Biorefinery Industry Is Expanding at a Noteworthy CAGR of 9% by 2033

Posted on 2023-06-15 by Fact.MR in Industrial // 0 Comments

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.

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.

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The biorefinery is a process in which biomass is converted to energy and other beneficial by-products. It is a sustainable method of processing biomass into a spectrum of bio-based products and bioenergy. Biorefinery provides multiple chemicals by fractioning an initial raw material into multiple intermediates such as carbohydrates, proteins, and triglycerides, which can further be converted into value-added products. This phase of refinery is called the cascading phase.

Energy driven: The largest segment by product in biorefinery market

Energy driven segment accounted for the largest share in the global biorefinery market, by product segment.The key factor expected to drive the growth of the segment is the shift in government policies to support the use of renewable energy across industries.

However, other factors, including increased cost of fossil fuel, rise in demand for fuel for automobiles, and specialized policy designed to encourage the use of biofuel, impact the growth and boost the use of biofuel globally.

Americas: The largest region in biorefinery market

The market in Americas accounted for the largest share in the global biorefinery market during the forecast period.The Americas is expected to dominate the market due to the increasing efforts to develop forest-based biorefineries in the region.

Countries, such as the US, Canada, and Mexico are investing significantly in new projects related to the production of biofuels and developing new technologies to produce bio-based products. The region has witnessed a rapid growth in electricity demand in recent years, due to the growing population, increasing per capita income, and a growing number of bio-based refineries, coupled with urbanization.

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Competitive Landscape

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.

• Neste collaborated with TOOL-FUEL Services GmbH and EDi Energie-Direkt Hohenlohe GmbH to market Neste MY Renewable Diesel in Germany in October 2022, helping to reduce greenhouse gas emissions in the transportation sector. The selling of renewable fuels is governed by German law. 100% renewable diesel fuels, such as Neste MY Renewable Diesel, are already available for use in urban public transportation, waste collection for package and mail delivery services, and off-road applications such as trains, farming machinery, or equipment.

Key Companies Profiled:

• Archer-Daniels-Midland Company
• Renewable Energy Group Dominion Energy
• Koninklijke DSM N.V
• Green Plains Inc
• Neste Oyj

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Key Segments:

• By Technology:

o Industrial Biotechnology
o Physico-Chemical
o Thermochemical

• By Region:

o North America
o Latin America
o Europe
o APAC
o MEA

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