Energy, Automobile, EV, Renewable News | The Worldwide Biorefinery Industry is Expected to Reach $210.3 Billion by 2027

The Worldwide Biorefinery Industry is Expected to Reach $210.3 Billion by 2027

January 5, 2023

DUBLIN–(BUSINESS WIRE)–The “Biorefinery Market by Type (First Generation, Second Generation, and Third Generation), Technology (Industrial Biotechnology, Physico-Chemical, and Thermochemical), Product (Energy driven, and Material driven) and Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The global biorefinery market is expected to reach USD 210.3 billion by 2027 from an estimated USD 141.8 billion in 2022, at a CAGR of 8.2% from 2022 to 2027.

Industrial Biotechnology: The largest segment by technology in the biorefinery market

Based on the type of biorefinery, the industrial biotechnology segment is expected to exhibit the largest market share from 2022 to 2027. Industrial biotechnology includes both production of bio-based products including fuels, chemicals, and plastics from renewable feedstocks as well as the application of biotechnology-based tools to traditional industrial processes known as bioprocessing.

The capacity of integrated biorefineries to produce numerous products and value streams made possible by industrial biotechnology is seen to have the potential to change the economics of industrial production. Economic advantage, high performance, and environment-friendly products are three key factors responsible for the successful market penetration of large-scale bio-based industrial products.

Energy driven: The largest segment by product in biorefinery market

Energy driven segment accounted for the largest share in the global biorefinery market, by product segment. The key factor expected to drive the growth of the segment is the shift in government policies to support the use of renewable energy across industries.

However, other factors, including increased cost of fossil fuel, rise in demand for fuel for automobiles, and specialized policy designed to encourage the use of biofuel, impact the growth and boost the use of biofuel globally.

Americas: The largest region in biorefinery market

The market in Americas accounted for the largest share in the global biorefinery market during the forecast period. The Americas is expected to dominate the market due to the increasing efforts to develop forest-based biorefineries in the region. Countries, such as the US, Canada, and Mexico are investing significantly in new projects related to the production of biofuels and developing new technologies to produce bio-based products.

The region has witnessed a rapid growth in electricity demand in recent years, due to the growing population, increasing per capita income, and a growing number of bio-based refineries, coupled with urbanization.

Market Dynamics

Drivers

Rise in Demand for Biofuels and Bio-Based Polymers
Technological Advancements and Increased Investments in Biorefinery Market
Rise in Number of Government Initiatives and Increased Need for Environmental Sustainability

Restraints