The Worldwide Biorefinery Industry is Expected to Reach $210.3 Billion by 2027: Rise in Demand for Biofuels and Bio-Based Polymers Drives Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 5, 2023--
The “Biorefinery Market by Type (First Generation, Second Generation, and Third Generation), Technology (Industrial Biotechnology, Physico-Chemical, and Thermochemical), Product (Energy driven, and Material driven) and Region - Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global biorefinery market is expected to reach USD 210.3 billion by 2027 from an estimated USD 141.8 billion in 2022, at a CAGR of 8.2% from 2022 to 2027.
Industrial Biotechnology: The largest segment by technology in the biorefinery market
Based on the type of biorefinery, the industrial biotechnology segment is expected to exhibit the largest market share from 2022 to 2027. Industrial biotechnology includes both production of bio-based products including fuels, chemicals, and plastics from renewable feedstocks as well as the application of biotechnology-based tools to traditional industrial processes known as bioprocessing.
The capacity of integrated biorefineries to produce numerous products and value streams made possible by industrial biotechnology is seen to have the potential to change the economics of industrial production. Economic advantage, high performance, and environment-friendly products are three key factors responsible for the successful market penetration of large-scale bio-based industrial products.
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.
- Rise in Demand for Biofuels and Bio-Based Polymers
- Technological Advancements and Increased Investments in Biorefinery Market
- Rise in Number of Government Initiatives and Increased Need for Environmental Sustainability
- Requirement of High Initial Capital Investments
- Uncertain Global Economic Conditions
- High Depletion Rate of Fossil Fuels
- Variable and High Cost of Feedstock
- Assam Bio Refinery Private Limited
- Borregaard As
- BP P.L.C.
- Cargill, Incorporated
- China Petrochemical Corporation
- Godavari Biorefineries Ltd.
- Green Plains Inc.
- Red River Biorefinery
- Renewable Energy Group
- Sgp Bioenergy Holdings, LLC
- Versalis S.P.A.
- Vivergo Fuels
- Wilmar International Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/s8qdlc
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SOURCE: Research and Markets
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PUB: 01/05/2023 10:25 AM/DISC: 01/05/2023 10:24 AM