Press release
Biorefinery Market Outlook 2034: Industry to Expand from $148.4 Billion in 2023 to $360.5 Billion by 2034 at an 8.0% CAGR
The global biorefinery market, valued at US$ 148.4 billion in 2023, is poised for substantial growth over the next decade. With an impressive Compound Annual Growth Rate (CAGR) of 8.0% from 2024 to 2034, the market is expected to reach US$ 360.5 billion by the end of 2034. This expansion is driven by a surge in demand for alternative fuel sources and the implementation of stringent regulations promoting renewable energy.
Download Sample Report Copy Here: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=86155
Analyst Viewpoint
The increasing demand for alternative fuel sources is a significant driver of the biorefinery market. Biorefineries play a crucial role in decarbonizing various sectors by providing low-carbon fuel solutions for existing technologies. Additionally, stringent regulations aimed at pushing the rollout of renewable energy are boosting market demand. Governments worldwide are implementing biofuel sustainability frameworks to reduce carbon emissions and enhance energy security.
Key players in the market are converting former refining sites into biorefineries to produce biofuels and investing in R&D activities to innovate the conversion of forest sector sidestreams into sustainable biofuels and bioproducts.
Market Introduction
A biorefinery is a facility that uses biomass feedstock to produce valuable chemicals and resources for various applications. Biomass feedstock used in biorefineries includes energy crops, sugar and starch crops, multi-feedstock, and agricultural residues. Biorefineries produce traditional products like electricity and heat from biomass, as well as transportation fuels, chemicals, and materials.
Biorefinery feedstocks are classified into three generations: first-generation (crops), second-generation (residues and non-edible crops), and third-generation (algae). Biomass refining is gaining traction due to its potential for sustainable resource supply, energy security, and rural economic development, offering advantages such as lower primary product prices and reduced production costs for low-volume/high-margin coproducts.
Request TOC Here: https://www.transparencymarketresearch.com/sample/sample.php?flag=T&rep_id=86155
Key Market Drivers
Surge in Demand for Alternative Fuel Sources
The depletion of fossil fuels poses a significant threat to energy security globally. Current usage rates indicate that fossil fuels may be exhausted by 2060. Consequently, governments are seeking alternative fuel sources, and biorefineries offer a promising solution for developing a bio-based economy and supporting zero-waste principles. Biorefineries produce biofuels, bio-energy, and bio-based chemicals and materials, with biofuel adoption driving market growth. According to the International Energy Agency (IEA), biofuel demand in 2022 reached a record high of 4.3 EJ (170,000 million liters).
Implementation of Stringent Regulations to Promote Renewable Energy
Globally, countries are implementing stringent regulations to reduce dependency on fossil fuels and ensure secure and affordable energy access. For instance, the European Commission launched the REPowerEU Plan in May 2022 to respond to geopolitical tensions and promote renewable energy. Companies are investing in biorefineries to align with these regulatory frameworks, contributing to market growth.
Regional Outlook
Leading Region: North America
North America held the largest share of the biorefinery market 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. According to Rystad Energy, U.S. biofuel production is expected to increase by about 53% by 2035, reaching approximately 1.3 million barrels of oil equivalent per day.
Europe is also a significant market, driven by stringent energy regulations and a focus on reducing greenhouse gas (GHG) emissions by at least 55% by 2030. The development of new sustainable biorefineries is expected to support these goals.
Analysis of Key Players
Key players in the global biorefinery market are investing in constructing new facilities for producing hydrogenated biofuels. For example, Eni SPA announced plans in February 2024 to begin constructing its third biofuel production plant in Italy. Other major players include Neste, Valero Energy Corporation, Chevron, TotalEnergies, Borregaard AS, Wilmar International Ltd., Vivergo Fuels, and Cargill, Incorporated.
Recent Developments
Verbio started construction in May 2024 to convert its South Bend ethanol plant into North America's second integrated biorefinery plant, incorporating Renewable Natural Gas (RNG) and bioethanol production.
Numaligarh Refinery Ltd. (NRL) announced plans in 2023 to begin 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
Purchase Full Report Here: https://www.transparencymarketresearch.com/checkout.php?rep_id=86155<ype=S
Conclusion
The biorefinery market is set for substantial growth, driven by the rising demand for alternative fuel sources and stringent renewable energy regulations. Key industry players are focusing on innovation and the development of new facilities to meet the evolving needs of various applications, ensuring sustained market growth through 2034.
State Tower, 90 State Street, Suite 700,
Albany NY - 12207, United States
About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Download Sample Report Copy Here: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=86155
Analyst Viewpoint
The increasing demand for alternative fuel sources is a significant driver of the biorefinery market. Biorefineries play a crucial role in decarbonizing various sectors by providing low-carbon fuel solutions for existing technologies. Additionally, stringent regulations aimed at pushing the rollout of renewable energy are boosting market demand. Governments worldwide are implementing biofuel sustainability frameworks to reduce carbon emissions and enhance energy security.
Key players in the market are converting former refining sites into biorefineries to produce biofuels and investing in R&D activities to innovate the conversion of forest sector sidestreams into sustainable biofuels and bioproducts.
Market Introduction
A biorefinery is a facility that uses biomass feedstock to produce valuable chemicals and resources for various applications. Biomass feedstock used in biorefineries includes energy crops, sugar and starch crops, multi-feedstock, and agricultural residues. Biorefineries produce traditional products like electricity and heat from biomass, as well as transportation fuels, chemicals, and materials.
