Dublin, Nov. 08, 2024 (GLOBE NEWSWIRE) -- The "Biorefinery Market by Technology (Industrial Biotechnology, Physico-Chemical, Thermochemical), Product (Energy, Material), Type (First Generation (Corn, Vegetable Oils, Sugarcane), Second Generation, Third Generation) and Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The biorefinery market is expected to grow from an estimated USD 212.05 billion in 2024 to USD 314.62 billion by 2029, at a CAGR of 8.2%
Biorefineries are at the forefront of efforts to reduce greenhouse gas (GHG) emissions as renewable biomass is converted into biofuels and bio-based products. Biorefining is one of the directions adopted by governments and firms, which strive to reduce their carbon footprint and achieve net-zero emission targets.
Rapid decreases in fossil fuel usage and the development of more sustainable alternatives for the production of energy, chemicals, and materials require biorefineries to form the backbone of much of this development.
Industrial Biotechnology, by technology, is expected to be the largest-growing segment from 2024 to 2029
The industrial biotechnology segment is expected to largest growing in the biorefinery market. Integration of industrial biotechnology is pivotal in biorefineries, facilitating the sustainable and efficient conversion of biomass into fuels, chemicals, and materials. It involves the use of enzymes, microorganisms, and biological processes to break down complex organic matter, such as agricultural residues, energy crops, and organic waste, into simpler compounds that can be transformed into valuable products.
Enzymatic hydrolysis, for example, is employed to convert lignocellulosic biomass into fermentable sugars, which can then be fermented by engineered microbes to produce biofuels like ethanol, bioplastics, or other bio-based chemicals. Advances in synthetic biology and metabolic engineering allow for the optimization of these microbial pathways, increasing yield and reducing costs. Additionally, biocatalysis offers a greener alternative to traditional chemical processes, enabling more selective and environmentally friendly transformations.
Second Generation, by type, is expected to be the fastest-growing market from 2024 to 2029
It is anticipated that second-generation biorefineries will be pivotal to satisfy rising future energy demands, while enhancing sustainability and minimizing ecological impacts of fuel production. Various policy measures such as U.S. Renewable Fuel Standard (RFS2); European Union Renewable Energy Directive (RED II) develop promotional niche markets for advanced biofuels by establishing a quota for second-generation biofuels. This incentivizes industry investment into conversion technologies for non-food biomass.
Europe is expected to be the fastest-growing region in the biorefinery market
Germany, France, Netherlands, Italy, Spain, UK and other similar countries are rapidly advancing biorefinery technologies and developing bio-based chemicals and biofuels. Europe has the fastest growing market in the biorefinery domain mainly due to strong government policies such as the EU's Renewable Energy Directive (RED II), which contains requirements for renewable energy targets and biofuels. The region is very focused on reducing carbon emissions, as well as the principles of the circular economy, which has fostered investments in bio-based chemicals and fuels.
Part of this foundation for the development of biorefinery technologies and biorefinery industries in Europe is that it has a lot of agricultural residues and forestry biomass byproducts that can be utilized, as well as relatively advanced infrastructure compared to other regions of the world when considering sustainable practices. For instance, also, the French Government initiated a blending mandate for companies to combine gasoline or diesel with biofuels. That is a specific directive requiring the use of biofuels in a blend throughout France. The proportion of biofuels in these blends has increased significantly over the years and will be further increased based on targets for reducing greenhouse gas emissions over time into the year 2030.
Reasons to purchase the report:
- Analysis of key drivers (Increasing demand for biofuels and bio-based products, government initiatives and increasing need for sustainability, and technological advancements in the biorefineries are just a few of the primary drivers propelling the biorefinery market), restraints (Lack of product uncertainties, as well as costly initial capital expenditure, limit the market's expansion), opportunities (development of advanced biofuels and circular economy initiatives), and challenges (variable and high cost of feedstock and competition from traditional fuels) influencing the growth.
- Product Development/ Innovation: The biorefinery market is seeing substantial product development and innovation, driven by rising environmental concerns. Companies are investing in improved biorefinery technology to produce advanced biofuels and bio-based products.
- Market Development: In February 2022, Versalis announced the beginning of the production of bioethanol from lignocellulosic biomass at Crescentino (Vercelli).
- Market Diversification: In July 2024, Neste and HELLENiQ ENERGY, one of Southeast Europe's leading energy groups, collaborated to deliver blended Neste MY Sustainable Aviation Fuel to HELLENiQ ENERGY's facilities in Thessaloniki.
- Competitive Assessment: In-depth analysis of market share, growth plans, and service offerings of top companies in the stations market, including Chevron (US), ADM (US), Valero (US), Neste (Finland), and TotalEnergies (France), among others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 255 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $212.05 Billion |
| Forecasted Market Value (USD) by 2029 | $314.62 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
Companies Featured
- Chevron
- Adm
- Valero
- Neste
- Totalenergies
- Bp P.L.C.
- Honeywell International Inc.
- Wilmar International Ltd.
- Clariant
- Green Plains Inc.
- Raizen
- Borregaard As
- Versalis S.P.A.
- Godavari Biorefineries Ltd.
- Sekab
- Cargill, Incorporated
- Cosun
- Novozymes A/S
- China Petrochemical Corporation
- Sgp Bioenergy Holdings, LLC
- Afyren
- Upm
- Vivergo Fuels
- Chempolis
- Bts Biogas Srl/GmbH
For more information about this report visit https://www.researchandmarkets.com/r/ez4ycg
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