New York, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global biorefinery market size is predicted to expand at ~8% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 210 billion by the end of 2035, up from a revenue of ~USD 142 billion in the year 2022.The major element expected to influence the market revenue is a surge in the emission of carbon into the environment. In 2021, globally, carbon dioxide emissions through industry and fossil fuels totalled about 36 billion metric tonnes (GtCO₂). In 2022, emissions were projected to have increased by over 0.8 percent to close to 38 GtCO₂, the highest amount ever recorded. As a result, the use of biorefinery is growing.
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By combining various cutting-edge technologies, the biorefinery concept has grown into a compelling sustainable method for turning biomass into a variety of bioproducts that are meant to boost economic potential, achieve carbon neutrality, and create a circular bioeconomy. Hence, with the growing production of bioenergy, the market is set to grow further. With approximately 5 percent of the world's energy supply and over 54% of renewable energy derived from modern biomass, it is currently the largest renewable energy source.
Growing Population to Boost the Growth of Global Biorefinery Market
After a peak of approximately 2.5 billion in 1950, the world's population increased to 8.0 billion in mid-November 2022, with an additional 1 billion since 2010 and 2 billion since 1998. As a result, the demand for electricity is also surging. One extremely high quality of energy that is essential to modern society is electricity. Progress in technology is facilitated by power, which also serves as the foundation for many products and services that improve the standard of living and boost economic output. As a result, there is a positive and strong correlation between population and power demand. Hence, additionally, the marker for biorefinery is also projected to grow over the coming years.
Biorefinery Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Urban Population to Drive the Market Expansion in Asia Pacific
The biorefinery market in Asia Pacific is estimated to gather the highest market share over 32% over the forecast period. The major factor influencing the region’s growth is the rising urban population. Asia is inhabited by approximately 2.2 billion people, or 54% of the globe's metropolitan populous. Asia is projected to include 1.2 billion more urban residents by 2050, a 50% increase in population.
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Growing Export of Biofuel to Influence the Market Growth in North America
The North America market for biorefinery is expected to gather a significant market share of approximately 29% over the coming years. The growth of the market in this region is growing owing to rising export of biofuel. In recent years, wood pellets along with other densified biomass fuels have grown into a commodity that the United States exports. The US imported over 8.8 million tonnes of wood fuel pellets in 2022.
Biorefinery, Segmentation by Product
- Energy Driven
- Material Driven
The energy driven segment is predicted is gather the largest share in the market of over 60% over the coming years. The major element to encourage the segment is rising production of bioenergy. For instance, in 2021, the manufacturing of bioenergy reached around 613 terawatt hours globally. This was a 6 percent rise above the previous year and the most that had been generated since 2009.
Biorefinery, Segmentation by Feedstock
- Starch & Sugar Crops
- Energy Croups
- Organic & Agricultural Residues
- Multi-Feedstock
The starch & sugar crops segment is set to garner the largest market revenue over the forecast period. This could be estimated to grow on account of rising demand for bioplastic. In 2022, the capacity to generate bioplastics globally rose to over 3 million metric tonnes.
Biorefinery, Segmentation by Type
- First Generation
- Second Generation
- Third Generation
Biorefinery, Segmentation by Technology
- Industrial Biotechnology
- Physicochemical
- Thermochemical
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A few of the well-known industry leaders in biorefinery market that are profiled by Research Nester are Abengoa S.A., Borregaard AS, Cargill, Incorporated, Chempolis Ltd., Clariant, Green Plains Inc., Red River Biorefinery, SGP Bioenergy Holdings, LLC, Veolia Environment SA, AFYREN SAS, and others.
Recent Development in the Market
- The first sizable biorefinery plant, AFYREN NEOXY, has opened in Carling Saint-Avold, France, according to AFYREN. By 2024, 16,000 metric tonnes of biobased carboxylic acids should be produced, saving 30,000 tonnes of CO2 emissions annually. The plant produces 100% biobased acids by using short supply chains.
- The largest biorefinery project in the world was inaugurated, according to Veolia. The plant is configured to use pulp output to create carbon-neutral ethanol. With this method, there is a significant potential to produce up to 2 million tonnes of bioethanol.
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