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Bio Refinery Products Market to Partake Significant Development by 2023
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The major driving factors for bio refinery products market are strict environmental laws related to usage of bio fuels, increasing concern for energy security, accessibility of cheap raw materials and volatility in fossil fuel prices. Different geographical drivers are also accountable for the growth of the market. Increasing promotional activities for bio based products by biotechnologists and chemists worldwide is expected to create significant opportunity for the bio refinery products market in the future. In addition, small scale manufacturers in developing countries will further strengthen the opportunities of this market. However, huge initial investment and less availability of buyer and supplier are hindering the growth of the market.
Global bio refinery products market can be broadly classified on the basis of products, feedstock, application and geography. By feedstock, the market for bio refineries product has been segmented into green bio refineries, lignocellulosic and whole crop. Green bio refineries use biomass and green crops as raw material for feedstock. Lignocellulosic segment uses reed, straw, grass and wood among others as raw materials. Whole crop uses cereals and crops, such as wheat, rye and maize as raw materials. By products, the market for bio refinery products has been subdivided into energetic products and non-energetic products. Energetic products include biodiesel, electricity and ethanol. The non-energetic products segment comprises of chemicals used in manufacturing of resins, plastics, alcohols and solvent among others. The market by application can be classified into transportation, materials (resins, and plastic), chemicals (alcohol, solvent, surfactants and acids), herbals (drugs, aroma and body care) and energy (electricity and heat). By geography, the global bio refinery product market has been classified into North America, Europe, Asia pacific and Rest of the World. In the present scenario, the market for bio refinery product is dominated by North America in terms of revenue, followed by Europe and Asia-Pacific. However, Asia Pacific is anticipated to grow at a significant rate in the future, primarily due to severe government policies and existence of small number of players in the market for bio refinery products.
Some of the key players in this market are Du Pont De Nemours (United States), Lanxes A.G (Germany), Bayer Material Science LLC (Germany), Green Plains Renewable Energy, Inc. (U.S.), Dominion Energy Services Company, Inc. (U.S.), Sinopec (China), Valero Marketing and Supply Company (United States), Archer Daniels Midland Company (U.S.) and DSM NV (Netherlands).
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The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
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