Chicago, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global Biorefinery Market is projected to grow from USD 141.8 billion in 2022 to USD 210.3 billion by 2027, at a CAGR of 8.2% according to a new report by MarketsandMarkets™. Increasing demand for biofuels to achieve net zero emissions are the primary driver for the global biorefinery market across the globe. Governments of various countries across the globe are focused on reducing greenhouse emissions. With the help of biofuel, greenhouse emissions can be reduced by up to 65%. Several countries around the world are trying to move away from dependence on oil imports. The implementation of stringent environmental regulations in several countries has also created the demand for efficient and less polluting energy sources, thus driving the growth of the biorefining market worldwide. This will drive the market for biorefinery as there will be an increase in the production of energy driven products.
The global biorefinery market is expected to witness significant growth during the forecast period due to increased government initiatives and increased need for environmental sustainability as well as technological advancements and increased investments in biorefinery market.
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Biorefinery Market Scope:
| Report Coverage | Details |
| Market Size | USD 210.3 Billion by 2027 |
| Growth Rate | 8.2% of CAGR |
| Largest Market | Americas |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2022-2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Biorefinery Market by Filter Type, Application, and Region. |
| Geographies Covered | Americas, Europe, Asia Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | High depletion rate of fossil fuels |
| Key Market Drivers | Rise in demand for biofuels and bio-based polymers |
Energy driven segment is expected to occupy the majority share in the biorefinery market.
Energy driven segment accounted for the largest share in the global biorefinery market, by product segment. The key factor expected to drive the growth of the segment is the shift in government policies to support the use of renewable energy across industries. However, other factors, including increased cost of fossil fuel, rise in demand for fuel for automobiles, and specialized policy designed to encourage the use of biofuel, impact the growth and boost the use of biofuel globally.
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Biorefinery Market Dynamics:
Drivers:
- Rise in demand for biofuels and bio-based polymers
- Technological advancements and increased investments in market
- Rise in number of government initiatives and increased need for environmental sustainability
Restraints:
- Requirement of high initial capital investments
- Uncertain global economic conditions
Opportunities:
- High depletion rate of fossil fuels
Challenges:
- Variable and high cost of feedstock
Americas is expected to be the largest region in the Biorefinery Industry
Americas accounted for the largest share in the global biorefinery market during the forecast period. The Americas is expected to dominate the market due to the increasing efforts to develop forest-based biorefineries in the region. Countries, such as the US, Canada, and Mexico are investing significantly in new projects related to the production of biofuels and developing new technologies to produce bio-based products. The region has witnessed a rapid growth in electricity demand in recent years, due to the growing population, increasing per capita income, and a growing number of bio-based refineries, coupled with urbanization.
Key Market Players:
Major players operating in the Biorefinery Companies include Renewable Energy Group (US), Neste (Finland), TotalEnergies (France), Valero (US) and Vivergo Fuels (England).
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