Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- The global biorefinery market size was USD 41.88 billion in 2021. The market is expected to grow from USD 45.03 billion in 2022 to USD 80.26 billion by 2029 at a CAGR of 8.6% in the 2022-2029 period. This information is provided by Fortune Business Insights, in its report titled, “Biorefinery Market, 2022-2029.”
Market Drivers & Restraints:
Market Value to Surge Driven by Rapid Industrialization
The biorefinery market growth is prominently driven by massive production rates and surging technological advancements. The product demand is further propelled by the escalating consumption of energy in the industrial sector.
The increasing need for renewable energy sources and sustainable goods is fueling a surge in demand. With climate change and dwindling fossil fuel reserves becoming pressing concerns, biorefineries are emerging as a key solution. These innovative facilities have the ability to transform biomass into a diverse array of valuable products, such as biofuels, biochemicals, and bioplastics. As a result, the biorefinery market is predicted to experience significant growth in the foreseeable future.
Ongoing research and development efforts have led to significant advancements in biorefinery technologies and processes. Innovations such as pretreatment techniques, enzymatic hydrolysis, and metabolic engineering have improved the efficiency and cost-effectiveness of biorefinery operations. These technological advancements are driving the expansion of the market and attracting new players.
However, the industry expansion could be hindered by government restrictions on the usage of certain types of feedstock.
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Biorefinery Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 8.6 % |
| 2029 Value Projection | USD 80.26 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 41.88 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 220 |
| Segments covered | Feedstock, Process, Product, and Region |
| Growth Drivers | Rapid Industrialization and Urbanization to Bolster Market Expansion |
| Increasing Regulatory Policies for Environment Protection to Bolster Investments |
COVID-19 Impact:
Market Expansion Affected Owing to Temporary Halt on New Biorefinery Construction Projects
The coronavirus pandemic led to the temporary stalling of biorefinery construction projects. The reduced investment potential led to a further reduction in the sanctioning of new projects. However, biofuel demand was accelerated by the adoption of greener technologies. This revived the demand for setting up new biorefineries across various regions.
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Segmentation of Report:
Starch & Sugar Crops Segment to Register Substantial Growth Owing to Ease of Availability
Based on feedstock, the market is segmented into organic & agricultural residues, energy crops, multifeedstock, starch & sugar crops, and others. Of these, the starch & sugar crops segment is anticipated to record commendable expansion over the estimated period. This is mainly impelled by easy availability of these crops.
Biochemical Processes to Exhibit Considerable Demand Due to Surging Adoption of Fermentation
On the basis of process, the market is fragmented into chemical processes, mechanical/physical processes, thermochemical processes, biochemical processes, and multiprocess. The biochemical processes segment is poised to register lucrative growth throughout the forecast period. The rise is being driven by the escalating popularity of fermentation during the process of biochemical conversion.
Energy Segment to Gain Traction Driven by Rising Biofuel Demand
Based on product, the market is categorized into chemicals, energy, materials, and others. Of these, the energy segment is slated to record appreciable growth over the study period. The surge is being driven by the soaring biofuel demand across various regions.
On the basis of geography, the market is fragmented across Asia Pacific, Latin America, Europe, North America, and the Middle East & Africa.
Regional Insights:
Asia Pacific to Emerge as Leading Region Owing to Favorable Government Policies
The Asia Pacific biorefinery market share is poised to register appreciable expansion throughout the forecast period. The regional growth is driven by the formulation of favorable government policies for biofuel production and usage in countries such as China.
The Europe market is anticipated to record commendable growth over the estimated period. The rise is being propelled by the implementation of supportive regulations in the region.
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Competitive Landscape:
Major Companies Enter into Collaborative Agreements to Strengthen Business Prospects
Key biorefinery companies are focusing on the adoption of various strategic steps for the expansion of product reach. These comprise the formation of alliances, acquisitions, partnership agreements, and mergers. Some of the additional steps comprise rising participation in trade conferences and an upsurge in research activities.
Key Industry Development:
February 2022 The Texas government shared plans to set up a USD 1.7 billion biorefinery in Bon Wier, East Texas for the production of 34 million gallons of transportation fuel on an annual basis. The refinery is managed and designed by Texas Renewable Funds, a subsidiary of USA BioEnergy.
List of Key Players Profiled in the Market Report:
- Honeywell International Inc. (U.S.)
- Chempolis (Finland)
- Sekab (Sweden)
- Ørsted A/S (Denmark)
- IES BIOGAS srl (Italy)
- AB HOLDING SPA (Italy)
- Zea2 Bioworks (U.S.)
- UPM Global (Finland)
- Neste (Finland)
- BTS Biogas Srl/GmbH (Italy)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Biorefinery Market
- Global Biorefinery Market Analysis (USD Billion), Insights, and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Feedstock
- Starch & Sugar Crops
- Energy Crops
- Organic & Agricultural Residues
- Multifeedstock
- Others
- Market Analysis, Insights, and Forecast – By Processes
- Biochemical Processes
- Chemical Processes
- Mechanical/Physical Processes
- Thermochemical Processes
- Multiprocess
- Market Analysis, Insights, and Forecast – By Products
- Energy
- Chemicals
- Materials
- Others
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
- Company Market Share Analysis, 2021
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- Company Profile
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- Business Overview
- Product Application, & Services
- Recent Developments
- Financials (Based on Availability)
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Continued…
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