Biorefinery feedstocks are classified into three generations: first-generation (crops), second-generation (residues and non-edible crops), and third-generation (algae). Biomass refining is gaining traction due to its potential for sustainable resource supply, energy security, and rural economic development, offering advantages such as lower primary product prices and reduced production costs for low-volume/high-margin coproducts.
Request TOC Here: https://www.transparencymarketresearch.com/sample/sample.php?flag=T&rep_id=86155
Key Market Drivers
Surge in Demand for Alternative Fuel Sources
The depletion of fossil fuels poses a significant threat to energy security globally. Current usage rates indicate that fossil fuels may be exhausted by 2060. Consequently, governments are seeking alternative fuel sources, and biorefineries offer a promising solution for developing a bio-based economy and supporting zero-waste principles. Biorefineries produce biofuels, bio-energy, and bio-based chemicals and materials, with biofuel adoption driving market growth. According to the International Energy Agency (IEA), biofuel demand in 2022 reached a record high of 4.3 EJ (170,000 million liters).
Implementation of Stringent Regulations to Promote Renewable Energy
Globally, countries are implementing stringent regulations to reduce dependency on fossil fuels and ensure secure and affordable energy access. For instance, the European Commission launched the REPowerEU Plan in May 2022 to respond to geopolitical tensions and promote renewable energy. Companies are investing in biorefineries to align with these regulatory frameworks, contributing to market growth.
Regional Outlook
Leading Region: North America
North America held the largest share of the biorefinery market 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. According to Rystad Energy, U.S. biofuel production is expected to increase by about 53% by 2035, reaching approximately 1.3 million barrels of oil equivalent per day.
Europe is also a significant market, driven by stringent energy regulations and a focus on reducing greenhouse gas (GHG) emissions by at least 55% by 2030. The development of new sustainable biorefineries is expected to support these goals.
Analysis of Key Players
Key players in the global biorefinery market are investing in constructing new facilities for producing hydrogenated biofuels. For example, Eni SPA announced plans in February 2024 to begin constructing its third biofuel production plant in Italy. Other major players include Neste, Valero Energy Corporation, Chevron, TotalEnergies, Borregaard AS, Wilmar International Ltd., Vivergo Fuels, and Cargill, Incorporated.
Recent Developments
Verbio started construction in May 2024 to convert its South Bend ethanol plant into North America's second integrated biorefinery plant, incorporating Renewable Natural Gas (RNG) and bioethanol production.
Numaligarh Refinery Ltd. (NRL) announced plans in 2023 to begin 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
Purchase Full Report Here: https://www.transparencymarketresearch.com/checkout.php?rep_id=86155<ype=S
Conclusion
The biorefinery market is set for substantial growth, driven by the rising demand for alternative fuel sources and stringent renewable energy regulations. Key industry players are focusing on innovation and the development of new facilities to meet the evolving needs of various applications, ensuring sustained market growth through 2034.
State Tower, 90 State Street, Suite 700,
Albany NY - 12207, United States
About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage
to this press release on woodPRI. woodPRI disclaims liability for any content contained in
this release.
Recommend
/newsMicroencapsulation Market Deep Analysis on Key Players - Dow Corning, Encapsys, Syngenta Crop Protection, Evonik Industries, 3M and Bayer
Market Study Report Adds Global Microencapsulation Market Size, Status and Forecast 2024 added to its database. The report provides key statistics on the current state of the industry and other analytical data to understand the market.
Extensive research is required for choosing the appropriate cor...
/newsGermany Airbag Market Size 2023: Global Share, Industry And Report Analysis By 2030 | Hyundai Mobis Co., Ltd. Key Safety Systems, Inc. Robert Bosch GmbH
Germany airbag market is expected to grow at a CAGR of around 6% during the forecast period. Germany Airbag Market research report refers to gathering and analyzing significant market data serve as best medium for various industry players to launch novel product or service. It is vital for key firms...
/newsSecurities Brokerages And Stock Exchanges Market Outlook 2021: Big Things are Happening
A new intelligence report released by HTF MI with title "Global Securities Brokerages And Stock Exchanges Market Survey & Outlook" is designed covering micro level of analysis by Insurers and key business segments, offerings and sales channels. The Global Securities Brokerages And Stock Exchange...
/newsRenewable Chemicals Market Emerging Trends and Competitive Landscape Forecast to 2028
The renewable chemicals market was valued at US$ 80,566.30 million in 2021 and is projected to reach US$ 1,76,750.76 million by 2028 it is expected to grow at a CAGR of 11.9% from 2021 to 2028. The research report focuses on the current market trends, opportunities, future potential of the market, a...
/newsHow Coronavirus is Impacting Cold Brew Coffee, Global Market Volume Analysis, Size, Share and Key Trends 2020-2026
"Market Latest Research Report 2020:
Los Angles United States, February 2020: The Cold Brew Coffee market has been garnering remarkable momentum in the recent years. The steadily escalating demand due to improving purchasing power is projected to bode well for the global market. QY Research's lates...
/newsCorporate E-Learning Market - Global Industry Size, Share, Key Players Analysis that are Infor, SkillSoft Corporation, Adrenna, CERTPOINT Systems and others with Regional Forecast to 2022
Overview:
E-Learning is used to enhance the learning procedures for newer job requirements and to make employees sound about the internal and external changes in the market and respective organizations. This method has created considerable differences in the ways of training and developing employee...
