The global biorefinery market is likely to achieve a valuation of US$ 340 billion by 2033, rapidly expanding at a 9% CAGR from 2023 to 2033, according to Fact.MR, a market research and competitive intelligence provider
A biorefinery plant is a facility that incorporates biomass conversion processes and equipment to manufacture fuels and value-added chemicals from biomass. A biorefinery facility is similar to a modern petroleum refinery, which produces a variety of fuels and goods from petroleum. A biorefinery generates a variety of products by utilizing the numerous components in biomass and their intermediates, optimizing the value obtained from the biomass feedstock.
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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.
Many end-use industries, including transportation, agriculture, aviation, and chemicals, have expressed interest in biomass-based goods. However, challenges such as creating the necessary infrastructure can impede the growth of the global biorefinery market. To address such challenges, prominent market players have focused on implementing the finest available technologies (for gasification, fermentation, and chemical conversion).
Key Companies Profiled
Key Segments Covered in Biorefinery Industry Research
Key Takeaways from Market Study
“Global biorefinery market is projected to expand rapidly due to various government initiatives as well as a greater need for environmental sustainability. Moreover, an increase in demand for biofuels and bio-based polymers to achieve net-zero emissions is expected to propel the market forward over the next ten years,” says a Fact.MR analyst
Regional Analysis
North America is likely to dominate the global biorefinery market over the projection period. The regional market is estimated to expand due to increasing environmental concerns about reducing greenhouse gas emissions and stringent legislation regulating domestic nonrenewable resource consumption. Moreover, supportive government laws and the abundance of biogas feedstock are key elements projected to strengthen the regional market.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global biorefinery market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of technology (industrial biotechnology, physico-chemical, thermochemical), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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