Market Research Future (MRFR) has published a cooked research report on the “Global Biorefinery Market” that contains information from 2018 to 2032. The Biorefinery market is estimated to register a CAGR of 8.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Biorefinery market— Honeywell International Inc., Chempolis, Sekab, Ørsted A/S, IES BIOGAS srl, AB HOLDING SPA, Zea2 Bioworks, UPM Global, Neste, and BTS Biogas Srl/GmbH
The global biorefinery market is accounted to register a CAGR of 8.50% during the forecast period and is estimated to reach USD 297.8 Billion by 2032.
Waste is used in biorefineries to create biofuels, platform chemicals, and other bio-based products. Along with producing electricity, it may significantly reduce a significant environmental burden. 64 power stations in the United States burned about 28 million tons of combustible MSW to produce 13.6 billion kilowatt-hours of energy in 2021. Additionally, biomass materials made up around 45% of the electricity produced and about 61% of the weight of combustible MSW.
The global biorefinery market has been segmented based type, product and technology.
On the basis of type, the market is segmented into first generation, second generation, and third generation. The first generation category ruled the global market in 2022. The biomass that is directly related to first-generation biofuels like ethanol and biodiesel can frequently be consumed.
On the basis of product, the market is segmented into energy driven and material driven. In 2022, the energy driven category led the global market for biorefineries. Energy, especially biofuels, is the main product category, according to the International Energy Agency.
Based on end user, the global biorefinery market has been segmented into industrial technology, physico-chemical, and thermochemical. The industrial technology category dominated the global market in 2022. Industrial biotechnology includes both the production of bio-based products using renewable feedstocks such chemicals, fuels, and plastics as well as the application of biotechnology-based tools in regular industrial processes, or bioprocessing. The ability of integrated biorefineries to produce a variety of goods and value streams thanks to industrial biotechnology is thought to have the potential to change the economics of industrial production.
The global biorefinery market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Biorefinery market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Biorefinery market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Biorefinery market comprises of Middle East, Africa, and Latin America.
Due to government support for renewable energy sources and the increasing attention being paid to sustainable alternatives to fossil fuels, North America will continue to dominate the worldwide biorefinery market in 2022. In this region, biorefineries use biomass feedstocks such agricultural waste, forestry waste, and special energy crops to make a variety of bio-based goods like biofuels, biochemicals, and bioplastics. With considerable investments in R&D and the construction of industrial-scale biorefinery plants, the United States and Canada are major players in the North American biorefinery market.
The move to a low-carbon economy, strict environmental rules, and the European Union's renewable energy targets have all contributed to the Europe market's consistent growth during the course of the projection period. The area has a well-established bioeconomy, and a number of nations, including Germany, France, and Finland, have made significant investments in the infrastructure of biorefineries.
Due to factors like population increase, rising energy demands, and the desire to lessen reliance on fossil fuels, the Asia Pacific Biorefinery market is anticipated to develop at the fastest rate. Significant investments have been made in the construction of the infrastructure for biorefineries as well as the production of biofuels and biochemicals in nations like China, India, Malaysia, and Thailand. Biorefineries exploit the region's substantial biomass resources, which include non-food energy crops and agricultural waste, as feedstock.
The Middle East, Africa, and Latin America make up the remainder of the world's biorefinery market. The abundance of biomass resources, rising energy demand, and government assistance for the development of renewable energy sources are all factors that have contributed to this increase.
Key Findings of the Study