Dublin, Feb. 04, 2022 (GLOBE NEWSWIRE) -- The "Biorefinery - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Biorefinery Market to Reach US$979.5 Billion by the Year 2026
Global market for Biorefinery estimated at US$553.7 Billion in the year 2020, is projected to reach a revised size of US$979.5 Billion by 2026, growing at a CAGR of 9.8% over the analysis period.
In the recent years, various companies have moved ahead with encouraging developments that are anticipated to shape and drive the domain. While some of the companies are looking forward to set up new biorefineries, others are coming up with innovative technologies intended to exploit biomass for desirable bio-products.
In a major development in this direction, Petron Scientech, Inc. and SBI Bioenergy, Inc. have joined hands for licensing of differentiated, sustainable, integrated and energy-efficient technologies for conversion of biomass into clean hydrogen along with production of low-carbon biofuels.
Biorefineries engaged in converting biomass feedstock into biofuels and bio-products are likely to receive desirable financial impetus from government agencies. In a recent development in this direction, the US Department of Energy announced plans to come up with a second 'scale-Up` Funding Opportunity Announcement (FOA). Offered by the Bioenergy Technologies Office (BETO), the funding is anticipated to play an important role in expediting the scale-up of biorefineries producing biofuels and bio-products.
Industrial Biotechnology, one of the segments analyzed in the report, is projected to grow at a 9% CAGR to reach US$546.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Physico-Chemical segment is readjusted to a revised 10.2% CAGR for the next 7-year period. This segment currently accounts for a 36.8% share of the global Biorefinery market.
The U.S. Market is Estimated at $168.6 Billion in 2021, While China is Forecast to Reach $155.2 Billion by 2026
The Biorefinery market in the U.S. is estimated at US$168.6 Billion in the year 2021. The country currently accounts for a 28.3% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$155.2 Billion in the year 2026 trailing a CAGR of 11.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.6% and 8.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.6% CAGR while Rest of European market (as defined in the study) will reach US$137.9 Million by the end of the analysis period. Strict government regulations, particularly in North America and Europe, that discourage the use of synthetic and chemical-based lubricants is expected to act as a demand driver.
While the US and Europe are expected to remain the key markets for biolubricants in the near future, developing regions such as Asia-Pacific and Latin America are poised to generate the fastest demand growth for these bio-based products.
Thermochemical Segment to Reach $107.2 Billion by 2026
Thermochemical biorefineries convert biomass feedstock into pyrolysis oil or synthesis gas. The thermochemical conversion process is known for high degree of complexity and uses specific operating conditions, components and configurations. The process concerts biomass into syngas that can be converted into ethanol-rich blend. In the global Thermochemical segment, USA, Canada, Japan, China and Europe will drive the 12.2% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$42.3 Billion in the year 2020 will reach a projected size of US$99.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$9.7 Billion by the year 2026.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Covid-19 Crisis Underlines the Need for Sustainability
- Pandemic Highlights the Need for Recalibrating 2015 SDGs
- Biorefineries Face Disruption Amid the pandemic
- Biorefinery: A Prelude
- Classification of Biorefineries
- Biorefineries Claim Higher Sustainability Credentials over Traditional Counterparts
- Biorefinery Platforms Enabling Biorefineries to Turn Biomass into Bio-Products
- Biorefinery Industry Remains Dynamic and Moves Ahead with Encouraging Developments
- Biofuel & Bio-Product Refineries Set to Receive Funding to Scale-Up Projects
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS(Total 53 Featured)
- Abengoa Bioenergia SA
- Neste Corporation
- Pacific Ethanol, Inc.
- Renewable Energy Group, Inc.
- Valero Marketing and Supply Company
3. MARKET TRENDS & DRIVERS
- Sustainability Drive Remains at Helm of Substantial Headwinds for Biorefinery Market
- Efforts to Achieve Circular Economy
- Climate Change Mitigation Efforts Augments Growth Opportunities for Biorefinery Market
- Rise in Demand for Biobased Products to Drive Growth in Biorefinery Projects
- Select Biobased Products in Focus
- Potential of Biorefinery to Produce Astaxanthin from Shrimp Waste
- Biodiesel Outlook in the Wake of Decarbonization Efforts to Spur Growth
- Opportunity Indicators
- Expanding Role of Renewable Fuels in the Global Energy Mix Reflects Opportunities for Biofuels
- COVID-19 Dampens Biofuel Consumption
- Biofuels Production Scenario
- Noteworthy Company Developments
- As Demand for HVO Grows, Investments in Biorefineries Gain Pace
- Biorefineries with Carbon Capture and Sequestering Attract Interest
- Advances in Development of Bio-Based Industrial Carbons with Thermochemical Platform
- Microalgae Biorefineries with Potential for Renewable Bioenergy
- Second-Generation Sustainable Biorefinery at Core of Europe's Bio-Economy Strategy
- Growing Investments in New Refinery Capacity Additions Bodes Well
- Energy Startups Take Biorefinery to New Terrains with Better Solutions for Clean Energy Generation
- Innovative Pyrolysis
- Biomass Torrefaction
- Advanced Methanization
- Gasification to Improve Conversion Efficiency
- Wastewater to Energy
- Cellulosic Biofuel Projects Face Muddled Rollouts & Sluggish Ramp-Up from Biorefineries
- Overcoming Challenges with Cellulosic Ethanol Production in Biorefineries
- Industry Centers Efforts to Make Biogas Production More Profitable
- Catalytic Advances Favor Production & Upgrade of HMF in Biorefineries
- Integrated Biorefineries: Potential Routes for Bio-Based Fuels & Chemicals
- Biomass Valorization for Chemical Production in Biorefineries Aids Sustainability Efforts
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/5lvxrf
