The global biorefinery market is valued at US$ 143 billion in 2023 and is predicted to garner US$ 340 billion in revenue by 2033, expanding at a noteworthy CAGR of 9% from 2023 to 2033 (forecast period).
Biorefineries are facilities that convert biomass into power, heat, chemicals, fuels, and a variety of other valuable byproducts. Biorefineries are similar to traditional petroleum refineries, which produce a variety of fuels and other valuable products from crude oil feedstock.
A Detailed Research Report: Read Now
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.
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.
Key Companies Profiled
- Archer-Daniels-Midland Company
- Renewable Energy Group Dominion Energy
- Koninklijke DSM N.V
- Green Plains Inc
- Neste Oyj
FREE Sample Copy Is Available: Download Now
Key Segments Covered in Biorefinery Industry Research
· By Technology:
- Industrial Biotechnology
· By Region:
- North America
- Latin America
For More Insights of Fact.MR: https://www.globenewswire.com/en/news-release/2023/01/04/2582789/0/en/Pressing-Concerns-about-Depleting-Fossil-Fuel-Reserves-to-Raise-Need-for-Biorefineries-Increase-in-Demand-for-Bio-Based-Polymers-to-Achieve-Net-Zero-Emissions-Is-Expected-To-Propel.html