New York, United States , July 03, 2024 (GLOBE NEWSWIRE) -- The Global Biorefinery Market Size is to Grow from USD 136.22 Billion in 2023 to USD 319.95 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.91% during the projected period.
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A type of refinery called a biorefinery converts biomass into energy and other useful byproducts. Biorefineries use biomass to create derivatives including oils, energy, chemicals, resources, food, and animal feed. The global biorefinery sector is being driven by growing concerns about energy security. Biofuels and biochemicals are the primary products of biorefineries. Biofuels are fuels, either liquid or gaseous, derived from biomass that are designed to replace traditional fossil fuels. Biochemicals, on the other hand, are substances derived from biomass that are used in many different industries, including the pharmaceutical, cosmetic, and plastics industries. Social specialists look at things like life expectancy, income, access to healthcare, and the prevalence of poverty to assess a group's quality of life. Furthermore, how consumers use energy affects their potential to contribute to a sustainable future. The biorefinery is only one of several techniques utilized to generate energy. Facilities known as biorefineries convert biomass into high-value products such as biofuels, bioenergy/biopower, biochemicals, and other biomaterials. Improving life quality will thus have a direct and indirect positive effect on the biorefinery business. Because biorefineries are expensive to create, it is difficult for entrepreneurs to flourish in an environment devoid of co-working spaces, incubators, and research facilities.
Browse key industry insights spread across 190 pages with 120 Market data tables and figures & charts from the report on the “Global Biorefinery Market Size, Share, and COVID-19 Impact Analysis, By Feedstock (Starch & Sugar Crops, Energy Crops, Organic & Agricultural Residues, Multifeedstock, and Others), By Process (Biochemical Processes, Chemical Processes, Mechanical/Physical Processes, Thermochemical Processes, and Multiprocess), By Product (Energy, Chemicals, Materials, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The starch & sugar segment is Expected to dominate the market over the projected timeframe.
On the basis of feedstock, the global biorefinery market is classified into starch & sugar crops, energy crops, organic & agricultural residues, multifeedstock, and others. Among these, the starch & sugar segment is expected to dominate the market over the projected timeframe. When compared to starch crops, the use of sugar crops in biorefineries such as sugar cane, sweet sorghum, and sugar beet provides more advantages for crop reproduction and conversion processes. The major sources of starch crops for biorefinery include cereal grains (rice, maize, and wheat), roots, and tubers (potato and cassava). Global economic performance can be improved by combining the production of sugar and starch biorefineries.
The biochemical segment is expected to dominate the market over the projected timeframe.
On the basis of process, the global biorefinery market is classified into biochemical processes, chemical processes, mechanical/physical processes, thermochemical processes, and multiprocess. Among these, the biochemical segment is expected to dominate the market over the projected timeframe. This industry is so dominant because it is competent at using biological processes to turn biomass into products that are based on bioenergy, which is in keeping with the growing emphasis on ecologically friendly and sustainable solutions.
The energy segment is expected to hold the largest share of the market over the projected timeframe.
On the basis of product, the global biorefinery market is classified into energy, chemicals, materials, and others. Among these, the energy segment is expected to hold the largest share of the market over the projected timeframe. The economic attractiveness of renewable energy sources grows with the cost of fossil fuels. This component aids in the industry's growth. A growing number of consumers are searching for sustainable items as they become more conscious of how their actions affect the environment. Products from biorefineries that produce bioenergy usually have a green certification attached to them, signifying their sustainability.
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Asia Pacific is expected to hold the largest share of the global biorefinery market over the forecast period.
Asia Pacific is expected to hold the largest share of the global biorefinery market over the forecast period. Growing urbanization, industrialization, and the need for renewable energy sources in countries like China and India are the main causes of the region's expansion. Biofuels, bioproducts, and bioplastics are receiving more attention in the Asia-Pacific region as a means of addressing environmental problems and reducing dependency on fossil fuels. Asia-Pacific is expected to have significant development in the upcoming years due to regulations that support the biorefinery sector.
North America is predicted to grow at the fastest pace in the global biorefinery market over the projected timeframe. This is a result of the government's support for the biofuels industry and its robust infrastructure for biorefineries. The US is the world leader in the production of biofuels and has a robust biorefinery sector. The state's biofuel requirements and the Renewable Fuel Standard (RFS), which promotes the use of renewable fuels, are the main drivers of the local market's expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Biorefinery Market include Valero, Renewable Energy Group, Neste, TotalEnergies, Renewable Energy Group, Vivergo Fuel, Borregard AS, Wilmar International Ltd., Godavari Biorefineries Ltd., Sekab, Cargill Incorporated, Clariant, Abengoa, Green Plains, Honeywell International Inc., and others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Biorefinery Market based on the below-mentioned segments:
Global Biorefinery Market, By Feedstock
- Starch & Sugar Crops
- Energy Crops
- Organic & Agricultural Residues
- Multifeedstock
- Others
Global Biorefinery Market, By Process
- Biochemical Processes
- Chemical Processes
- Mechanical/Physical Processes
- Thermochemical Processes
- Multiprocess
Global Biorefinery Market, By Product
- Energy
- Chemicals
- Materials
- Others
Global Biorefinery Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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