in bio-refineries are boosting growth
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Key Findings of Market Study
Implementation of Stringent Environment Regulations – Uncontrolled use of petroleum-based fuels and other products has led to a significant decline of the environment in the last few decades. This has compelled regulatory bodies of several countries to adopt measures to minimize greenhouse gas emissions. Consequently, an increase in shift from fossil-based fuels to environment-friendly fuels is attracting investments in cleaner fuels to reduce carbon emissions.
Usage of renewable sources of energy to produce energy and other materials is increasing in several countries. Usage of biomass to produce biofuels, biogas, and other bio-based products is being promoted by environmental agencies in these countries. This, in turn, is augmenting the demand for bio-refineries.
Advancements in Technology – Integration of advanced technology in bio-refineries has led to efficient and cost-effective production processes. These advantages are attracting investments in bio-refineries and are thus enabling large-scale operations. This entails development of advanced bioprocessing technologies such as fermentation, separation, and enzymatic hydrolysis to convert biomass into high-value products. Consequently, this has led to an increase in yield, minimization of waste, and decrease in processing time.
Increase in integration of bio-refinery with renewable energy is leading to reduced dependence on fossil fuels and improved sustainability. This has led to diversification of product offerings, increased investment, higher efficiency and lower costs, and positive impact on rural economies. Thus, integration of advanced technologies is fueling bio-refinery industry growth.
Commercial Scale Usage of Non-food Feedstock – In terms of type, the second generation segment accounted for the leading share of the global market in 2022. Agricultural and forestry residues, biomass waste, and municipal solid waste are some of the non-food feedstock used in second generation bio-refineries. These are widely available and are not dependent on food production.
Additionally, commercial scale usage of these feedstock to produce biofuels and bioproducts is fueling the second generation segment of the bio-refinery market. Second generation bio-refineries are considered more sustainable compared to first-generation ones, as they do not use food crops as feedstock, which could affect the availability of agricultural land, thus leading to food security issues.
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Need to Reduce Waste and Greenhouse Gas Emissions – Based on feedstock, the residues segment held the leading market share in 2022. Utilization of residues as feedstock offers benefits such as sustainable agriculture and forestry practices, reduction of waste and greenhouse gas emissions, and low cost. The residues segment is divided into oil-based, lignocellulosic-based, organic-based, and others.
Production of Higher Energy Yields – In terms of technology, the thermochemical segment held the leading share of the global market in 2022. The thermochemical process uses heat and chemical reactions to convert biomass into biofuels and value-added chemicals. Gasification, liquefaction, and pyrolysis are some examples of thermochemical conversion processes.
Thermochemical conversion technologies offer a range of advantages over other bio-refinery technologies in terms of ability to handle a range of feedstock, produce higher energy yield, and provision to utilize byproducts.
Regional Landscape
According to the analysis of the recent bio-refinery market trends, North America held the leading market share in 2022. This can be ascribed to the region’s front line position in bio-refinery research and development. North America has been at the forefront in the development of new and innovative technologies for the conversion of biomass into bio-based products. The U.S. and Canada are home to some of the leading bio-refinery companies.
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The bio-refinery market is segmented as follows;
Global Bio-refinery Market, by Type
- First Generation
- Second Generation
- Third Generation
Global Bio-refinery Market, by Feedstock
- Dedicated Crops
- Oil Crops
- Starch Crops
- Sugar Crops
- Lignocellulosic Crops
- Others
- Residues
- Lignocellulosic-based
- Oil-based
- Organic-based
- Others
Global Bio-refinery Market, by Technology
- Thermochemical
- Biochemical
- Chemical
- Physical/Mechanical
Global Bio-refinery Market, by Product
- Energy
- Chemical
- Material
- Others
Global Bio-refinery Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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