Biorefinery Technologies Market to Reach $476.4 Billion, Globally, by 2033 at 9.8% CAGR: Allied Market Research
The global biorefinery technologies market is experiencing growth due to increase in demand for bio-based specialty chemicals such as bioplastics, bio-surfactants, and bio-lubricants. These products offer sustainable alternatives to their petroleum-derived counterparts. However, the high initial investment is expected to hamper the market growth. Furthermore, integration of biorefinery technologies with agricultural and forestry sectors is expected to offer lucrative opportunities in the market.
/EIN News/ -- Wilmington, Delaware, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Biorefinery Technologies Market by Feedstock Type (Lignocellulosic Biomass, Algae and Others), by Technology Type (Biochemical Process, Thermochemical Process and Others), End-Use Industry (Transportation, Chemicals, Energy and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the biorefinery technologies market was valued at $187.9 billion in 2023, and is estimated to reach $476.4 billion by 2033, growing at a CAGR of 9.8% from 2024 to 2033.
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Prime determinants of growth
The global biorefinery technologies market is experiencing growth due to increase in governmental support for renewable energy. However, high initial cost is expected to hamper the market growth. Integration with the agriculture and forestry sectors is expected to provide lucrative opportunities in the biorefinery technologies market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $187.9 billion |
| Market Size in 2033 | $476.4 billion |
| CAGR | 9.8% |
| No. of Pages in Report | 300 |
| Segments Covered | Feedstock Type, Technology Type, End-Use Industry, and Region |
| Drivers |
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| Opportunity |
|
| Restraint |
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The lignocellulosic biomass is expected to remain the largest type throughout the forecast period
Lignocellulosic biomass, which includes agricultural residues, forestry residues, and dedicated energy crops, is widely available. This makes it a readily accessible feedstock for biorefineries. Lignocellulosic biomass is often economical and more cost-effective due to its abundance and the fact that it is often a byproduct of other industries. This type of biomass can be converted into a wide range of products, including biofuels, biochemicals, and biomaterials, making it highly versatile.
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The biochemical process segment is expected to lead throughout the forecast period
Thermochemical processes, which include gasification and pyrolysis, are also significant and growing but typically are more capital-intensive and less developed compared to biochemical processes. However, they are increasingly being integrated into biorefinery operations for their ability to convert a broader range of feedstocks into a wider variety of end products. One of the primary applications of biochemical processes is in the production of biofuels. Bioethanol, produced through the fermentation of sugars derived from biomass, is the most prominent biofuel generated via biochemical methods. This renewable fuel serves as a cleaner alternative to gasoline, contributing to the reduction of greenhouse gas emissions. The use of bioethanol is widespread in the transportation sector, where it is often blended with gasoline to enhance fuel efficiency and decrease environmental impact.
The transportation segment dominated the biorefinery technologies market throughout the forecast period
Advancements in biofuel production technologies have made it more feasible and cost-effective to produce biofuels on a large scale. This has increased the adoption of biofuels in the transportation sector. here is a growing demand for sustainable and renewable energy sources in the transportation sector to reduce dependency on fossil fuels and mitigate environmental impacts. Significant investments from both public and private sectors are being directed towards the development and commercialization of biofuels for transportation.
Asia-Pacific to maintain its dominance by 2033
Biorefinery technologies are becoming increasingly significant in Asia-Pacific countries due to the region's need for sustainable energy sources, waste management solutions, and value-added products. China is investing heavily in biorefinery technologies as part of its commitment to reducing carbon emissions. The country is focusing on converting agricultural residues like straw and corn stalks into biofuels and biochemicals. India leverages agricultural waste such as rice husks, sugarcane bagasse, and wheat straw for biorefinery processes. The country also explores algae and other non-food biomass sources. Japan focuses on integrating advanced technologies such as gasification and fermentation to produce biofuels and bioplastics. There is also significant research in using marine biomass, such as algae.
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Players: -
- ADM
- Valero
- Green Plains Inc.
- NEXBTL Technology
- CLARIANT
- BP p.l.c.
- Cargill, Incorporated
- Louis Dreyfus Company
- Novozymes A/S
- Enerkem
The report provides a detailed analysis of these key players in the global biorefinery technologies market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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