DUBAI, UAE, Feb. 13, 2024 /PRNewswire/ -- As per the latest report published by Kings Research, the global Bio-refinery Market size was recorded at USD 43.65 billion in 2022 and is estimated to grow to USD 85.08 billion by 2030, exhibiting a CAGR of 8.77% through the projection period of 2023-2030. The market is witnessing a surge in popularity as a viable substitute for conventional petroleum-based sectors. There is a consistent upward trend in this market due to the growing recognition of environmental concerns and the escalating demand for sustainable resources. The significance of bio-refineries is rising, presenting a viable avenue for harnessing renewable feedstocks such as lignocellulosic biomass, sugar-based crops, vegetable oils, and algae to generate biofuels, bioproducts, and sustainable energy sources.
A biorefinery is an establishment that transforms diverse forms of organic matter, such as leftover agricultural materials, timber, crops rich in sugar, oils from plants, or microscopic algae, into an extensive array of valuable products derived from living matter. These products encompass biofuels like ethanol and biodiesel, alongside biochemicals, biomaterials, bioplastics, and energy. Biorefineries perform a vital function in the progression toward an enduring and interconnected economy by utilizing renewable raw materials.
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Trending Now: Eni and Saipem Collaborate on the Development of New Bio-refineries
In November 2023, Eni, the Italian energy conglomerate, and Saipem, an energy services corporation, revealed a joint venture intended to facilitate the conversion of traditional refineries and the development of innovative bio-refinery sites overseen by Eni. This significant alliance, announced on Monday, underscores the collective commitment of both companies to promote sustainable energy initiatives.
The agreement centers on conducting comprehensive studies and potentially overseeing the construction of facilities dedicated to the production of biojet, a sustainable aviation fuel, and HVO diesel, derived entirely from renewable feedstocks. As outlined in their joint statement, Eni holds the distinction of being the inaugural company worldwide to undertake the conversion of conventional refineries into bio-refineries, showcasing a pioneering commitment to sustainable energy practices. Furthermore, Eni has outlined intentions to increase its bio-refining capacity from the existing 1.65 million tons per annum to surpass 5 million tons per annum by the year 2030.
Competitive Landscape
Major players operating in the global bio-refinery market are placing emphasis on various approaches such as introducing innovative products to broaden their range of offerings. For instance, Sekisui Chemical Co., Ltd. introduced the "Unison" label in June 2022 to represent its ground-breaking biorefinery venture. This initiative employs advanced BR ethanol technology, powered by microorganisms, to transform municipal and industrial waste into valuable resources. By converting waste into gas and then ethanol, this innovative process not only reduces reliance on fossil fuels and curtails CO2 emissions but also tackles the issue of marine plastic waste. The Unison brand signifies Sekisui Chemical's commitment to sustainability and resource optimization through bio-based solutions.
Prominent participants in the global bio-refinery market include:
- DuPont Industrial Biosciences
- Novozymes A/S
- Abengoa Bioenergy
- Poet, LLC
- Archer Daniels Midland (ADM)
- Neste Corporation
- Pacific Ethanol
- Valero Energy Corporation
- Raizen Energia
- Renewable Energy Group, Inc.
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Abundant Availability of Lignocellulosic Biomass to Boost Bio-refinery Market Revenue
Based on feedstock type, the lignocellulosic biomass segment accounted for the largest share in the bio-refinery market in 2022 and is likely to witness substantial growth through the review period. The growth of the segment is primarily backed by the ample supply of lignocellulosic materials, including agricultural waste and by-products from forestry. This provides a sustainable and economically viable source of feedstock. The versatility and widespread availability of lignocellulosic biomass have gained attention for their potential to decrease dependence on conventional fossil fuels and promote a more eco-friendly bio-based economy.
Key Role Played by Biochemical Technology in Sustainable Resource Utilization to Fuel Bio-refinery Market Expansion
Based on technology, the biochemical technology segment dominated the bio-refinery market in 2022 and is likely to grow significantly in the foreseeable future. The growth of the segment is mainly attributable to its environmentally sustainable and highly adaptable characteristics. Leveraging enzymatic reactions and microorganisms for biomass conversion, biochemical processes have emerged as a pivotal player in sustainable resource utilization.
Technologies such as fermentation and enzymatic hydrolysis have garnered significant attention in recent years for their efficacy in transforming a wide array of feedstocks into valuable commodities, ranging from biofuels to biochemicals. The allure of cleaner, more resource-efficient practices, coupled with major strides in enzyme engineering and fermentation methodologies, has played a major role in propelling the growth of this segment.
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Rising Global Demand for Sustainable and Environmentally Friendly Products to Drive Bio-refinery Market Growth
The global demand for sustainable and environmentally friendly products is driving the growth of the bio-refinery industry. Governments and consumers, increasingly aware of the need for environmental preservation, are actively supporting the development and use of bio-derived fuels and chemicals. This growing demand is expected to not only increase the number of biorefineries but also attract more investment to the sector. Backed by these factors, the biorefinery industry landscape is set to experience significant growth and transformation in the future.
North America to Lead Bio-Refinery Market Due to Governmental Backing in the Biofuels Sector
Regionally, North America stood out as the leading market for bio-refinery in 2022, boasting the highest value, primarily attributed to its strong biorefinery infrastructure and governmental backing in the biofuels sector. The United States, renowned for its well-developed biorefinery industry and global prominence in biofuel production, is contributing significantly to the regional market expansion. Furthermore, the growth of the domestic market is primarily fueled by favorable initiatives such as the Renewable Fuel Standard (RFS) and state-level mandates, which encourage the adoption of renewable fuels.
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Bio-refinery Market in Asia Pacific Primed for Significant Growth Due to Rapid Industrialization
The Asia Pacific bio-refinery market is experiencing substantial growth and is projected to exhibit the highest CAGR over the assessment timeframe. This growth can be attributed to several factors such as industrialization, urbanization, and the increasing demand for sustainable energy sources, particularly in countries such as China and India. In response to environmental concerns and the desire to decrease reliance on fossil fuels, there is a growing interest in biofuels, bioproducts, and bioplastics in the domestic market. With the implementation of government policies to support the biorefinery industry, significant expansion is expected in the APAC region in the forthcoming years.
Table of Content
1 Introduction of The Global Biorefinery Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Biorefinery Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Biorefinery Market, By Feedstock Type
7 Global Biorefinery Market, By End Products
8 Global Biorefinery Market, By Technology
9 Global Biorefinery Market, By Geography
10 North America
11 Europe
12 Asia-Pacific
13 Middle East & Africa
14 Latin America
15 Global Biorefinery Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
16 Company Profiles
16.1 DuPont Industrial Biosciences
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Novozymes A/S
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Abengoa Bioenergy
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 Poet, LLC
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 Archer Daniels Midland (ADM)
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Product Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
Continued...
Browse Complete TOC: https://www.kingsresearch.com/toc/bio-refinery-market-395
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