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| Global Bio-refinery Market to Reach $85.08 Billion by 2030, Recording 8.77% CAGR, with North America Leading the Industry Due to Favorable Government Initiatives, States Kings Research | ||
| By: PR Newswire Association LLC. - 13 Feb 2024 | Back to overview list |
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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. Request Sample PDF of the Report: https://www.kingsresearch.com/request-sample/bio-refinery-market-395 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:
Have an Inquiry? Get in Touch with us @ https://www.kingsresearch.com/enquiry/bio-refinery-market-395 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. Ask for Customization: https://www.kingsresearch.com/customization/bio-refinery-market-395 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. Purchase This Comprehensive Research Report for Valuable Market Insights: https://www.kingsresearch.com/buy-now/395 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 About Us: Kings Research stands as a renowned global market research firm. With a collaborative approach, we work closely with industry leaders, conducting thorough assessments of trends and developments. Our primary objective is to provide decision-makers with tailored research reports that align with their unique business objectives. Through our comprehensive research studies, we strive to empower leaders to make informed decisions. Our team comprises individuals with diverse backgrounds and a wealth of knowledge in various industries. At Kings Research, we offer a comprehensive range of services aimed at assisting you in formulating efficient strategies to achieve your desired outcomes. Our objective is to significantly enhance your long-term progress through these tailored solutions. Contact Us
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