Biorefinery Market to reach over USD 336.39 billion by the year 2031 - Exclusive Report by InsightAce Analytic
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Biorefinery Market Size, Share & Trends Analysis Report By Type (First Generation, Second Generation, and Third Generation), Technology (Industrial Biotechnology, Physico-Chemical, and Thermochemical), Product (Energy driven, and Material driven) - Market Outlook And Industry Analysis 2031"
The global Biorefinery market is estimated to reach over USD 336.39 billion by 2024-2031, exhibiting a CAGR of 9.06% during the forecast period.
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One of the critical pillars of the bio-based sustainable economy is biorefining, which closes the carbon, water, mineral, and fresh or raw resource cycles. Sustainable bioprocesses are attributed to the efficient utilization of biomass resources to create a range of commercial products and metabolites.
A biorefinery is a facility that uses biomass to synergistically turn it into a variety of biobased products (such as CO2, chemicals, materials, feed components, and food and feed components) and bioenergy (heat, power, and fuels).
The desire for clean, sustainable, and safe energy sources and government regulations requiring better blends of advanced biofuels in vehicle fuels are expected to drive up long-term demand for these fuels. However, the market is limited by the lack of information available regarding the advantages of advanced biofuels. Only a small number of nations have embraced biofuels as a result. However, efforts are underway to develop novel feedstock sources that might be employed for producing biofuels and eco-friendly manufacturing processes, which should present many opportunities down the road.
List of Prominent Players in the Biorefinery Market:
• UPM Global (Finland)
• Valero
• Versalis SpA.
• Vivergo Fuels
• Wilmar International Ltd.
• Zea2 Bioworks (U.S.)
• AB HOLDING SPA (Italy)
• Assam Biorefinery Private Limited.,
• Borregard AS,
• BP PLC
• BTS Biogas Srl/GmbH (Italy)
• Chempolis (Finland)
• Clariant
• Cargill Incorporated,
• Godavari Biorefineries Ltd.,
• Honeywell International Inc. (U.S.)
• IES BIOGAS srl (Italy)
• Neste
• Ørsted A/S (Denmark)
• Renewable Energy Group,
• Sekab, Green Plains Inc.,
• TotalEnergies,
Market Dynamics:
Drivers-
A blend of long-chain monoalkyl esters of fatty acids from renewable biological sources, including vegetable oils, is what makes up biodiesel. In recent years, it has become a viable alternative fuel for the transportation industry. Homogeneous catalytic transesterification is the traditional process for making biodiesel. Yet, the development of more affordable and environmentally friendly methods has been prompted by rising manufacturing costs linked to downstream purification stages.
These cutting-edge manufacturing techniques use no catalysts in supercritical settings as well as heterogeneous or enzymatic catalysts to manufacture biodiesel. The production and consumption of liquid biofuels have skyrocketed globally over the past twenty years. Public regulations that permit and, in many cases, promote the use of biofuels are the primary cause of the increase in their usage. one of the most prevalent tools by major countries is biofuel use mandates.
Challenges:
Using biorefinery technologies within the framework of the industrial revolution requires consideration of both economic and environmental sustainability. Biorefineries still have a lot of challenges, nevertheless. The entire production cycle for biorefineries is fraught with technical, economic, ecological, sociological, and long-term problems.
The acceptance of the "fossil-based economy" in the current market, the composition and availability of feedstock, the quantities required to meet market demand, the effectiveness of resource recovery, techno-economic viability, and sustainability are the main challenges facing biorefineries today. In order to decrease the environmental effect of the biorefinery project, life cycle assessment may offer comprehensive advice on the environmental setting during process optimization.
Regional Trends:
One of the largest aviation markets may be found in the North American continent, which also has a well-established fossil fuel-based infrastructure for land transportation. In order to reduce the greenhouse effect, North America has been in the forefront of reducing emissions. With major investments in R&D and a big number of biofuel patents to its name,
the United States is the region's top producer of advanced biofuels. In 2021, according to the BP Statistical Review of World Energy 2022, the United States produced 643 thousand barrels of oil equivalent of biofuel per day, i.e., an increase of about 7.1% when compared to the previous year's value (602 thousand barrels of oil equivalent per day).
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Recent Developments:
• In May 2022, The Panamanian government collaborated with a group of top energy businesses, led by SGP BioEnergy, to build the largest centre for the production and distribution of biofuels in the entire globe. The Biorefineria Ciudad Dorada (Golden City Biorefinery), which will be built in Colon and Balboa, Panama, in five years, will be the world's biggest advanced biorefinery and Sustainable Aviation Fuel (SAF) production platform, producing 180,000 barrels of biofuel per day (2.6 billion gallons annually).
Segmentation of Biorefinery Market-
By Type-
• First Generation
• Second Generation
• Third Generation
By Product-
• Energy Driven
• Material driven
By Technology-
• Industrial Biotechnology
• Physico-Chemical
• Thermochemical
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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