Rockville, Jan. 04, 2023 (GLOBE NEWSWIRE) -- The global biorefinery market is likely to achieve a valuation of US$ 340 billion by 2033, rapidly expanding at a 9% CAGR from 2023 to 2033, according to Fact.MR, a market research and competitive intelligence provider
A biorefinery plant is a facility that incorporates biomass conversion processes and equipment to manufacture fuels and value-added chemicals from biomass. A biorefinery facility is similar to a modern petroleum refinery, which produces a variety of fuels and goods from petroleum. A biorefinery generates a variety of products by utilizing the numerous components in biomass and their intermediates, optimizing the value obtained from the biomass feedstock.
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The global biorefinery market is likely to expand rapidly over the next decade as environmental concerns mount. Furthermore, laws and policies around the world are likely to increase demand for biomass-derived products. For example, the California Low-Carbon Fuel Standard requires fuel providers to cut GHG emissions by 10% by 2025. Depleting fossil fuel reserves around the world have prompted the industry to shift its attention to biofuels in order to meet rising energy demand.
Key Takeaways from Market Study
- The global biorefinery market is valued at US$ 143 billion in 2023.
- The market for biorefineries is expected to surge ahead at a CAGR of 9% from 2023 to 2033
- The global market is predicted to touch US$ 340 billion by 2033.
- North America held 38.3% share of the global market in 2022.
- The industrial biotechnology segment is anticipated to increase at a CAGR of 8% during the forecast period.
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Competitive Landscape
Key players in the biorefinery market are pursuing marketing methods such as partnerships, acquisitions, R&D activities, technological advancements, and investments to maintain and improve their market position. Moreover, several startups are working on technologically advanced solutions to gain footing in the worldwide market.
- PyroGenesys, a British startup, is working on integrated energy from waste technology. Pyrochemy, its pyrolysis technology, converts agricultural waste into electricity and biofuels using high heat. This minimizes agricultural greenhouse gas (GHG) emissions while also providing a solution for small-scale energy generation. The startup's solution is simple to use and offers off-grid energy to the Sub-Saharan region.
- NextFuel, a Swedish startup, offers biomass torrefaction technology. The startup's solution uses fast-growing, carbon-rich grass to make briquettes, which are a cleaner alternative to fossil fuels. Other biomass sources include bagasse, a byproduct of sugarcane juice production, and wood. The torrefaction method used by NextFuel includes built-in heat exchange, which enhances conversion efficiency and, consequently, scalability.
- Neste collaborated with TOOL-FUEL Services GmbH and EDi Energie-Direkt Hohenlohe GmbH to market Neste MY Renewable Diesel in Germany in October 2022, helping to reduce greenhouse gas emissions in the transportation sector. The selling of renewable fuels is governed by German law. 100% renewable diesel fuels, such as Neste MY Renewable Diesel, are already available for use in urban public transportation, waste collection for package and mail delivery services, and off-road applications such as trains, farming machinery, or equipment.
- Bunker Holding and Renewable Energy Group established a strategic alliance to increase biodiesel use in marine markets in the European Union and the United States in February 2022. Bunker Holding's physical bunker subsidiary, Bunker One, piloted the M/T Amak Swan on a test run with a B30 biofuel blend that includes second-generation bio feedstock. It enables enterprises to play an important role in transitioning the shipping industry to new, more eco-friendly energy sources.
- TotalEnergies and Veolia signed a collaboration agreement in February 2022 to create biomethane from Veolia water and waste treatment plants functioning in more than 15 countries. The collaboration was formed with the intention of generating up to 1.5 terawatt-hours (TWh) of biomethane per year by 2025
Key Companies Profiled
- Archer-Daniels-Midland Company
- Renewable Energy Group Dominion Energy
- Koninklijke DSM N.V
- Green Plains Inc
- Neste Oyj
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Key Segments Covered in Biorefinery Industry Research
- By Technology:
- Industrial Biotechnology
- Physico-Chemical
- Thermochemical
- By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
Regional Analysis
North America is likely to dominate the global biorefinery market over the projection period. The regional market is estimated to expand due to increasing environmental concerns about reducing greenhouse gas emissions and stringent legislation regulating domestic nonrenewable resource consumption. Moreover, supportive government laws and the abundance of biogas feedstock are key elements projected to strengthen the regional market.
Many end-use industries, including transportation, agriculture, aviation, and chemicals, have expressed interest in biomass-based goods. However, challenges such as creating the necessary infrastructure can impede the growth of the global biorefinery market. To address such challenges, prominent market players have focused on implementing the finest available technologies (for gasification, fermentation, and chemical conversion).
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global biorefinery market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of technology (industrial biotechnology, physico-chemical, thermochemical), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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