Biorefinery Market Growth Forecast 2034: From USD 148.4 Billion to USD 360.5 Billion with 8.0% CAGR

The global biorefinery market was valued at US$ 148.4 billion in 2023 and is projected to grow at a CAGR of 8.0% from 2024 to 2034, reaching US$ 360.5 billion by the end of 2034.

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Analyst Viewpoint

The surge in demand for alternative fuel sources is significantly driving the expansion of the biorefinery market. Biorefineries are crucial in decarbonizing various sectors by providing low-carbon fuel solutions. Additionally, the implementation of stringent regulations to promote renewable energy is boosting market demand. Key players in the industry are converting former refining sites into biorefineries and investing in R&D to innovate the conversion of forest sector sidestreams into sustainable biofuels and bioproducts.

Market Introduction

Biorefineries utilize biomass feedstock to produce valuable chemicals and resources for various applications. Biomass feedstock includes energy crops, sugar and starch crops, multi-feedstock, and agricultural residues. Biorefineries produce traditional products like electricity and heat, as well as transportation fuels, chemicals, and materials. Feedstocks are classified into first generation (crops), second generation (residues and non-edible crops), and third generation (algae).

Biomass refining is gaining traction due to its potential contributions to sustainable resource supply, energy security, and rural economic development. It offers advantages such as lower primary product prices and reduced production costs for low-volume/high-margin coproducts.

Key Market Drivers

Demand for Alternative Fuel Sources:
Depleting fossil fuels pose a major challenge to energy security, prompting governments to seek alternative sources. Biorefineries support the development of a bio-based economy and contribute to a zero-waste society by producing biofuels, bio-energy, and bio-based chemicals and materials.
Stringent Renewable Energy Regulations:
Governments worldwide are implementing stringent regulations and initiatives to reduce dependency on fossil fuels and ensure secure and affordable energy. For example, the European Commission's REPowerEU Plan aims to improve and streamline permitting procedures and auctions for renewables. Companies are investing in biorefineries to align with such regulations, boosting market growth.

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Regional Outlook

North America:

North America held the largest biorefinery market share in 2023, driven by growth in the biofuels sector. The demand for renewable diesel and sustainable aviation fuels (SAFs) is rising in the U.S. and Canada. Biofuel production in the U.S. is expected to increase by about 53% by 2035.

Europe:

The biorefinery market in Europe is driven by stringent energy regulations and efforts to reduce greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. The development of sustainable biorefineries is expected to contribute to these goals.

Market Segmentation

By Feedstock:

Energy Crops
Sugar and Starch Crops
Multi-feedstock
Agricultural Residues
Others

By Type:

First Generation
Second Generation
Third Generation

By Product:

Material Driven
Energy Driven

By Technology:

Thermochemical
Physicochemical
Industrial Biotechnology
Others

Regions Covered:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Countries Covered:

U.S.
Canada
Germany
U.K.
France
Italy
Russia & CIS
Japan
China
India
ASEAN
Brazil
Mexico
South Africa
GCC

Key Players

Major players in the global biorefinery market include Neste, Valero Energy Corporation, Chevron, TotalEnergies, Borregaard AS, Wilmar International Ltd., Vivergo Fuels, and Cargill, Incorporated. These companies are investing in new facilities for biofuel production and other sustainable solutions.

Key Developments:

Verbio: Started construction to convert its South Bend ethanol plant into the second integrated biorefinery plant in North America, incorporating the production of Renewable Natural Gas (RNG) and bioethanol.
Numaligarh Refinery Ltd. (NRL): Announced plans to start ethanol production at its biorefinery in Assam, India, in March 2024.

Market Snapshot

Market Size in 2023: US$ 148.4 Bn
Market Forecast (Value) in 2034: US$ 360.5 Bn
Growth Rate (CAGR): 8.0%
Forecast Period: 2024-2034
Quantitative Units: US$ Bn for Value

Competition Landscape:

Market share analysis by company (2023)
Company profiles include an overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy, recent developments, and key financials

Conclusion

The biorefinery market is set for substantial growth, driven by the increasing demand for alternative fuel sources and stringent renewable energy regulations. North America and Europe are leading regions, with significant investments in biofuels and sustainable energy solutions. Key players are focusing on developing new facilities and technologies to meet the rising demand for bio-based products and contribute to global sustainability goals.

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