Dublin, July 07, 2023 (GLOBE NEWSWIRE) -- The "Biorefinery Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The global biorefinery Market is anticipated to develop rapidly in the forecast period 2024-2028.
A biorefinery has the ability to convert biomass into fuels, electricity, and chemicals from agricultural, forest, and waste feedstock. Biorefinery has the advantage of producing multiple products, maximizing the value derived from the feedstock.
Rise in Interest Towards Environmental Sustainability
The increased concentration of Green House Gases (GHGs) is causing dramatic climatic changes such as temperature rise, changes in rainfall distribution, intensity, and pattern, rising sea levels, floods, and droughts, along with increased occurrence of extreme climatic phenomena, all of which is known to cause global warming". Biofuels, biopower, and bioproducts are replacements for fossil fuels and can help lower greenhouse gas emissions and create economic opportunities among consumers and industries.
Technological Advancements and Increasing Investment in Biorefinery Market
The potential benefits of biorefining for businesses and society are enormous. Bioenergy is used on a large scale which enhances the environment as it is a renewable resource, and its production and consumption result in low greenhouse gas emissions and, in some cases, come up to zero.
Bioenergy also improves national and international security by reducing U.S. dependence on foreign oil, especially Middle Eastern oil, and military spending. Additionally, the macroeconomic situation of rural communities would be improved by bioenergy because the demand for agricultural products such as energy crops could potentially increase to a level.
Therefore, to support the demand for agricultural products, there are some investments by the government to support Biorefineries are:
- US Department of Energy provides up to USD 100 million for research and development for biomass conversion to fuels and chemicals, including R&D for improved production and recycling of biobased plastics.
- India launched the "Innovation Roadmap of the Mission Integrated Biorefineries" as India aims to achieve missions like clean energy by 2030. 500-gigawatt non-fossil energy capacity, reduced carbon intensity by 45% over 2005 levels, and net zero emissions by 2070.
- The Government of Uttar Pradesh proposed six biofuel investments of almost USD 211 million.
- Formation of Climate Act and the Climate Policy Framework aims to decrease 70% transport sector's climate impact by 2030, compared with 2010. This reduction can be achieved by increasing the proportion of renewable fuels such as biofuels.
Rise in Innovations and Developments from Market Players
Biorefinery is considered to be a sustainable concept for the transformation of biomass into an extensive range of products. Biorefinery is a critical element of a circular economy and involves closing stream loops and multiple outputs. Therefore, companies and businesses are increasingly focusing on the innovations and development of biorefineries. For instance:
- Fintoil, and Neste Engineering Solutions, collaborated and adopted EMERSON AUTOMATION SOFTWARE AND TECHNOLOGIES to maximize the operational performance of its biorefinery plant to produce advanced biofuel and biochemical feedstocks, helping lower emissions and reduce dependence on fossil-based fuels.
Fluctuations in the global economy
The global economy is facing high fluctuations due to the pandemic and Russia's invasion of Ukraine. Biomasses provide several socio-economic and environmental benefit, and it has impacted the biorefineries market. Moreover, the stringent laws and regulations in various countries have impacted the biorefineries market. As in many countries, waste regulations have become increasingly strict. Therefore, a flexible approach to waste regulation is required to make sure that potentially useful waste feedstocks are from bio-refining.
Market Players
Valero Energy Corporation, Honeywell UOP, Renewable Energy Group, Neste, Abengoa, Godavari Biorefineries Ltd., Sekab, TotalEnergies, Borregard AS, and Vivergo Fuel are major market players in the global biorefinery market.
Report Scope:
In this report, the Global Biorefinery Market has been segmented into the following categories, in addition to the Process trends, which have also been detailed below:
by Product:
- Energy-driven biorefineries
- Material-driven biorefineries
by Production Facility Size:
- Small and medium-sized production facility
- Large production facility
by Feedstock:
- Primary
- Secondary
by Process:
- Thermochemical
- Biochemical
- Chemical
- Mechanical and Thermomechanical
For more information about this report visit https://www.researchandmarkets.com/r/omssw1
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