New York, US, Aug. 04, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Biorefinery Market Information By Type, Product, Technology, and Region - Forecast till 2032”, The market for biorefineries can increase from USD 155.0 billion in 2023 to USD 297.8 billion in 2032, with an 8.50% CAGR over the review period (2023-2032).
Biorefinery Market Overview
In the biorefinery, biomass is transformed into energy and other useful byproducts. It is an environmentally friendly way to transform biomass into a variety of bio-based goods and bioenergy. By fractionating an initial raw material into several intermediates, such as carbohydrates, proteins, and triglycerides, which can then be further processed into value-added products, biorefinery produces a variety of compounds. The cascade phase of the refinery is what it is termed. The creation of effective green energy production techniques is becoming more crucial as our reliance on cleaner fuels grows.
Market Competitive Landscape:
The renowned biorefinery market companies in the global market are
- Honeywell International Inc.
- Chempolis
- Sekab
- Ørsted A/S
- IES BIOGAS srl
- AB HOLDING SPA
- Zea2 Bioworks
- UPM Global
- Neste
- BTS Biogas Srl/GmbH
- Among others.
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Biorefinery Market Segmentation
Insights By Type
First-generation, second-generation, and third-generation are the types of biorefineries included in the market segmentation. The first-generation category ruled the global market in 2022.
Insights By Product
There are two types of product-based segments in the biorefinery market: material- and energy-driven. In 2022, the Biorefinery Market was dominated by the energy-driven category.
Insights By Technology
Industrial technology, physicochemical technology, and thermochemical technology are all included in the technology-based segmentation of the biorefinery market. The industrial technology sector dominated the global market in 2022.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 297.8 Billion |
| CAGR during 2023-2032 | 8.50% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product, Technology, and Region |
| Key Market Opportunities | Increasing renewable energy demand |
| Key Market Dynamics | The growing demand for energy owing to growing global population and rapid climate changes due to increasing GHG emissions |
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Biorefinery Market USP Covered:
Market Drivers:
Massive production rates and significant global technology developments have led to a tremendous amount of development in the industrial sector. There is a significant need for the development of renewable energy due to the rising energy consumption in the industrial sector. As a result, the setup of biorefineries has improved and the bioenergy market has grown.
For instance, industrial manufacturing increased by 3.9% annually in the United States in July 2022, according to Trading Economics Data. Utilities expanded by 2.2%, mining by 7.9%, and manufacturing by 3.2% in the United States. The industrial sector accounted for about 35% of all end-use energy consumption in the US in 2021, according to the Energy Information Administration.
Global household and commercial energy consumption has increased as a result of expanding urbanization. The average annual power use for a U.S. home utility customer in 2020 was 10,715 kWh, according to the U.S. Energy Information Administration.
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Consumption of electricity is rising, which encourages consumers to turn more to renewable energy sources like bioenergy. According to the International Renewable Energy Agency, the United States has a total 13,574 MW capacity for bioenergy-based electricity. This is almost 4.2% of the total electrical capacity produced by renewable energy.
Efforts to reduce air, water, and soil pollution have been accelerated by growing environmental consciousness. In contrast to traditional oil and gas, which are extremely polluting and leave a sizable carbon imprint, this has led to the government enacting reformatory policies to promote investments in cleaner fuels. After the Paris Climate Change Agreement, nations have made objectives to cut their carbon emissions as they become more aware of their carbon footprints. Over the years, this has encouraged investments in biorefineries subtly.
Market Restraints:
Many nations lack effective regulations or goals for bioenergy and biorefinery. Investments in biorefineries have suffered as a result of this. Australia, for instance, does not have any biorefining targets. However, the government intends to reduce CO2 by 26% to 28% by 2030. A 100% CO2 reduction goal by 2050 was also announced by the government in October 2021.
A national strategy for the construction of biorefineries is also lacking in Denmark. However, in order to strengthen the nation's bioeconomy, the government set up the National Bioeconomy Panel (NBP), an advisory organization.
Biorefinery Market COVID 19 Analysis
The production rate of the biorefinery is predicted to be hindered by the insufficient raw material supply during the pandemic, which would have an impact on the market's expansion.Major users of biorefinery goods include the commercial and agricultural sectors, and more than 50% of the factories and production rate have been put on hold due to the epidemic.
Moreover, because fewer people were eating during the epidemic, the market is expected to experience a brief decline in demand for products made in biorefineries.
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Biorefinery Market Regional Insights
In 2022, North America held a commanding share of 45.80% of the worldwide market. This is a result of increased government investment in biofuel production initiatives. In order to boost the production of biofuel and bioproducts in rural America, the U.S. Department of Energy (DOE) committed USD 59 million in June 2022. The funding will assist the government in meeting its Sustainable Aviation Fuel Grand Challenge goal of producing 35 billion gallons of aviation biofuel by 2050 and 3 billion gallons per year by 2030.
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