Biorefinery Market to Grow with an Exceptional CAGR Through 2028F Across the Globe
The increase in environment awareness
is a significant factor driving the growth of the Global Biorefinery market in
the forecast period of 2024-2028.
According to the TechSci
Research report, " Biorefinery Market – Global
Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F", the Global Biorefinery
Market is anticipated to expand in the coming years.
The rapid increase in
population poses significant challenges, such as steadily increasing demand for
food, energy, and water, contributing to climate change and it becomes an
alarming situation for the world. Therefore, the government and world needs to take
action to reduce greenhouse gas emissions (GHG).
Society and the economy rely
heavily on energy, from fossil fuels. According to EIA, 84% of the world's
energy comes from fossil fuels, and demand is expected to rise as global energy
consumption rises by 53% by 2035. Moroever, unconventional fossil resources such
as tar sand oil, shale gas, arctic and deepwater oil may become economically
feasible to extract as prices rise, but they are ultimately a constrained
resource with health and environmental risks. Therefore, Bioenergy, which is derived
from plants, uses sunlight and CO2 to absorb carbon into biomass, has emerged
as a potentially sustainable energy source with low climate impact.
Moreover, the transformation
of biomasses of agricultural, industrial, or natural origin enables the
production of substances that can be used as biofuels and intermediate chemical
products, which, in turn, can be transformed into further products such as sugars
and sugar alcohols, glycerine, furfurals, cellulose fiber and derivatives,
carbonaceous materials, resins, bioplastics. In the long run, usingnew
technologies will be able to close the gap between economic growth and
environmental sustainability.
However, one barrier is the
production of high-quality biomass that can be economically transformed into
useful energy products.
Some of the innovations in
biorefineries are:
Eni's
biorefinery project in Venice's industrial area, which is converting an old
refinery into a biorefinery capable of converting organic raw materials into
high-quality biofuels. The biorefinery will be able to process up to 560,000
tonnes of raw materials, including cooking oils, vegetable oils, and animal
fats, and will produce green diesel, green naphtha, LPG, and possibly turbojet
fuel..
UPM-Kymmene Oyj
is one of the biorefineries which has a production of advanced biofuels that
are renewable and of high quality. UPM manufactures its advanced wood-based
biofuel, UPM BioVerno, at its biorefinery in Lappeenranta, Finland. The
biorefinery is using its own innovations to transform tall oil. UPM BioVerno is
a high-quality renewable diesel that can be used in all diesel engines as a
blending component or as 100% fuel. When compared to fossil diesel, it reduces
greenhouse gas emissions by 80%.
Furthermore, sustainable
technological developments and innovations may not always result in the
complete reduction of the environmental burden of industrial production. To
start sustainable production on a long-term basis, technological innovation is
a crucial factor.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on
the "Biorefinery Market"
The Global
Biorefinery Market is
segmented into Product, Production Facility Size, Feedstock, Process, By
Region, and By Competition.
In 2021, the thermochemical
process segment contributed significantly to the market’s overall revenue. Bioenergy
is regarded as a sustainable alternative to fossil fuels. Advanced conversion
technologies and biomass feedstocks are designed to effectively convert biomass
to energy.
According to
regional analysis, Biorefinery market is segmented into North America, Europe,
South America, Asia-Pacific, and Middle east and Africa. North America is expected
to grow during the forecast period. According to the United Nations, the
current global population of 7.2 billion is expected to increase to 8.1 billion,
by 2025. Therefore, there would be more demanding consideration to ensure the
practice of sustainable development in this region. This population growth
requires additional requirements for energy, transportation, and many other
needs. This growth has resulted economies such as US, Canada, Mexico focusing
on the implementation of advanced clean technologies to improve business
processes and promote sustainable development. The market for Biorefinery is
anticipated to grow and companies operating in North America will likely benefit
from adaptable economic conditions, government policies, industrialization and
globalisation, and growing digitalization.
Major
market players operating in the Global Biorefinery Market are:
- Valero Energy
Corporation
- Honeywell UOP
- Renewable Energy Group
- Neste
- Abengoa
- Godavari Biorefineries
Ltd.
- Sekab
- TotalEnergies
- Borregard AS
- Vivergo Fuel
Some of the recent developments by key
players are:
In January 2022, Honeywell and Lanaz
Company partnered, to use Universal Oil Products modular naphtha hydrotreating
and fixed-bed Platforming process units to upgrade its refinery in Iraq.
In January 2022, Honeywell and
LUKOIL-Permnefteorgsintez, partnered to use Honeywell UOP process technologies
at its refinery to convert vacuum gasoil into gasoline and propylene.
Download Free Sample Report
Customers
can also request 10% free customization on this report.
"Global Biorefinery
Market is expected to thrive as, since the industrial revolution, the rapid
development of human activities has depleted natural resources in a relatively
short period of time. Mass consumption and large production have profoundly
impacted earth's ecology, diminishing nonrenewable resources and resulting
environmental issues by polluting the air, water, and soil." said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
"Segmented By Product (Energy, Chemical
and Material), By Production Facility Size (Small and medium-sized production
facility, and large production facility), By Feedstock, (Primary Biomass and
Secondary Biomass), By Process (Thermochemical, Biochemical, Chemical, and
Mechanical & Thermomechanical), By Region, By Competition", has evaluated the future
growth potential of Global Biorefinery market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Biorefinery Market.
Contact
Mr. Ken Mathews
708
Third Avenue,
Manhattan,
NY,
New York – 10017
Tel:
+1-646-360-1656
Email: [email protected]m
Website: https://www.techsciresearch.com