Biorefinery Market worth USD 210.3 Billion by 2027

The increasing demand for biorefinery is due to the rise in a number of government initiatives and the increased need for environmental sustainability. Also, the demand is driven by the rise in demand for biofuels and bio-based polymers for achieving net-zero emissions.

The global Biorefinery Market is expected to grow from USD 141.8 billion in 2022 to USD 210.3 billion by 2027, at a CAGR of 8.2% during the forecast period.

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Energy driven segment is expected to occupy the majority share in the Biorefinery Market

Based on the product, the energy driven segment is estimated to be the largest market from 2020 to 2027. The growing investments in the renewable energy sector will lead to a rise in the number of renewable power plants and increased production of bioenergy, which is expected to propel the demand for energy driven biorefinery.

Second generation segment is expected to grow at the highest CAGR during the forecast period

Based on the type, the second generation segment is estimated to be the fastest-growing market from 2022 to 2027. Second generation biofuels are defined as fuels made from a variety of various feedstocks, such as municipal solid wastes and lignocellulosic feedstocks. Due to the differences in composition as compared to traditional petroleum-derived fuels, ethanol has a limited market even when produced from biomass in second generation facilities. Second generation biofuels have become more popular and are widely viewed as a sustainable response to the growing issue surrounding first generation biofuels.

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Europe is expected to account for the second largest biorefinery market

Europe accounted for the second largest share in the global biorefinery market during the forecast period. Germany is the major investor & user of biofuel and biorefinery-based products. The UK is shifting from oil- and coal-based energy consumption toward renewable energy consumption is expanding owing to government support. The country has implemented stringent regulations regarding the annual emissions levels across various sectors, including industry, transportation, and buildings. Moreover, the current electricity demand in Germany is around 539.4 billion kilowatt hours (kWh), and by 2030, that need could rise to 700 billion kilowatt hours (kWh). The main source of this energy is fossil fuels, which pose a major threat to both human health and the environment.

The leading players in the biorefinery market include Renewable Energy Group (US), Neste (Finland), TotalEnergies (France), Valero (US), and Vivergo Fuels (England).

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